market insight Select Westside Market Insight 2014_August
Apr 03, 2016
market insight
Select WestsideMarket Insight2014_August
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 September 2014, based on data available at the end of August 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 Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,230,000 $1,183,000 -4%
Average Price Per Sq. Foot $761 $951 25%
Properties Sold 74 78 5%
Properties Pending Sales 64 78 22%
Properties for Sale 110 161 46%
Days on Market (Sold Homes) 42 48 14%
Monthly Supply of Inventory 1.5 2.1 40%
Absorption Rate (closed sales) 67.3% 48.4% -20%
santa MonIca
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$1,230
$1,066 $1,005
$890 $875 $817
$1,165
$899
$1,013 $1,000
$1,385
$1,250 $1,183
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,148,170
$1,542,750
161
78
78
Active 161
Pending 78
Sold 78
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $620,000 $486,000 -22%
Average Price Per Sq. Foot $451 $486 8%
Properties Sold 55 34 -38%
Properties Pending Sales 63 48 -24%
Properties for Sale 45 61 36%
Days on Market (Sold Homes) 39 53 36%
Monthly Supply of Inventory 0.8 1.8 125%
Absorption Rate (closed sales) 122.2% 55.7% -54%
culver cIty
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$620 $595 $597 $576
$765
$565
$693
$516
$756
$570 $610
$510 $486
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$654,920
$685,920
61
48
34
Active 61
Pending 48
Sold 34
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $542,000 $848,000 56%
Average Price Per Sq. Foot $510 $607 19%
Properties Sold 3 4 33%
Properties Pending Sales 1 3 200%
Properties for Sale 2 5 150%
Days on Market (Sold Homes) 8 21 163%
Monthly Supply of Inventory 0.7 1.3 86%
Absorption Rate (closed sales) 150% 80% -47%
Mar vIsta
* No sales recorded
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$542
$-
$470
$-
$787
$487
$750
$-
$823
$905 $850
$-
$848
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$538,500
$551,920
5
3
4
Active 5
Pending 3
Sold 4
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $675,000 $783,000 16%
Average Price Per Sq. Foot $533 $496 -7%
Properties Sold 39 26 -33%
Properties Pending Sales 29 24 -17%
Properties for Sale 101 80 -21%
Days on Market (Sold Homes) 78 81 4%
Monthly Supply of Inventory 2.6 3.1 19%
Absorption Rate (closed sales) 38.6% 32.5% -16%
MarIna del rey
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$675
$844 $843
$728 $670
$800 $772
$705 $773
$850 $825
$740 $783
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$834,000
$1,041,420
80
24
26
Active 80Pending 24
Sold 26
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $478,000 $507,000 6%
Average Price Per Sq. Foot $447 $481 8%
Properties Sold 22 13 -41%
Properties Pending Sales 26 18 -31%
Properties for Sale 38 40 5%
Days on Market (Sold Homes) 34 46 35%
Monthly Supply of Inventory 1.7 3.1 82%
Absorption Rate (closed sales) 57.9% 32.5% -44%
Playa del rey
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$478 $495 $445
$525 $490 $490 $493
$757
$512
$900
$525 $507 $506
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$593,580
$752,330
40
18
13
Active 40Pending 18
Sold 13
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $855,000 $850,000 -1%
Average Price Per Sq. Foot $416 $566 36%
Properties Sold 7 10 43%
Properties Pending Sales 16 5 -69%
Properties for Sale 23 16 -30%
Days on Market (Sold Homes) 31 45 45%
Monthly Supply of Inventory 3.3 1.6 -52%
Absorption Rate (closed sales) 30.4% 62.5% 106%
Westchester
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$855
$765 $749 $780
$692
$970
$825 $781 $810 $825
$725
$813 $850
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$870,000
$908,580
16
5
10
Active 11
Pending 7
Sold 8
Year Over Year Aug. 2013 Aug. 2014 % Change
Aug. 2013 to Aug. 2014 Yearly Median Price Tracking (in $,000)
Median Price $638,000 $730,000 14%
Average Price Per Sq. Foot $413 $462 12%
Properties Sold 24 13 -46%
Properties Pending Sales 15 9 -40%
Properties for Sale 23 25 9%
Days on Market (Sold Homes) 52 45 -13%
Monthly Supply of Inventory 1 1.9 90%
Absorption Rate (closed sales) 104.3% 52% -50%
Playa vIsta
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug
$638 $698 $725
$619 $668 $649
$725
$641
$719 $769
$975
$769 $730
Key August Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$770,080
$798,000
25
9
13
Active 25
Pending 9
Sold 13
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