market insight
Select Westside Market Insight 2015_June
www.Shorewood.com
Manhattan Beach - Training Center 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 2015, based on data available at the end of May 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
May 2014 May 2015 % Change
Median Price
$1,000
$1,318
32%
Average Price Per Sq. Foot
826
1025
24%
Properties Sold
51
76
49%
Properties Pending Sales
67
79
18%
Properties for Sale
151
134
-11%
Days on Market (Sold Homes)
38
52
37%
Monthly Supply of Inventory
3
1.8
-40%
Absorption Rate (closed sales)
33.8
56.7
68%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,500
$1,421
$1,385 $1,250
$1,239
$1,183
$1,470
$1,000
2014 May
$1,318
$1,272
$1,215
$1,200 $998
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
15-Jan
15-Feb
15-Mar
15-Apr
2015 May
Key May Stats
Median Sales Price*
$1,370,917
Average Sales Price (Closed)*
$1,782,000
Sold 76
Listings for Sale
Active 134
134
Under Contract
Pending 79
79
Sold
76
*12 month rolling average
market insight
Culver City Year Over Year
May 2014 May 2015 % Change
Median Price
$570
$630
11%
Average Price Per Sq. Foot
503
496
-1%
Properties Sold
42
43
2%
Properties Pending Sales
41
45
10%
Properties for Sale
51
43
-16%
Days on Market (Sold Homes)
34
37
9%
Monthly Supply of Inventory
1.2
1
-17%
Absorption Rate (closed sales)
82.4
100
21%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $700 $570
$610
14-Jun
$708
$692 $635
$681
$630
$575 $510
2014 May
$750
14-Jul
$505
$465
14-Aug 14-Sep
14-Oct 14-Nov 14-Dec
15-Jan
15-Feb 15-Mar 15-Apr
2015 May
Key May Stats
Median Sales Price*
$669,250
Average Sales Price (Closed)*
$727,333
Sold 43
Active 43
Listings for Sale
43 Under Contract
Pending 45
45 Sold
43 *12 month rolling average
market insight
Mar Vista Year Over Year
May 2014 May 2015 % Change
Median Price
$905
$1,665
84%
Average Price Per Sq. Foot
806
866
7%
Properties Sold
1
2
100%
Properties Pending Sales
0
4
100%
Properties for Sale
2
1
-50%
Days on Market (Sold Homes)
19
66
247%
Monthly Supply of Inventory
2
0.5
-75%
Absorption Rate (closed sales)
50
200
300%
* No sales recorded
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $2,000
$1,665
$1,185 $905
$850
14-Jun
$900
$848
$-
2014 May
$1,234
14-Jul
$-
$900
$928
$-
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan
15-Feb 15-Mar 15-Apr
2015 May
Key May Stats
Median Sales Price*
$951,250
Average Sales Price (Closed)*
$963,667
Active 1 Sold 2
Listings for Sale
1
Under Contract
Pending 4
4
Sold
2
*12 month rolling average
market insight
Marina Del Rey Year Over Year
May 2014 May 2015 % Change
Median Price
$850
$860
1%
Average Price Per Sq. Foot
549
636
16%
Properties Sold
33
29
-12%
Properties Pending Sales
39
33
-15%
Properties for Sale
109
69
-37%
Days on Market (Sold Homes)
62
70
13%
Monthly Supply of Inventory
3.3
2.4
-27%
Absorption Rate (closed sales)
30.3
42
39%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,400
$976 $850
2014 May
$825
$740
$790
$801
$758
$790
$760
$826
$846
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr
$860
2015 May
Key May Stats
Median Sales Price*
$935,167
Average Sales Price (Closed)*
$1,144,417
Sold 29
Listings for Sale
69
Active 69 Pending 33
Under Contract
33
Sold
29
*12 month rolling average
market insight
Playa Del Rey Year Over Year
May 2014 May 2015 % Change
Median Price
$900
$525
-42%
Average Price Per Sq. Foot
496
470
-5%
Properties Sold
11
18
64%
Properties Pending Sales
19
18
-5%
Properties for Sale
43
15
-65%
Days on Market (Sold Homes)
38
67
76%
Monthly Supply of Inventory
3.9
0.8
-79%
Absorption Rate (closed sales)
25.6
120
369%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,030 $900
$525
2014 May
14-Jun
$507
14-Jul
$506
14-Aug
$539
14-Sep
$505
14-Oct
$518
$509
14-Nov 14-Dec
$519
$555
$525 $440
15-Jan
15-Feb 15-Mar 15-Apr
2015 May
Key May Stats
Median Sales Price*
$631,500
Average Sales Price (Closed)*
$806,000
Sold 18
Active 15
Listings for Sale
15
Under Contract
Pending 18
18
Sold
18
*12 month rolling average
market insight
Westchester Year Over Year
May 2014 May 2015 % Change
Median Price
$825
$965
17%
Average Price Per Sq. Foot
484
611
26%
Properties Sold
16
8
-50%
Properties Pending Sales
12
7
-42%
Properties for Sale
12
3
-75%
Days on Market (Sold Homes)
40
31
-23%
Monthly Supply of Inventory
0.8
0.4
-50%
Absorption Rate (closed sales)
133.3
266.7
100%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,313
$965 $825 $725
$813
$850
$785
$790
$800
$782
$780
$826 $590
2014 May
14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr
2015 May
Key May Stats
Median Sales Price*
$903,667
Average Sales Price (Closed)*
Active 3
$936,667
Listings for Sale
Sold 8
3
Pending 7
Under Contract
7
Sold
8
*12 month rolling average
market insight
Playa Vista Year Over Year
May 2014 May 2015 % Change
Median Price
$769
$820
7%
Average Price Per Sq. Foot
446
499
12%
Properties Sold
8
10
25%
Properties Pending Sales
6
17
183%
Properties for Sale
30
7
-77%
Days on Market (Sold Homes)
42
62
48%
Monthly Supply of Inventory
3.8
0.7
-82%
Absorption Rate (closed sales)
26.7
142.9
435%
May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $975
$935 $865
$769
2014 May
$769
14-Jun
14-Jul
$715
$743
14-Aug 14-Sep
$745
$753
14-Oct 14-Nov 14-Dec
$773
15-Jan
$785
$771
15-Feb 15-Mar 15-Apr
$820
2015 May
Key May Stats
Median Sales Price*
$868,167
Average Sales Price (Closed)*
$974,500
Active 7 Sold 10
Listings for Sale
7
Under Contract
17
Pending 17
Sold
10
*12 month rolling average
market insight
market insight
Manhattan Beach - Training Center 917 Manhattan Beach Blvd. 310.545.8401 Manhattan Beach 3300 Highland Avenue 310.546.7661 Manhattan Beach - Training Center 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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