Quarter 2 Market Report - 2021
August 25, 2021
Monterey Peninsula Real Estate 2021
Market demand for houses across The Peninsula remained very strong in the second quarter of 2021. Current indications are that the 2021 calendar year volume levels will stay at exceedingly high levels. There were 477 sales in the nine markets we cover across The Peninsula representing a total volume of $932M in sales. This volume level is well ahead of Q1, 2021 and nearly three times the volume recorded in Q2 of last year.
There are two important facts to note in this quarter's results. First, the year over year comparisons look extraordinary because we are comparing a very healthy Q2 of 2021 against the Covid impacted Q2 of 2020. Last April and May, sales activity was severely impacted by Covid health and regulatory restrictions. Second, this last quarter proved that the level of out-of-market demand has remained very high. Sales levels in Q2, 2021 are for the most part up from last quarter and only modestly behind Q3 and Q4 of last year, when we experienced record breaking quarters in nearly every market across The Peninsula.
Another current driver in the market is the extremely low inventory of homes for sale. This recent quarter ended with 233 listed properties across all nine markets we track, compared to 454 at this same time last year. With inventory down almost 50% and demand remaining high, we are seeing measurable increases in home values.
The market has also been experiencing multiple offers on a large percentage of new listings. This is a new phenomenon for our market and has added a level of complexity for both the buying and selling side. While each scenario is unique, we are just now getting helpful data to inform decisions based on location, price, demand, and other factors.
We hope you will find the attached quarterly 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.
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Since 1913, Carmel Realty Company has earned a reputation not just as real estate professionals, but as deeply rooted members of the community. This legacy isn't ...
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He transformed Peninsula's luxury real estate market — and did so much more
Bill Mitchell dies at 83
If you never met Bill Mitchell, by all accounts, you should wish you had.
Mitchell, who died March 26, was a man who was decorated for his service as an Air Force pilot in Vietnam, went on to fly commercially for three decades, established what would become the Monterey Peninsula's foremost luxury real estate firm, gave generously of his time and resources — and amidst all of that, managed to squeeze every bit of fun out of life.
Mitchell, who died March 26, was a man who was decorated for his service as an Air Force pilot in Vietnam, went on to fly commercially for three decades, established what would become the Monterey Peninsula's foremost luxury real estate firm, gave generously of his time and resources — and amidst all of that, managed to squeeze every bit of fun out of life.
A Composition in Wood and Stone
Grammy-Award Winner Alan Silvestri's Carmel Highlands Estate
Set on a stunning knoll in the mythical Carmel High- lands with sweeping views of the Pacific Ocean, a Central Coast estate has provided decades of inspiration for Grammy-award winning composer Alan Silvestri and his wife Sandra. Enjoying a rare privacy afforded by being set on 14 acres between two quiet roads, the couple spent more than 10 years restoring the main house and three guest properties, while working and living on site, raising three children, and launching Silvestri Vineyards.