After a record-breaking year in Real Estate Sales activity on the Monterey Peninsula in 2020, many were concerned how the market would perform in 2021. Extremely strong demand throughout all four quarters of 2021 kept volume levels and prices high, contributing to a record-breaking year. Total volume in 2021 across the Peninsula increased 25% over 2020 reaching just over $3.25B. The total number of units sold increased by 7% in 2021 and the average sale price grew nearly 17% across the Peninsula.

 

Each of the nine markets we track in this report showed growth and volatility on nearly all key indicators from quarter to quarter and year over year. For example, the average sale price increased 32% in Pebble Beach, 27% in Pacific Grove and 11% in Monterey in 2021. Forty-one percent of all sales for the year went at over asking price on average across all markets. However, in Seaside 50% went over asking and in Carmel Valley only 21% went over asking.

 

Behind those results are numerous informative drivers supporting agent and buying/selling decisions. This dynamic has changed the way Real Estate is sold in our market. Data analytics have become essential to delivering value for buyers and sellers. Our agents have a dedicated team of local analytics experts evaluating micro-level variables that help clients make informed decisions when buying or selling in this environment.

 

The following annual report highlights the dynamic nature of our market and provides insight into pricing, volume, inventory and other key factors that make up our current real estate environment. We hope you will find this report informative. As always, please be sure to contact us if there is anything we can do to help you, or your friends and family, with real estate plans in our marketplace.