market insight
Select Westside Market Insight 2014_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 February 2014, based on data available at the end of January 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
Jan. 2013
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)
Jan. 2014 % Change $1,057,000 $817,000 -23% $654 $847 30% 32 27 -16% 50 52 4% 89 106 19% 85 59 -31% 2.8 3.9 39% 36% 25.5% -29%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $1,230 $1,150 $1,100 $1,170 $1,066
$1,057 $1,010 $780
$869
$1,005
$890
$875
$817
Key January Stats
Median Sales Price*
$1,084,920
Average Sales Price (Closed)*
$1,524,170
Sold 27
Listings for Sale
106 Under Contract
Pending 52
52 Sold
27 *12 month average
market insight
Active 106
Culver City Year Over Year
Jan. 2013
Median Price
$325,000
Average Price Per Sq. Foot
$360
Properties Sold
37
Properties Pending Sales
21
Properties for Sale
23
Days on Market (Sold Homes)
58
Monthly Supply of Inventory
1.1
Absorption Rate (closed sales)
91.3%
Jan. 2014 % Change $588,000 81% $457 27% 28 -24% 18 -14% 38 65% 48 -17% 2.1 91% 47.4% -48%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $765 $555 $569 $325
$488
$560 $578 $580
$620 $595 $597 $576
$588
Key January Stats
Median Sales Price*
$616,330
Average Sales Price (Closed)*
$634,750
Sold 18
Listings for Sale
Active 38
38 Under Contract
Pending 24
24 Sold
18 *12 month average
market insight
Mar Vista Year Over Year
Jan. 2013
Median Price
$530,000
Average Price Per Sq. Foot
$414
Jan. 2014 % Change $489,000 72% $356 19%
Properties Sold
2
2
--
Properties Pending Sales
2
4
100%
Properties for Sale
0
2
--
Days on Market (Sold Homes)
30
178
493%
Monthly Supply of Inventory
0
1
--
Absorption Rate (closed sales)
2%
100%
--
* Based on a single sale
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $975
$901 $787
$530
$542
$455
$-
$-
$487
$470
$430
$-
$-
Key January Stats
Median Sales Price*
$464,750
Average Sales Price (Closed)*
$474,670
Sold 2
Active 2
Listings for Sale
2
Under Contract
4
Pending 4
Sold
2
*12 month average
market insight
Marina Del Rey Year Over Year
Jan. 2013
Median Price
$572,000
Average Price Per Sq. Foot
$404
Properties Sold
25
Properties Pending Sales
33
Properties for Sale
69
Days on Market (Sold Homes)
61
Monthly Supply of Inventory
2.8
Absorption Rate (closed sales)
36.2%
Jan. 2014 % Change $750,000 30% $624 54% 13 -48% 19 -42% 90 30% 83 36% 6.9 146% 14.4% -60%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $799
$711 $572
$606
$774
$775
$844
$842
$675
$843
$728
$670
$750
Key January Stats
Median Sales Price*
$799,080
Average Sales Price (Closed)*
$1,007,500
Listings for Sale
Sold 13 Pending 19
90
Under Contract
Active 90
19
Sold
13
*12 month average
market insight
Playa Del Rey Year Over Year
Jan. 2013
Median Price
$475,000
Average Price Per Sq. Foot
$372
Properties Sold
13
Properties Pending Sales
16
Properties for Sale
21
Days on Market (Sold Homes)
84
Monthly Supply of Inventory
1.6
Absorption Rate (closed sales)
61.9%
Jan. 2014 % Change $495,000 4% $523 41% 12 -8% 18 13% 20 -5% 49 -42% 1.7 6% 60% -3%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $475
$490
$490 $381
$490
$472
$520
$478
$495
$525 $445
$490
$495
Key January Stats
Median Sales Price*
$520,500
Average Sales Price (Closed)*
$695,250
Sold 12 Active 20
Listings for Sale
20
Under Contract
18
Pending 18
Sold
12
*12 month average
market insight
Westchester Year Over Year
Jan. 2013
Median Price
$715,000
Average Price Per Sq. Foot
$453
Properties Sold
5
Properties Pending Sales
7
Properties for Sale
6
Days on Market (Sold Homes)
19
Monthly Supply of Inventory
1.2
Absorption Rate (closed sales)
83.3%
Jan. 2014 % Change $970,000 36% $487 8% 6 20% 8 14% 10 67% 69 263% 1.7 42% 60% -28%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $970 $715
$655
$640
$700
$780
$778 $655
$855
$765
$749
$780
$685
Key January Stats
Median Sales Price*
$810,580
Average Sales Price (Closed)*
$831,670
Sold 6
Listings for Sale
Active 10
10
Under Contract
8
Pending 8
Sold
6
*12 month average
market insight
Playa Vista Year Over Year
Jan. 2013
Median Price
$521,000
Average Price Per Sq. Foot
$414
Properties Sold
6
Properties Pending Sales
9
Properties for Sale
11
Days on Market (Sold Homes)
19
Monthly Supply of Inventory
1.8
Absorption Rate (closed sales)
54.5%
Jan. 2014 % Change $649,000 27% $426 3% 5 -17% 6 -33% 14 27% 54 184% 2.8 56% 35.7% -34%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $705 $521
$595
$548
$673
$620
$670
$638
$698
$725 $619
$668
$649
Key January Stats
Median Sales Price*
$694,080
Average Sales Price (Closed)*
$727,670
Sold 5
Listings for Sale
14
Active 14 Pending 6
Under Contract
6
Sold
5
*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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