The first quarter of 2018 continues to see strong home sales across the Monterey Peninsula communities. Of particular note is Pebble Beach with nearly twice as many sales year to date in 2018 vs 2017 and total sales dollar volumes are up 172%.
The Carmel Market maintains steady and strong. The median price for January, February, and March were all above the year prior. It’s actually been nine consecutive months where the media price point was above a year prior. Not surprisingly, total inventory is also lower. Total sales volume for Carmel was $160M, up 18% from a year prior.
Pacific Grove has seen a slight drop in median sales price over the past few months. But don’t let those numbers fool you. There is such tight inventory and limited available homes. The market is very strong in PG with only 32 homes available and 16 currently in escrow. Six of those homes are in escrow from $1.1M -$1.6M.
As noted in monthly reports, Pebble Beach has been a particularly strong market over the past six months across price points. The first quarter saw total homes sold nearly twice as many as the prior year. And the same holds true for a six-month comparison. Total sales volume dollar is up 172% over these same three months from the year prior.
Carmel Valley is a highly desired and coveted community. The average media sales price for Q1 is $1,184,000. Its median price has been above $1M all three months to start the year. A number it only hit three times last year; the last being in August 2017. 11 homes are in escrow, with six below $1M, 3 from $1.1M-$1.7M and 2 just over $3M (rare for Carmel Valley).
Monterey shares a similar story. 26 homes sold last month versus 14 a year ago. The average median price for the first quarter was $832,000 compared to $759,000 in 2017. Total homes sold during the first quarter is up 78% from a year prior.
How are sales year over year and year to date?
2016 Monterey Peninsula real estate prices were up across all markets and continue to rise. Carmel Valley saw the biggest yearly gains in Average Median Sales Price.