market insight
Select Westside Market Insight 2014_March
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 April 2014, based on data available at the end of March 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)
Mar. 2013 Mar. 2014 % Change $780,000 $890,000 14% $790 $781 -1% 57 45 -21% 70 67 -4% 82 124 51% 54 56 4% 1.4 2.8 100% 69.5% 36.3% -48%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $1,150
$1,100
$1,170
$1,230
$1,165 $1,066
$1,005
$869
$890
$875
13-Nov
13-Dec
$780
13-Mar
13-Apr
13-May
13-Jun
13-Jul
8/13
13-Sep
13-Oct
$890
$817
14-Jan
14-Feb
14-Mar
Key March Stats
Median Sales Price*
$1,083,920
Average Sales Price (Closed)*
$1,527,080
Sold 45
Listings for Sale
124
Active 124
Under Contract
67
Pending 67
Sold
45
*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) Monthly Supply of Inventory Absorption Rate (closed sales)
Mar. 2013 Mar. 2014 % Change $569,000 $521,000 -8% $374 $440 18% 26 20 -23% 37 47 27% 39 37 -5% 57 43 -25% 1.5 1.9 27% 66.7% 54.1% -19%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $765
$693 $569
$560
$578
$580
$620
$595
$597
$576
$565
$488
13-Mar 13-Apr 13-May 13-Jun
13-Jul
8/13
13-Sep
13-Oct
13-Nov 13-Dec
14-Jan
$521
14-Feb 14-Mar
Key March Stats
Median Sales Price*
$642,250
Average Sales Price (Closed)*
$651,920 Listings for Sale
Sold 20 Active 37
37 Under Contract
47
Pending 47
Sold
20 *12 month average
market insight
Mar Vista Year Over Year
Mar. 2013 Mar. 2014 % Change
Median Price
$455,000
$-*
-*
$632
$-*
-*
Properties Sold
1
0
-*
Properties Pending Sales
0
2
--
Properties for Sale
1
3
ďƒ™200
Days on Market (Sold Homes)
44
0
--
Monthly Supply of Inventory
1
3
ďƒ™200
Absorption Rate (closed sales)
100%
--
--
Average Price Per Sq. Foot
* No sales recorded
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $901 $787
$542 $455
$-
$-
$-
13-Mar 13-Apr 13-May 13-Jun
13-Jul
$487
$470
$430
8/13
$750
$-
13-Sep 13-Oct 13-Nov 13-Dec
$-
14-Jan
14-Feb 14-Mar
Key March Stats
Median Sales Price*
$401,830
Average Sales Price (Closed)*
$416,830
Listings for Sale
3
Sold 0
Pending 2 Active 3
Under Contract
2
Sold
0
*12 month average
market insight
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)
Mar. 2013 Mar. 2014 % Change $606,000 $705,000 16% $528 $459 -13% 28 23 -18% 25 28 12% 79 106 34% 78 86 10% 2.8 4.6 64% 35.4% 21.7% -39%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $799
$844
$842 $774
$775 $675
$843
$800 $728 $670
$772 $705
$606
13-Mar 13-Apr 13-May 13-Jun 13-Jul
8/13
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
Key March Stats
Median Sales Price*
$819,420
Average Sales Price (Closed)*
$1,037,670
Sold 23
Listings for Sale
106
Pending 28
Under Contract
Active 106
28
Sold
23
*12 month average
market insight
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)
Mar. 2013 Mar. 2014 % Change $381,000 $757,000 99% $385 $509 32% 16 17 6% 21 20 -5% 18 28 56% 88 49 -44% 1.1 1.6 45% 88.9% 60.7% -32%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $757
$490
$490
$472
$520
$478
$525
$495 $445
$490
$490
$493
$381
13-Mar 13-Apr 13-May 13-Jun
13-Jul
8/13
13-Sep
13-Oct
13-Nov 13-Dec
14-Jan
14-Feb 14-Mar
Key March Stats
Median Sales Price*
$543,830
Average Sales Price (Closed)*
$707,920
Listings for Sale
Sold 17
28
Active 28
Under Contract
20
Pending 20
Sold
17
*12 month average
market insight
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)
Mar. 2013 Mar. 2014 % Change $640,000 $781,000 22% $409 $495 21% 11 10 -9% 18 19 6% 7 13 86% 33 54 64% 0.6 1.3 117% 157.1% 76.9% -51%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $970
$855 $780 $640
$700
$778
$765
$655
13-Mar 13-Apr 13-May 13-Jun
13-Jul
8/13
$749
$825
$780
$781
$692
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
Key March Stats
Median Sales Price*
$830,830
Average Sales Price (Closed)*
$854,670
Listings for Sale
Sold 10
13
Under Contract
19
Pending 19
Sold
10
*12 month average
market insight
Active 13
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)
Mar. 2013 Mar. 2014 % Change $548,000 $641,000 17% $412 $468 14% 10 8 -20% 11 13 18% 16 11 -31% 79 39 -51% 1.6 1.4 -13% 62.5% 72.7% 16%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $705
$673
$670 $620
$698
$725
$638
$725 $619
$668
$649
$641
$548
13-Mar 13-Apr 13-May 13-Jun
13-Jul
8/13
13-Sep
13-Oct
13-Nov 13-Dec
14-Jan
14-Feb 14-Mar
Key March Stats
Median Sales Price*
$714,920
Average Sales Price (Closed)*
$762,500
Sold 8 Active 11
Listings for Sale
11
Under Contract
13
Pending 13
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
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