Market Insight Report Westside 2015 May

market insight

Select Westside Market Insight 2015_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 May 2015, based on data available at the end of April 2015. 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

Apr. 2014 Apr. 2015 % Change

Median Price

$1,013

$1,400

38%

Average Price Per Sq. Foot

832

998

20%

Properties Sold

65

57

-12%

Properties Pending Sales

64

90

41%

Properties for Sale

134

129

-4%

Days on Market (Sold Homes)

41

62

51%

Monthly Supply of Inventory

2.1

2.3

10%

Absorption Rate (closed sales)

48.5

44.2

-9%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,250 $1,013

2014 Apr

$1,500

$1,421

$1,385

$1,239

$1,183

$1,400 $1,272

$1,215

$1,000

14-May

$1,200 $998

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$1,339,667

Average Sales Price (Closed)*

$1,753,833

Sold 57

Listings for Sale

Active 129

129

Under Contract

Pending 90

90

Sold

57

*12 month rolling average

market insight

Culver City Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$756

$660

-13%

Average Price Per Sq. Foot

529

552

4%

Properties Sold

44

49

11%

Properties Pending Sales

36

49

36%

Properties for Sale

48

38

-21%

Days on Market (Sold Homes)

39

34

-13%

Monthly Supply of Inventory

1.1

0.8

-27%

Absorption Rate (closed sales)

91.7

128.9

41%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $756 $700 $570

14-May 14-Jun

$708

$692 $635

$610

$660

$575 $510

2014 Apr

$750

14-Jul

$505

$465

14-Aug 14-Sep

14-Oct 14-Nov 14-Dec

15-Jan

15-Feb 15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$678,000

Average Sales Price (Closed)*

$729,583 Listings for Sale

Active 38 Sold 49

38 Under Contract

Pending 49

49 Sold

49 *12 month rolling average

market insight

Mar Vista Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$823

$928

13%

Average Price Per Sq. Foot

755

814

8%

Properties Sold

2

3

50%

Properties Pending Sales

2

2

50%

Properties for Sale

2

2

0%

Days on Market (Sold Homes)

41

32

-22%

Monthly Supply of Inventory

1

0.7

-30%

Absorption Rate (closed sales)

100

150

50%

* No sales recorded

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $2,000

$1,185 $823

$905

$850

14-May 14-Jun

$900

$848

$-

2014 Apr

$1,234

14-Jul

$-

$900

$928

$-

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan

15-Feb 15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$881,083

Average Sales Price (Closed)*

$893,500

Active 2

Listings for Sale

2

Sold 3

Under Contract

Pending 2

2

Sold

3

*12 month rolling average

market insight

Marina Del Rey Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$773

$976

26%

Average Price Per Sq. Foot

580

649

12%

Properties Sold

29

27

-7%

Properties Pending Sales

34

32

-6%

Properties for Sale

95

66

-31%

Days on Market (Sold Homes)

62

99

60%

Monthly Supply of Inventory

3.3

2.4

-27%

Absorption Rate (closed sales)

30.5

40.9

34%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,400

$976 $773

$850

$825

$740

$790

$801

$758

$790

$760

$826

$846

2014 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015 Apr Apr

Key April Stats

Median Sales Price*

$927,917

Average Sales Price (Closed)*

$1,155,667

Sold 27

Listings for Sale

66 Under Contract

Active 66 Pending 32

32

Sold

27

*12 month rolling average

market insight

Playa Del Rey Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$512

$440

-14%

Average Price Per Sq. Foot

445

529

19%

Properties Sold

20

19

-5%

Properties Pending Sales

16

16

0%

Properties for Sale

40

17

-58%

Days on Market (Sold Homes)

76

55

-28%

Monthly Supply of Inventory

2

0.9

-55%

Absorption Rate (closed sales)

50

111.8

124%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,030 $900

$512

2014 Apr

$525

14-May 14-Jun

$507

14-Jul

$506

14-Aug

$539

14-Sep

$505

14-Oct

$518

$509

14-Nov 14-Dec

$519

$555 $440

15-Jan

15-Feb 15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$630,417

Average Sales Price (Closed)*

$815,333

Active 17

Sold 19

Listings for Sale

17

Under Contract

Pending 16

16

Sold

19

*12 month rolling average

market insight

Westchester Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$810

$590

-27%

Average Price Per Sq. Foot

500

503

1%

Properties Sold

13

4

-69%

Properties Pending Sales

11

11

0%

Properties for Sale

17

5

-71%

Days on Market (Sold Homes)

44

75

70%

Monthly Supply of Inventory

1.3

1.3

0%

Absorption Rate (closed sales)

76.5

80

5%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,313

$810

$825 $725

$813

$850

$785

$790

$800

$782

$780

$826 $590

2014 Apr

14-May 14-Jun

14-Jul

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$890,750

Average Sales Price (Closed)*

$920,333

Sold 4

Listings for Sale

5

Under Contract

Pending 11

11

Sold

5

*12 month rolling average

market insight

Active 5

Playa Vista Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$719

$775

8%

Average Price Per Sq. Foot

451

507

12%

Properties Sold

14

13

-7%

Properties Pending Sales

12

12

0%

Properties for Sale

10

7

-30%

Days on Market (Sold Homes)

69

36

-48%

Monthly Supply of Inventory

0.7

0.5

-29%

Absorption Rate (closed sales)

140

185.7

33%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $975

$935 $865

$719

2014 Apr

$769

14-May 14-Jun

$769

14-Jul

$715

$743

14-Aug 14-Sep

$745

$753

14-Oct 14-Nov 14-Dec

$773

15-Jan

$785

15-Feb 15-Mar

$775

2015 Apr

Key April Stats

Median Sales Price*

$860,083

Average Sales Price (Closed)*

$955,000

Listings for Sale

Active 7 Sold 13

7

Under Contract

Pending 12

12

Sold

13

*12 month rolling 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 2013-2015 Shorewood Realtors