Shorewood Select Westside Market Insight Report 2014 May

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