Real Estate Sales for the Westside July 2014

Page 1

market insight

Select Westside Market Insight 2014_July


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 August 2014, based on data available at the end of July 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

July 2013

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

July 2014 % Change $1,170,000 $1,238,000 6% -12% $958 $841 7% 61 65 1% 73 74 49% 110 164 19% 47 56 39% 1.8 2.5 -29% 55.5% 39.6%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $1,385 $1,170

$1,230 $1,066

$1,013

$1,005 $890

13-Jul

13-Aug

$1,238

$1,165

13-Sep

13-Oct

13-Nov

$875

12/13

$817

14-Jan

$1,000

$899

14-Feb

14-Mar

14-Apr

14-May

14-Jun

14-Jul


Key July Stats

Median Sales Price*

$1,146,080

Average Sales Price (Closed)*

$1,549,330

Sold 65

Listings for Sale

164

Under Contract

Active 164 Pending 74

74

Sold

65

*12 month average

market insight


Culver City Year Over Year

July 2013

Median Price

$580,000

Average Price Per Sq. Foot

$416

Properties Sold

58

Properties Pending Sales

40

Properties for Sale

56

Days on Market (Sold Homes)

49

Monthly Supply of Inventory

1

Absorption Rate (closed sales)

103.6%

July 2014 % Change $510,000 -12% 18% $492 -22% 45 5% 42 20% 67 -31% 34 50% 1.5 -35% 67.2%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $765

$756 $693

$580

13-Jul

$620

$595

13-Aug 13-Sep

$597

13-Oct

$576

13-Nov

$565

12/13

14-Jan

$570

$610

$516

14-Feb 14-Mar 14-Apr 14-May 14-Jun

$510

14-Jul


Key July Stats

Median Sales Price*

$662,750

Average Sales Price (Closed)*

$683,080

Sold 45

Listings for Sale

Active 67

67 Under Contract

Pending 42

42 Sold

45 *12 month average

market insight


Mar Vista Year Over Year

July 2013

Median Price

July 2014 % Change

$430,000

$0*

--

$494

$0*

--

Properties Sold

1

0*

--

Properties Pending Sales

3

1

Properties for Sale

1

4

-67% 300%

Days on Market (Sold Homes)

79

0*

--

Monthly Supply of Inventory

1

4

Absorption Rate (closed sales)

100%

0*%

300% -100%

Average Price Per Sq. Foot

* No sales recorded

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $905

$823

$787

$542

$-

13-Jul

$750

$487

$470

$430

$850

$-

13-Aug 13-Sep 13-Oct 13-Nov

$-

12/13

14-Jan

14-Feb 14-Mar 14-Apr 14-May 14-Jun

$-

14-Jul


Key July Stats

Median Sales Price*

$503,670

Average Sales Price (Closed)*

$518,750

Pending 1

Sold 0

Listings for Sale

4

Active 4

Under Contract

1

Sold

0

*12 month average

market insight


Marina Del Rey Year Over Year

July 2013

Median Price

$842,000

Average Price Per Sq. Foot

$587

Properties Sold

45

Properties Pending Sales

33

Properties for Sale

95

Days on Market (Sold Homes)

74

Monthly Supply of Inventory

2.1

Absorption Rate (closed sales)

47.4%

July 2014 % Change $740,000 -12% -4% $565 -18% 37 -15% 28 -3% 92 1% 75 19% 2.5 -15% 40.2%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $844

$842

$675

$843

$800 $728 $670

$850

$773

$772 $705

$825 $740

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul


Key July Stats

Median Sales Price*

$838,920

Average Sales Price (Closed)*

$1,058,670

Sold 37

Listings for Sale

92

Active 92 Pending 28

Under Contract

28

Sold

37

*12 month average

market insight


Playa Del Rey Year Over Year

July 2013

Median Price

$520,000

Average Price Per Sq. Foot

$404

Properties Sold

17

Properties Pending Sales

21

Properties for Sale

43

Days on Market (Sold Homes)

45

Monthly Supply of Inventory

2.5

Absorption Rate (closed sales)

39.5%

July 2014 % Change $507,000 -3% 9% $441 24% 21 -5% 20 -23% 33 11% 50 -36% 1.6 61% 63.6%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $900

$757

$520

13-Jul

$478

$495

13-Aug

13-Sep

$525 $445

13-Oct

13-Nov

$490

12/13

$490

14-Jan

$493

$512

$525

14-Feb 14-Mar 14-Apr 14-May 14-Jun

$507

14-Jul


Key July Stats

Median Sales Price*

$594,750

Average Sales Price (Closed)*

$761,080

Sold 21

Listings for Sale

Active 33

33

Under Contract

20

Pending 20

Sold

21

*12 month average

market insight


Westchester Year Over Year

July 2013

Median Price

$778,000

Average Price Per Sq. Foot

$525

Properties Sold

5

Properties Pending Sales

8

Properties for Sale

14

Days on Market (Sold Homes)

32

Monthly Supply of Inventory

2.8

Absorption Rate (closed sales)

35.7%

July 2014 % Change $813,000 4% -3% $507 60% 8 -13% 7 -21% 11 66% 53 -50% 1.4 104% 72.7%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $970

$855 $778

13-Jul

$765

$749

$825

$780

13-Aug 13-Sep 13-Oct 13-Nov

$692

12/13

$781

$810

$825

$813 $725

14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul


Key July Stats

Median Sales Price*

$864,000

Average Sales Price (Closed)*

$914,750

Sold 8 Active 11

Listings for Sale

11

Under Contract

7

Pending 7

Sold

8

*12 month average

market insight


Playa Vista Year Over Year

July 2013

Median Price

$670,000

Average Price Per Sq. Foot

$415

Properties Sold

13

Properties Pending Sales

17

Properties for Sale

21

Days on Market (Sold Homes)

46

Monthly Supply of Inventory

1.6

Absorption Rate (closed sales)

61.9%

July 2014 % Change $755,000 13% 7% $442 -23% 10 -29% 12 10% 23 -2% 45 44% 2.3 -30% 43.5%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $975

$670

13-Jul

$638

13-Aug

$698

$725 $619

13-Sep

13-Oct

13-Nov

$668

12/13

$725 $649

14-Jan

$719

$769

$755

$641

14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul


Key July Stats

Median Sales Price*

$770,920

Average Sales Price (Closed)*

$798,170

Sold 10

Listings for Sale

23

Under Contract

Active 23

Pending 12

12

Sold

10

*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

copyright 2014 Shorewood Realtors


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