Shorewood Westside Market Insight Report

Page 1

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

Copyright 2013-2015 Shorewood Realtors


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