SWD Westside Market Insight Reports 2014 January

Page 1

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

copyright 2014 Shorewood Realtors


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