Shorewood westside market insight report 2014 december

Page 1

market insight

Select Westside Market Insight 2014_December


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 December 2014, based on data available at the end of November 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

Nov. 2013 Nov. 2014 % Change

Median Price

$890

$1,190

34%

Average Price Per Sq. Foot

719

957

33%

Properties Sold

55

48

-13%

Properties Pending Sales

43

66

53%

Properties for Sale

119

125

5%

Days on Market (Sold Homes)

48

52

8%

Monthly Supply of Inventory

2.2

2.6

18%

Absorption Rate (closed sales)

46.2

38.4

-17%

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $1,421

$1,385 $1,250

$1,165 $1,013 $890

$875

13-Nov

13-Dec

$1,190

$1,000

$899

$817

14-Jan

$1,239

$1,183

14-Feb

14-Mar

14-Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov


Key November Stats

Median Sales Price*

$1,193,920

Average Sales Price (Closed)*

$1,601,920

Sold 48

Listings for Sale

125

Under Contract

Active 125 Pending 66

66

Sold

48

*12 month average

market insight


Culver City Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$576

$575

0%

Average Price Per Sq. Foot

453

444

-2%

Properties Sold

24

27

13%

Properties Pending Sales

27

31

15%

Properties for Sale

47

58

23%

Days on Market (Sold Homes)

48

47

-2%

Monthly Supply of Inventory

2

2.1

5%

Absorption Rate (closed sales)

51.1

46.6

-9%

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

$756 $700

$693 $576

13-Nov 13-Dec

$565

14-Jan

$570

$738

$610

$516

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

$575 $510

14-Jul

$465

14-Aug 14-Sep

14-Oct

14-Nov


Key November Stats

Median Sales Price*

$669,920

Average Sales Price (Closed)*

$697,250

Sold 27

Listings for Sale

Active 58

58 Under Contract

Pending 31

31 Sold

27 *12 month average

market insight


Mar Vista Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$-

$1,234

--

Average Price Per Sq. Foot

0

803

--

Properties Sold

0

1

--

Properties Pending Sales

0

1

0%

Properties for Sale

3

4

33%

Days on Market (Sold Homes)

0

55

--

Monthly Supply of Inventory

3

4

33%

Absorption Rate (closed sales)

0

25

--

* No sales recorded

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $1,185

$787

$823

$750

$905

$850

$1,234

$848

$487

$-

13-Nov 13-Dec

$-

14-Jan

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

$-

14-Jul

$-

14-Aug 14-Sep 14-Oct 14-Nov


Key November Stats

Median Sales Price*

$655,750

Average Sales Price (Closed)*

$659,000

Sold 1

Listings for Sale

4

Pending 1

Under Contract

1

Sold

1

*12 month average

market insight

Active 3


Marina Del Rey Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$728

$780

7%

Average Price Per Sq. Foot

528

559

6%

Properties Sold

22

35

59%

Properties Pending Sales

25

24

-4%

Properties for Sale

103

64

-38%

Days on Market (Sold Homes)

53

119

125%

Monthly Supply of Inventory

4.7

1.8

-62%

Absorption Rate (closed sales)

21.4

54.7

156%

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $800 $728 $670

$850

$773

$772 $705

$825 $740

$790

$801

$758

$780

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


Key November Stats

Median Sales Price*

$832,670

Average Sales Price (Closed)*

$1,063,420

Sold 35

Listings for Sale

64

Under Contract

Active 64

Pending 24

24

Sold

35

*12 month average

market insight


Playa Del Rey Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$525

$518

-1%

Average Price Per Sq. Foot

537

482

-10%

Properties Sold

16

15

-6%

Properties Pending Sales

17

14

-18%

Properties for Sale

25

30

20%

Days on Market (Sold Homes)

60

65

8%

Monthly Supply of Inventory

1.6

2

25%

Absorption Rate (closed sales)

64

50

-22%

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $900 $757

$525

$490

13-Nov 13-Dec

$490

14-Jan

$493

$512

$525

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

$507

14-Jul

$506

14-Aug

$539

14-Sep

$493

14-Oct

$518

14-Nov


Key November Stats

Median Sales Price*

$604,580

Average Sales Price (Closed)*

$774,000

Sold 15

Listings for Sale

30

Under Contract

Active 30

Pending 14

14

Sold

15

*12 month average

market insight


Westchester Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$780

$745

-4%

Average Price Per Sq. Foot

530

523

-1%

Properties Sold

11

8

-27%

Properties Pending Sales

12

6

-50%

Properties for Sale

11

6

-45%

Days on Market (Sold Homes)

68

47

-31%

Monthly Supply of Inventory

1

0.8

-20%

Absorption Rate (closed sales)

100

133.3

33%

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $1,313

$970 $825

$780 $692

$781

$810

$825

$813 $725

13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

$850

$823

$745

14-Aug 14-Sep 14-Oct 14-Nov


Key November Stats

Median Sales Price*

$912,670

Average Sales Price (Closed)*

$959,170

Listings for Sale

Active 6 Sold 8

5

Under Contract

Pending 6

6

Sold

8

*12 month average

market insight


Playa Vista Year Over Year

Nov. 2013 Nov. 2014 % Change

Median Price

$619

$865

40%

Average Price Per Sq. Foot

429

479

12%

Properties Sold

13

11

-15%

Properties Pending Sales

9

12

33%

Properties for Sale

10

15

50%

Days on Market (Sold Homes)

54

61

13%

Monthly Supply of Inventory

0.8

1.4

75%

Absorption Rate (closed sales)

130

73.3

-44%

Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $975 $865

$619

$668

13-Nov 13-Dec

$725 $649

14-Jan

$719

$769

$769

$715

$743

$745

14-Sep

14-Oct

$641

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

14-Jul

14-Aug

14-Nov


Key November Stats

Median Sales Price*

$800,170

Average Sales Price (Closed)*

$843,500

Sold 11 Active 15

Listings for Sale

15

Under Contract

12

Pending 12

Sold

11

*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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