Listed by: Tim Allen | Coldwell Banker Realty
Pebble Beach is one of the most desirable places to live in California, and Pebble Beach homes are selling 3x faster than a year ago. With more people starting to move away from San Francisco and the Bay Area due to the economic uncertainty and the continuation of the pandemic, more people are choosing to move here. People relocate for different reasons, but there is growing evidence that a year into the pandemic, people are wanting what they didn't have for the previous year.
Those who have spent the past 12 months somewhat secluded, in slower quieter places are longing for the energy and vibrance of city life, which is driving the high-end markets in marquee neighborhoods in San Francisco like Pacific Heights and Noe Valley. Others, however, that have felt the weight of a city on its knees and held their nerve until real estate values rise again, are flocking for the coast.
Pebble Beach saw 11 properties sold in July alone, with a median price of ~ $6,500,000.
July 2021 sales data
That's just under $4,000,000 higher than July of last year, with a significantly higher sample size of 19 sales.
July 2020 sales data
Pebble Beach real estate is selling at a rate three times faster than it did this time last summer because the high end of the California real estate market is turning over at a rate we've never seen.
I can't imagine there has been another moment in the history of these markets where the ultra-luxury market sells faster (less days on market) than the median property market, in any location throughout the state. We are in truly unique times.
The explanation for this is simple: those with the flexibility to choose their life experience, are choosing to experience a different life than the one they have had since March 2020.
If you have been waiting for the market to peak, it really feels like there won't be a better time than the next few months of this Summer.
