The market tapered a bit in the first quarter across Pebble Beach, Carmel, the Carmel Highlands, Preserve and Quail. We're starting to see the market normalize again toward historic levels, with 119 deals closing this quarter, which is down 29% from last quarter but still 63% higher than 1Q20. The thrust of the demand we saw during the summer last year was in of second home purchases, but we're increasingly seeing full time buyers look to this market, across all of the regions we track.
These buyers continue to face tight inventory levels, which is keeping prices high; $378M was invested this quarter, which was down 28% from last quarter ($525M) but up 116% from 1Q20 levels. This continued demand has driven the median sales price across all regions up to $2.2M, which is 5% over last year but almost double that of 2011.
The top of the market continues to deliver, with 15 deals closing north of $6M, which matches last quarter but 5 times that of 1Q20 (3). Pebble continues to dominate this price bracket, representing 9 of the 15 sales this quarter, with Carmel closing 3, the Highlands getting 2 and the Preserve closing 1. The strength of the ocean view continues to be the driving factor in prices, with median sales price nearly 50% higher for ocean view properties, versus non-ocean view properties.
As of April 1st, Prop 19 became effective, which has implications for both legacy properties and transferability of tax basis. We had several clients work pre-emptively on their trust planning. If you have questions about this please feel free to reach out.
At this time, we don't anticipate any material shifts in demand or inventory levels for the next 6 months. We expect to see continued strong demand in this area for both primary and secondary homes, confronted by tight inventory levels throughout the area.