market insight
Select Westside Market Insight 2014_October
www.Shorewood.com
Manhattan Beach 917 Manhattan Beach Blvd. 310.545.8401
Manhattan Beach 3300 Highland Avenue 310.546.7661
Manhattan Beach 916 Manhattan Avenue 310.549.5000
Hermosa Beach 950 Artesia Blvd. 310.376.8871
Redondo Beach 1009 Torrance Blvd. 310.516.8464
El Segundo Palos Verdes Estates 431 Main Street 16 Malaga Cove Plaza 310.522.4900 310.698.1555
Insight Guidance
Designed 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.
listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of homes that sold in that month. Four to number of properties for sale in that five months’ supply is average. A smaller particular micro-market. Extremely high number means there are more buyers and extremely low prices do not affect the than sellers; a larger number means more median the way they do the average. sellers than buyers. MEDIAN PRICE:
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.
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:
DAYS ON MARKET (CLOSED SALES):
The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month
MONTHS SUPPLY OF INVENTORY:
LEGAL All reports are published November 2014, based on data available at the end of September 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.
The average number of days that properties were on the market, from date of initial listing to date they entered escrow. The number of months it would take for all the current homes for sale in that micro-market to sell if no new
Santa Monica Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$1,005
$1,239
23%
Average Price Per Sq. Foot
829
878
6%
Properties Sold
59
88
49%
Properties Pending Sales
61
64
5%
Properties for Sale
124
154
24%
Days on Market (Sold Homes)
42
45
7%
Monthly Supply of Inventory
2.1
1.8
-14%
Absorption Rate (closed sales)
47.6
57.1
20%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $1,421
$1,385 $1,250
$1,165 $1,013
$1,005
13-Oct
$890
$875
13-Nov
13-Dec
$1,000
$899
$817
14-Jan
$1,239
$1,183
14-Feb
14-Mar
14-Apr
14-May
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
Key October Stats
Median Sales Price*
$1,178,500
Average Sales Price (Closed)*
$1,583,500
Sold 88
Listings for Sale
154
Under Contract
Active 154
Pending 64
64
Sold
88
*12 month average
market insight
Culver City Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$597
$738
24%
Average Price Per Sq. Foot
492
531
8%
Properties Sold
36
46
28%
Properties Pending Sales
34
42
24%
Properties for Sale
41
60
46%
Days on Market (Sold Homes)
34
44
29%
Monthly Supply of Inventory
1.1
1.3
18%
Absorption Rate (closed sales)
87.8
76.7
-13%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $765
$756 $700
$693 $597
13-Oct
$576
13-Nov 13-Dec
$565
14-Jan
$570
$738
$610
$516
14-Feb 14-Mar 14-Apr 14-May 14-Jun
$510
14-Jul
$465
14-Aug 14-Sep
14-Oct
Key October Stats
Median Sales Price*
$671,750
Average Sales Price (Closed)*
$695,250
Sold 46 Active 60
Listings for Sale
60 Under Contract
Pending 42
42 Sold
46 *12 month average
market insight
Mar Vista Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$470
$1,185
152%
Average Price Per Sq. Foot
495
674
36%
Properties Sold
1
1
0%
Properties Pending Sales
0
1
--
Properties for Sale
2
3
50%
Days on Market (Sold Homes)
7
63
800%
Monthly Supply of Inventory
2
3
50%
Absorption Rate (closed sales)
50
33.3
-33%
* No sales recorded
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $1,185
$905 $787
$823
$750
$850
$848
$487
$470
$-
13-Oct 13-Nov 13-Dec
$-
14-Jan
14-Feb 14-Mar 14-Apr 14-May 14-Jun
$-
14-Jul
$-
14-Aug 14-Sep 14-Oct
Key October Stats
Median Sales Price*
$592,080
Average Sales Price (Closed)*
$595,330
Sold 1
Listings for Sale
3
Pending 1
Under Contract
1
Sold
1
*12 month average
market insight
Active 3
Marina Del Rey Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$843
$758
-10%
Average Price Per Sq. Foot
566
570
1%
Properties Sold
28
31
11%
Properties Pending Sales
30
41
37%
Properties for Sale
117
76
-35%
Days on Market (Sold Homes)
107
58
-46%
Monthly Supply of Inventory
4.2
2.5
-40%
Absorption Rate (closed sales)
23.9
40.8
71%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $843
$800 $728 $670
$850
$773
$772 $705
$825
$740
$783
$801
$758
13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct
Key October Stats
Median Sales Price*
$837,330
Average Sales Price (Closed)*
$1,061,830
Sold 31
Listings for Sale
76
Under Contract
Active 76
Pending 41
41
Sold
31
*12 month average
market insight
Playa Del Rey Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$445
$493
11%
Average Price Per Sq. Foot
396
510
29%
Properties Sold
19
22
16%
Properties Pending Sales
15
20
33%
Properties for Sale
37
42
14%
Days on Market (Sold Homes)
54
44
-19%
Monthly Supply of Inventory
1.9
1.9
0%
Absorption Rate (closed sales)
51.4
52.4
2%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $900
$757
$525 $445
13-Oct
$490
13-Nov 13-Dec
$490
14-Jan
$493
$512
$525
14-Feb 14-Mar 14-Apr 14-May 14-Jun
$507
14-Jul
$506
14-Aug
$539
14-Sep
$493
14-Oct
Key October Stats
Median Sales Price*
$598,500
Average Sales Price (Closed)*
$777,750
Sold 22
Listings for Sale
Active 42
42
Under Contract
Pending 20
20
Sold
22
*12 month average
market insight
Westchester Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$749
$823
10%
Average Price Per Sq. Foot
466
507
9%
Properties Sold
17
10
-41%
Properties Pending Sales
12
12
0%
Properties for Sale
21
7
-67%
Days on Market (Sold Homes)
41
44
7%
Monthly Supply of Inventory
1.2
0.7
-42%
Absorption Rate (closed sales)
81
142.9
76%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $1,313
$970 $749
$825
$780 $692
$781
$810
$825
$813
$850
$823
$725
13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct
Key October Stats
Median Sales Price*
$913,000
Average Sales Price (Closed)*
$964,580
Active 7 Sold 10
Listings for Sale
7
Under Contract
Pending 12
12
Sold
10
*12 month average
market insight
Playa Vista Year Over Year
Oct. 2013 Oct. 2014 % Change
Median Price
$725
$745
3%
Average Price Per Sq. Foot
429
454
6%
Properties Sold
9
15
67%
Properties Pending Sales
13
11
-15%
Properties for Sale
14
20
43%
Days on Market (Sold Homes)
74
57
-23%
Monthly Supply of Inventory
1.6
1.3
-19%
Absorption Rate (closed sales)
64.3
75
17%
Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $975
$725 $619
13-Oct
$668
13-Nov 13-Dec
$725 $649
14-Jan
$719
$769
$769
$715
$743
$745
14-Sep
14-Oct
$641
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug
Key October Stats
Median Sales Price*
$788,500
Average Sales Price (Closed)*
$825,7500
Sold 15
Listings for Sale
Active 20
20
Under Contract
Pending 11
11
Sold
15
*12 month average
market insight
market insight
Manhattan Beach 917 Manhattan Beach Blvd. 310.545.8401 Manhattan Beach 3300 Highland Avenue 310.546.7661 Manhattan Beach 916 Manhattan Avenue 310.549.5000 Hermosa Beach 950 Artesia Blvd. 310.376.8871 Redondo Beach 1009 Torrance Blvd. 310.516.8464 El Segundo 431 Main Street 310.522.4900 Palos Verdes Estates 16 Malaga Cove Plaza 310.698.1555 www.Shorewood.com
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