SWD Westside Market Insight Report 2014 February
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Select WestsideMarket Insight2014_February
market insight
Manhattan Beach Manhattan Beach Manhattan Beach 917 Manhattan Beach Blvd. 3300 Highland Avenue 916 Manhattan Avenue 310.545.8401 310.546.7661 310.549.5000
www.Shorewood.com
Hermosa Beach Redondo Beach El Segundo Palos Verdes Estates 950 Artesia Blvd. 1009 Torrance Blvd. 431 Main Street 16 Malaga Cove Plaza 310.376.8871 310.516.8464 310.522.4900 310.698.1555
InsIght guIdanceDesigned to give you a quick, complete overview of both current and past market conditions, this Select Westside Market Insight report covers Santa Monica, Culver City, Mar Vista, Marian Del Rey, Westchester, Playa Del Rey and Playa Vista.
First, we examine Year Over Year statistics, compiled from carefully collected sales data. Percent change—which was calculated by subtracting past value from current value, and dividing that product by past value—gives you a quick snapshot of how each micro-market has improved or worsened over the past year for that particular metric.
Next, the Yearly Median Price graph tracks the median price of properties for each month over the past year. The median price is not the same as average price; it is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market.
Finally, the Key Stats section illustrates Median Sales Price, Average Sales Price of Closed Sales, Listings for Sale, Listings Under Contract, and Properties Sold.
On the next page you will find an explanation of how each value was determined.
MEDIAN PRICE:Not to be confused with Average Price, Median Price is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market. Extremely high and extremely low prices do not affect the median the way they do the average.
AVERAGE PRICE PER SQUARE FOOT:Found by taking the price of each property and dividing that by its square footage, then finding the average for all properties sold in the area that month.
PROPERTIES SOLD:The number of properties that closed escrow and changed ownership during the month.
PROPERTIES UNDER CONTRACT:The number of properties that are in escrow.
PROPERTIES FOR SALE:The number of properties that are for sale on the market.
DAYS ON MARKET (CLOSED SALES):The average number of days that properties were on the market, from date of initial listing to date they entered escrow.
MONTHS SUPPLY OF INVENTORY:The number of months it would take for all the current homes for sale in that micro-market to sell if no new
listings were added. This is calculated by dividing the total number of homes for sale in a particular month by the number of homes that sold in that month. Four to five months’ supply is average. A smaller number means there are more buyers than sellers; a larger number means more sellers than buyers.
ABSORPTION RATE (CLOSED SALES):This is the rate at which properties sell. It is found by taking the number of properties sold and dividing it by the total number of properties for sale. This measures the inverse of Monthly Supply of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pended) each month. The Absorption Rate is presented as a percentage (%) of the current inventory.
PERCENT UNDER CONTRACT:The ratio of properties for sale to properties pending sale.
AVERAGE MEDIAN PRICE:The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month
LEGALAll reports are published March 2014, based on data available at the end of February 2014. All reports presented are based on data supplied by the CARETS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,010,000 $1,165,000 15%
Average Price Per Sq. Foot $825 $820 -1%
Properties Sold 37 39 5%
Properties Pending Sales 61 60 -2%
Properties for Sale 78 112 44%
Days on Market (Sold Homes) 54 67 24%
Monthly Supply of Inventory 2.1 2.9 38%
Absorption Rate (closed sales) 47.4% 34.8% -27%
santa MonIca
$1,010
$780 $869
$1,150 $1,100 $1,170 $1,230 $1,066 $1,005
$890 $875 $817
$1,165 $1,010
$780 $869
$1,150 $1,100 $1,170 $1,230 $1,066 $1,005
$890 $875 $817
$1,165
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,093,920
$1,528,330
112
60
39
Active 112
Pending 60
Sold 39
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $555,000 $701,000 26%
Average Price Per Sq. Foot $387 $464 20%
Properties Sold 33 25 -24%
Properties Pending Sales 36 31 -14%
Properties for Sale 28 34 21%
Days on Market (Sold Homes) 54 47 -13%
Monthly Supply of Inventory 0.8 1.4 75%
Absorption Rate (closed sales) 117.9% 73.5% -38%
culver cIty
$555 $569 $488
$560 $578 $580 $620 $595 $597 $576
$765
$565
$701
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$645,750
$652,670
34
31
25
Active 34
Pending 31
Sold 25
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $975,000 $750,000 -23%
Average Price Per Sq. Foot $529 $644 22%
Properties Sold 2 5 150%
Properties Pending Sales 0 1 --
Properties for Sale 0 2 --
Days on Market (Sold Homes) 120 79 -34%
Monthly Supply of Inventory 0 0.4 --
Absorption Rate (closed sales) 2% 250% 12,400%
Mar vIsta
* Based on a single sale
$975
$455
$- $-
$901
$430 $542
$-
$470
$-
$787
$487
$750
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$483,080
$498,000
2
1
5
Active 2
Pending 1Sold 5
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $711,000 $769,000 8%
Average Price Per Sq. Foot $465 $471 1%
Properties Sold 24 27 13%
Properties Pending Sales 28 33 13%
Properties for Sale 69 90 30%
Days on Market (Sold Homes) 72 91 26%
Monthly Supply of Inventory 3 3.4 13%
Absorption Rate (closed sales) 33.3% 29.7% 13%
MarIna del rey
$711 $606
$799 $774 $775 $842
$675
$844 $843 $728
$670
$800 $769
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$819,670
$1,038,670
91
33
27
Active 91Pending 33
Sold 27
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $490,000 $476,000 -3%
Average Price Per Sq. Foot $453 $438 -3%
Properties Sold 8 15 88%
Properties Pending Sales 20 17 -15%
Properties for Sale 27 24 -11%
Days on Market (Sold Homes) 91 72 -21%
Monthly Supply of Inventory 3.4 1.6 -53%
Absorption Rate (closed sales) 29.6% 62.5% 111%
Playa del rey
$490
$381
$490 $490 $472 $520
$478 $495 $445
$525 $490 $490 $476
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$520,170
$698,830
24
17
15
Active 20
Pending 18
Sold 12
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $655,000 $825,000 26%
Average Price Per Sq. Foot $422 $498 18%
Properties Sold 5 9 80%
Properties Pending Sales 9 9 --
Properties for Sale 6 14 133%
Days on Market (Sold Homes) 95 51 -46%
Monthly Supply of Inventory 1.2 1.6 33%
Absorption Rate (closed sales) 83.3% 64.3% -23%
Westchester
$655 $640 $700
$780 $655
$778 $855
$765 $749 $780 $692
$970
$825
$655 $640 $700
$780 $655
$778 $855
$765 $749 $780 $692
$970
$825
$655 $640 $700
$780 $655
$778 $855
$765 $749 $780 $692
$970
$825
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$820,330
$844,420
14
9
9
Active 14
Pending 9
Sold 9
Year Over Year Feb. 2013 Feb. 2014 % Change
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
Median Price $595,000 $725,000 22%
Average Price Per Sq. Foot $279 $440 58%
Properties Sold 2 7 270%
Properties Pending Sales 10 12 20%
Properties for Sale 10 14 40%
Days on Market (Sold Homes) 196 57 -71%
Monthly Supply of Inventory 5 2 -60%
Absorption Rate (closed sales) 20% 50% 150%
Playa vIsta
$595 $548
$705 $673 $620
$670 $638 $698 $725
$619 $668 $649
$725
Key February Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$711,080
$750,500
14
12
7
Active 14
Pending 12
Sold 7
copyright 2014 Shorewood Realtors
Manhattan Beach917 Manhattan Beach Blvd.
310.545.8401
Manhattan Beach3300 Highland Avenue
310.546.7661
Manhattan Beach916 Manhattan Avenue
310.549.5000
Hermosa Beach950 Artesia Blvd.
310.376.8871
Redondo Beach1009 Torrance Blvd.
310.516.8464
El Segundo431 Main Street
310.522.4900
Palos Verdes Estates16 Malaga Cove Plaza
310.698.1555
www.Shorewood.com
market insight
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