Carmel, Pebble Beach, Pacific Grove and Monterey Real estate sales surge in Q3 | 7 months into the Pandemic
Median sales prices can rise because of increases in fair market value – i.e. buyers are paying more money for the same home (supply and demand) – and/or because buyers are purchasing larger, more expensive houses, often in more expensive communities. Both dynamics are currently at play, but it is certain that affluent and very affluent buyers have made up a dramatically increasing percentage of the demand in our region's market.
Median House Sales Price Trends by City
The table below compares Q3 statistics across 4 years.
The average size of houses sold in Q3 was up about 8% on a year-over-year basis.
Long-Term Trend in Median House Sales Price
through YTD 2020
Annual percentage changes in median house sales price: The 2020 YTD percentage will almost certainly change, one way or another, by the time full-year sales data is in.
Long-Term Trend in Median House Dollar per Square Foot Value through YTD 2020
Luxury Home Sales by Quarter
There has been a staggering increase in the sales of very expensive homes. This plays a significant role in pulling overall median sales prices up.
Reduced supply + increased demand = a highly pressurized market.