market insight
Select Westside Market Insight 2014_February
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 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.
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)
Feb. 2013 Feb. 2014 % Change $1,010,000 $1,165,000 15% $825 $820 -1% 37 39 5% 61 60 -2% 78 112 44% 54 67 24% 2.1 2.9 38% 47.4% 34.8% -27%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $1,150 $1,100 $1,170
$1,010 $780
$869
$1,230 $1,066
$1,165 $1,005
$890 $875 $817
Key February Stats
Median Sales Price*
$1,093,920
Average Sales Price (Closed)*
$1,528,330
Sold 39
Listings for Sale
112 Under Contract
Active 112 Pending 60
60 Sold
39 *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) Monthly Supply of Inventory Absorption Rate (closed sales)
Feb. 2013 Feb. 2014 % Change $555,000 $701,000 26% $387 $464 20% 33 25 -24% 36 31 -14% 28 34 21% 54 47 -13% 0.8 1.4 75% 117.9% 73.5% -38%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $765
$555 $569
$488
$560 $578 $580
$620 $595 $597 $576
$701 $565
Key February Stats
Median Sales Price*
$645,750
Average Sales Price (Closed)*
$652,670
Sold 25 Active 34
Listings for Sale
34 Under Contract
31
Pending 31
Sold
25 *12 month average
market insight
Mar Vista Year Over Year
Feb. 2013 Feb. 2014 % Change $975,000 $489,000 72% $529 $644 19% 2 5 150% 2 4 100%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale
0
1
--
Days on Market (Sold Homes)
120
79
-34%
Monthly Supply of Inventory
0
0.4
--
Absorption Rate (closed sales)
2%
250%
12,400%
* Based on a single sale
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $975
$901 $787 $542
$455
$-
$-
$487
$470
$430
$-
$750
$-
Key February Stats
Median Sales Price*
$483,080
Average Sales Price (Closed)*
$498,000
Active 2
Listings for Sale
2
Under Contract
1
Sold 5
Sold
5
*12 month average
market insight
Pending 1
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)
Feb. 2013 Feb. 2014 % Change $711,000 $769,000 8% $465 $471 1% 24 27 13% 28 33 13% 69 90 30% 72 91 26% 3 3.4 13% 33.3% 29.7% 13%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $799
$711 $606
$774
$775
$844
$842 $675
$843 $728
$800 $670
$769
Key February Stats
Median Sales Price*
$819,670
Average Sales Price (Closed)*
$1,038,670
Sold 27
Listings for Sale
91
Pending 33
Under Contract
33
Sold
27
*12 month average
market insight
Active 91
Playa Del Rey Year Over Year
Feb. 2013 Feb. 2014 % Change $490,000 $476,000 -3% $453 $438 -3% 8 15 88% 20 17 -15% 27 24 -11% 91 72 -21% 3.4 1.6 -53% 29.6% 62.5% 111%
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)
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $490
$490 $381
$490
$472
$520
$478
$495
$525 $445
$490
$490
$476
Key February Stats
Median Sales Price*
$520,170
Average Sales Price (Closed)*
$698,830
Sold 12 Active 20
Listings for Sale
24
Under Contract
17
Pending 18
Sold
15
*12 month average
market insight
Westchester Year Over Year
Feb. 2013 Feb. 2014 % Change $655,000 $825,000 26% $422 $498 18% 5 9 80%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales
9
9
--
Properties for Sale
6
14
Days on Market (Sold Homes)
95
51
Monthly Supply of Inventory
1.2
1.6
Absorption Rate (closed sales)
83.3%
64.3%
133% -46% 33% -23%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $970 $655 $640
$700
$780
$778 $655
$855
$765 $749 $780
$825 $692
Key February Stats
Median Sales Price*
$820,330
Average Sales Price (Closed)*
$844,420
Listings for Sale
Sold 9
14
Active 14
Under Contract
9
Pending 9
Sold
9
*12 month average
market insight
Playa Vista Year Over Year
Feb. 2013 Feb. 2014 % Change $595,000 $725,000 22% $279 $440 58% 2 7 270% 10 12 20% 10 14 40% 196 57 -71% 5 2 -60% 20% 50% 150%
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)
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $705 $595
$548
$673
$620
$670
$638
$698
$725 $619
$668
$649
$725
Key February Stats
Median Sales Price*
$711,080
Average Sales Price (Closed)*
$750,500
Sold 7 Active 14
Listings for Sale
14
Under Contract
Pending 12
12
Sold
7
*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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