2Q18 Market Report

Updated: Mar 13, 2019

2018 is off to the strongest start in over a decade. The 129 closed escrows in 2Q18 is 27% higher than last quarter and 2Q17. Pebble Beach took the lead on all of the key regions with 56 closed escrows which is a 47% jump in activity and the highest quarterly sale count in over a decade. MPCC continues to dominate the Pebble market with 36 sales this quarter, up from 18 last quarter and 25 in 2Q17. Carmel continues to roll with 53 sales this quarter, representing the fourth consecutive quarter of 50+ sales. The Carmel Highlands matched last quarter’s 10 closed escrows, already surpassing total sales for 2016 (16) and quickly looking to surpass 2017 when 24 deals closed. Quail and the Preserve have also had a strong year with 9 and 5 sales respectively. After a slow start to the year in Quail, all 9 sales happened this quarter with an average of just 2 days on the market.

The bottom of the market continues to take account for more than half the deals in this area, with sales under $2M accounting for 61% of all deals up 8% from last quarter and matching 2Q2017. The 22 sales between $2.5-3M so far this year is nearly 70% higher than the first half of last year and 50% higher than 1H16. The top of the market has also shown strength with 12 sales from $6-8M, which is already the most number of deals in this price bracket in well over a decade. There have also been 5 sales north of $8M so far in 2018, which almost matches all of 2017 (6) and is close to matching the market peak in 2016 when 13 deals closed above $8M. From a volume perspective, over $613M has closed so far in 2018 which is on pace to beat 2017 by over 40%.

Perhaps the largest trend right now is the spike in off market sales: there have been 35 so far in 2018, already surpassing all of 2017 (31) and 2016 (20). This is particularly pronounced at the top of the market where 33% of the sales from $6-8M have been off market and 29% from $4-6M.

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If you’d like to view our past Quarterly Updates or our mid-quarter newsletters, click here.

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With nearly 30 years of experience in the Pebble Beach and Carmel markets, the Canning team knows the market- both the openly listed and discreetly available inventory, Together with their associates they are uniquely qualified to offer the highest level of professionalism and service on the Monterey Peninsula.

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Mike Canning


Jessica Canning


Nic Canning


Ellen Krausse


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