market insight
Select Westside Market Insight 2014_May
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 June 2014, based on data available at the end of May 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 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)
May 2013 May 2014 % Change $1,150,000 $1,050,000 -9% $760 $832 9% 73 50 -32% 61 67 10% 87 151 74% 56 39 -30% 1.2 3 150% 83.9% 33.1% -61%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $1,150
13-May
$1,100
13-Jun
$1,170
$1,230
$1,165 $1,066
13-Jul
13-Aug
13-Sep
$1,013
$1,005
13-Oct
$890
$875
13-Nov
13-Dec
$899
$817
14-Jan
$1,050
14-Fed
14-Mar
14-Apr
14-May
Key May Stats
Median Sales Price*
$1,119,170
Average Sales Price (Closed)*
Sold 50
$1,533,830 Listings for Sale
151
Active 151 Pending 67
Under Contract
67
Sold
50
*12 month average
market insight
Culver City Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes)
May 2013 May 2014 % Change $560,000 $529,000 -6% $437 $508 16% 37 41 11% 54 43 -20% 44 51 16% 33 35 6%
Monthly Supply of Inventory
1.2
1.2
--
Absorption Rate (closed sales)
84.1%
80.1%
-4%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $765
$756 $693
$560
$578
13-May 13-Jun
$580
13-Jul
$620
$595
13-Aug 13-Sep
$597
13-Oct
$576
13-Nov 13-Dec
$565
14-Jan
$516
$529
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$660,830
Average Sales Price (Closed)*
$670,330
Sold 41 Active 51
Listings for Sale
51 Under Contract
Pending 43
43 Sold
41 *12 month average
market insight
Mar Vista Year Over Year
May 2013 May 2014 % Change
Median Price
$-*
$905,000
-*
Average Price Per Sq. Foot
$-*
$806,000
-*
Properties Sold
0
1
-*
Properties Pending Sales
2
0
-*
Properties for Sale
4
2
-50%
Days on Market (Sold Homes)
0
19
-*
Monthly Supply of Inventory
4
2
-50%
Absorption Rate (closed sales)
0
50%
-*
* No sales recorded
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $905
$901 $823
$787
$542
$-
13-May 13-Jun
$-
13-Jul
$487
$470
$430
$750
$-
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec
$-
14-Jan
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$507,920
Average Sales Price (Closed)*
$522,920
Sold 1
Listings for Sale
2
Pending 0
Under Contract
0
Sold
1
*12 month average
market insight
Active 2
Marina Del Rey Year Over Year 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)
May 2013 May 2014 % Change $774,000 $785,000 1% $523 $543 4% 30 31 3% 33 42 27% 99 109 10% 60 64 7% 3.3 3.5 6% 30.3% 28.4% -6%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $844
$842
$774
$775 $675
$843
$800 $728 $670
$773
$772
$785
$705
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$832,170
Average Sales Price (Closed)*
$1,045,170
Sold 31
Listings for Sale
109
Pending 42
Under Contract
42
Sold
31
*12 month average
market insight
Active 109
Playa Del Rey Year Over Year 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)
May 2013 May 2014 % Change $490,000 $900,000 84% $429 $496 16% 19 11 -42% 20 18 -10% 23 43 87% 54 38 -30% 1.2 3.9 225% 82.6% 25.6% -69%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $900
$757
$490
$472
13-May 13-Jun
$520
13-Jul
$478
$495
13-Aug
13-Sep
$525 $445
13-Oct
$490
13-Nov 13-Dec
$490
14-Jan
$493
$512
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$588,920
Average Sales Price (Closed)*
$753,670
Sold 11
Listings for Sale
43
Pending 18
Under Contract
18
Sold
11
*12 month average
market insight
Active 43
Westchester Year Over Year 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)
May 2013 May 2014 % Change $780,000 $825,000 6% $478 $484 1% 10 16 60% 4 13 225% 6 12 100% 28 40 43% 0.6 0.8 33% 166.7% 133.3% -20%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $970 $855 $780
$778 $655
13-May 13-Jun
13-Jul
$765
$749
$825
$780
$781
$810
$825
$692
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$855,420
Average Sales Price (Closed)*
$890,000
Listings for Sale
Active 12 Sold 16
12
Under Contract
Pending 13
13
Sold
16
*12 month average
market insight
Playa Vista Year Over Year 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)
May 2013 May 2014 % Change $673,000 $769,000 14% $425 $446 5% 18 8 -56% 22 6 -73% 20 30 50% 56 42 -25% 1.1 3.8 245% 90% 26.7% -70%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $673
$670 $620
13-May 13-Jun
13-Jul
$698
$725
$638
13-Aug
$619
13-Sep
13-Oct
$769
$725 $668
13-Nov 13-Dec
$649
14-Jan
$719 $641
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$734,500
Average Sales Price (Closed)*
$777,330
Listings for Sale
30
Sold 8
Pending 6
Active 30
Under Contract
6
Sold
8
*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