market insight
Select Westside Market Insight 2015_January
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
Dec. 2013 Dec. 2014 % Change
Median Price
$875
$1,500
71%
Average Price Per Sq. Foot
775
1091
41%
Properties Sold
61
123
102%
Properties Pending Sales
32
66
106%
Properties for Sale
93
166
78%
Days on Market (Sold Homes)
59
54
-8%
Monthly Supply of Inventory
1.5
1.3
-13%
Absorption Rate (closed sales)
65.6
74.1
13%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $1,385 $1,250
$1,165 $1,013 $875
13-Dec
$1,239
$1,183
$1,215
$1,000
$899
$817
14-Jan
$1,500
$1,421
14-Feb
14-Mar
14-Apr
14-May
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
Key December Stats
Median Sales Price*
$1,246,833
Average Sales Price (Closed)*
$1,661,750
Sold 123
Listings for Sale
Active 166
166
Under Contract
Pending 66
66
Sold
123
*12 month average
market insight
Culver City Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$765
$720
-6%
Average Price Per Sq. Foot
484
489
1%
Properties Sold
34
61
79%
Properties Pending Sales
20
70
250%
Properties for Sale
33
73
121%
Days on Market (Sold Homes)
48
42
-13%
Monthly Supply of Inventory
1
1.2
20%
Absorption Rate (closed sales)
103
83.6
-19%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $765
$756
$750
$693 $565
13-Dec
14-Jan
$720
$700 $570
$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 14-Dec
Key December Stats
Median Sales Price*
$682,917
Average Sales Price (Closed)*
$710,000
Sold 61
Active 73
Listings for Sale
73 Under Contract
Pending 70
70 Sold
61 *12 month average
market insight
Mar Vista Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$787
$-
-100%
Average Price Per Sq. Foot
614
0
-100%
Properties Sold
1
0
-100%
Properties Pending Sales
1
2
-100%
Properties for Sale
2
1
-50%
Days on Market (Sold Homes)
49
0
-100%
Monthly Supply of Inventory
2
1
-50%
Absorption Rate (closed sales)
50
0
-100%
* No sales recorded
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $1,185
$787
$823
$750
$905
$850
$1,234
$848
$487
$-
13-Dec
14-Jan
14-Feb 14-Mar 14-Apr 14-May 14-Jun
$-
14-Jul
$-
$-
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
Sold 0
$655,750
Average Sales Price (Closed)*
$659,000
Active 1
Listings for Sale
1
Pending 2
Under Contract
2
Sold
0
*12 month average
market insight
Marina Del Rey Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$670
$760
13%
Average Price Per Sq. Foot
471
543
15%
Properties Sold
33
65
97%
Properties Pending Sales
20
31
55%
Properties for Sale
90
98
9%
Days on Market (Sold Homes)
68
69
1%
Monthly Supply of Inventory
2.7
1.5
-44%
Absorption Rate (closed sales)
36.7
66.3
81%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $800 $670
$850
$773
$772 $705
$825
$740
$790
$801
$758
$790
$760
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$836,167
Average Sales Price (Closed)*
$1,051,417
Sold 65
Listings for Sale
Active 98
98
Under Contract
Pending 31
31
Sold
65
*12 month average
market insight
Playa Del Rey Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$490
$509
4%
Average Price Per Sq. Foot
434
497
15%
Properties Sold
17
20
18%
Properties Pending Sales
13
16
23%
Properties for Sale
20
31
55%
Days on Market (Sold Homes)
69
72
4%
Monthly Supply of Inventory
1.2
1.6
33%
Absorption Rate (closed sales)
85
64.5
-24%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $900 $757
$490
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
$505
14-Oct
$518
$509
14-Nov 14-Dec
Key December Stats
Median Sales Price*
$604,580
Average Sales Price (Closed)*
$760,833
Sold 20
Listings for Sale
Active 31
31
Under Contract
Pending 16
16
Sold
20
*12 month average
market insight
Westchester Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$692
$800
16%
Average Price Per Sq. Foot
428
538
26%
Properties Sold
12
9
-25%
Properties Pending Sales
8
3
-63%
Properties for Sale
5
8
60%
Days on Market (Sold Homes)
56
49
-13%
Monthly Supply of Inventory
0.4
0.9
125%
Absorption Rate (closed sales)
240
112.5
-53%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $1,313
$970 $825 $692
$781
$810
$825
$813 $725
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
$850
$785
$790
$800
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$914,917
Average Sales Price (Closed)*
$965,417
Listings for Sale
Active 8
Sold 9
8
Under Contract
Pending 3
3
Sold
9
*12 month average
market insight
Playa Vista Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$668
$753
13%
Average Price Per Sq. Foot
442
500
13%
Properties Sold
10
11
10%
Properties Pending Sales
4
14
250%
Properties for Sale
5
9
80%
Days on Market (Sold Homes)
62
88
42%
Monthly Supply of Inventory
0.5
0.8
60%
Absorption Rate (closed sales)
200
122.2
-39%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $975 $865
$668
13-Dec
$725 $649
14-Jan
$719
$769
$769
$715
$743
$745
$753
14-Sep
14-Oct
14-Nov 14-Dec
$641
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug
Key December Stats
Median Sales Price*
$811,333
Average Sales Price (Closed)*
$878,500
Active 9
Sold 11
Listings for Sale
9
Under Contract
Pending 14
14
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
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