Monterey County luxury homes sales of more than $1 million equaled 637 for 2018. Closer evaluation of the five dominant luxury market communities are reviewed below. Each area reveals interesting statistics and selling trends. My prediction for luxury sales in 2019 is a slowing trend, longer days on the market, and listing price adjustments downward. Sellers will need to engage seasoned agents with selling experience in a declining market. You will need creative and innovative marketing to get your home sold. The 2019 PGA US Open golf championship will bring a global influx of wealthy potential buyers to our region. I do anticipate some MEGA sales in 2019.
Carmel
39% of all homes sold at more than $1 million in Monterey county were sold in Carmel. Carmel dominated the market with the highest percentage of luxury home sales with 250 homes sales over $1 million in 2018. The Carmel Multiple Listing Service zone includes Carmel Highlands, Quail Meadows, The Santa Lucia Preserve, and Tierra Grande. Carmel luxury sales for 2018 beat 2017 sales by 3 closings. The record sale was for a home on Spindrift in Carmel Highlands, sold by Sotheby’s for $8,475,000. The home was perched on a cliff with 2781 SF of living space, on a large 1.25-acre lot.
$1 million-plus sales = 250
$7 million-plus sales = 5
$5 million – $6.99 million sales = 15
$3 million – $4.99 million sales = 30
$1 million – $2.99 million sales = 200
Median Sales Price = $1,850,000
Pebble Beach
18% of all luxury sales in Monterey County occurred in Pebble Beach in 2018, a total of 121 million dollar-plus sales. Twelve of the luxury sales were over $7 million. This was a huge increase over only three sales over $7 million in 2017. Two super sales over $25 million really created a disparity for Pebble Beach median sales price of $1,650,000 for 2018. Sales in the $1 million to $3 million price band dominated the market with 110 sales.
$1 million-plus sales = 121
$7 million-plus sales = 12
$5 million – $6.99 million sales = 3
$3 million – $4.99 million sales = 15
$1 million – $2.99 million sales = 91
Median Sales Price = $1,650,000
Carmel Valley
9.6% of all luxury sales closed in Carmel Valley in 2018, with a total of 61. Only 4 sales occurred in the $3 million – $5 million price band. No sales over $5 million were reported in 2018. The majority of sales occurred in the $1 million – $3 million price band with 57. Median sales price for 2018 was $1,450,000.
$1 million-plus sales = 61
$7 million-plus sales = 0
$5 million – $6.99 million sales = 0
$3 million – $4.99 million sales = 4
$1 million – $2.99 million sales = 57
Median Sales Price = $1,450,000
Monterey
13% of all luxury sales closed in the city of Monterey for a total of 84. One sale closed in the $5 million -$7 million price band, and three sales closed in the $3 million – $5 million price band. The majority of sales (80) were in the $1 million – $3 million price band. Median sales price was $1,262,500.
$1 million-plus sales = 84
$7 million-plus sales = 0
$5 million – $6.99 million sales = 1
$3 million – $4.99 million sales = 3
$1 million – $2.99 million sales = 80
Median Sales Price = $1,262,500
Pacific Grove
9% of all luxury sales closed in Pacific Grove in 2018 with a total of 58. In the $5 million – $7 million price band there was one sale. In the $3 million – $5 million price band there were 2. The $1 million – $3 million price band was strong in Pacific Grove with 55 sales. Median sales price was $1,302,500. Luxury sales were down 7 sales from the 65 sold in 2017.
$1 million-plus sales = 58
$7 million-plus sales = 0
$5 million – $6.99 million sales = 1
$3 million – $4.99 million sales = 2
$1 million – $2.99 million sales = 55
Median Sales Price = $1,302,500
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