Teles intelligence
micro market report condominiums FEBRUARY 2013 | SELECT AREAS
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Reading the Report
“Each Micro Market area contains an analysis of current conditions and past trends. In order to take the most away from this report, it is important to understand how to read each micro market.
The Data presents statistical information about past and current conditions, comparing the previous year’s month to the current month. Each statistic is compiled from sales data during the month of the respective year. It is then analyzed by Percent Change, which is calculated by taking Current Value minus Past Value and then divided by Past Value.
The Numbers is a compilation of important take-away statistics for each area to gain a quick understanding of market conditions. Median Sales Price and Days on Market are 12 month averages for the period ending in the current month. The values for Properties for Sale and Shadow Inventory are presented in both text and graphical form to show the relationship of Shadow to Active Inventory.
The Yearly Trend presents the Median Sales Prices for each month during the past year in graphical format to easily visualize the changes and help identify any trends in sales for that micro market.
Median Price:
Days of market (Pending Sale):
A value that separates the upper half
The number of days that properties
of prices from the lower half of prices.
currently in escrow were on the market.
It can be interpreted like an average, however the extreme prices (high and
Month’s Supply of Inventory:
low) don’t hold undue influence.
The number of months it would take to sell all the properties listed for sale at
Average Price per Square Foot:
the current pace of sales and if no new
The price of each property divided by
listings entered the market.
their respective square footage then averaged across all properties sold in
Percent Under Contract:
the area for a given time period.
The ratio of properties for sale to properties pending sale.
Properties Sold:
The number of property transactions
Average Median Price for Last 12:
that closed and transferred ownership.
The Average Median Price for the Last 12 Months is sales data from 12 months
Properties Pending Sale:
ending in the identified month
The number of properties that entered escrow in preparation for sale.
Shadow Inventory:
Properties in Pre-Foreclosure, Bank Properties For Sale:
Owned or Auction as identified by
The number of properties on the
ForeclosureRadar.com
market and seeking buyers.
condos
south b
orange
Beverly Center - Miracle Mile
Culver City
Santa Monica
Beverly Hills
Encino
Sherman Oaks
Brentwood
Marina Del Rey
Studio City
Micro Market Report : February 2013
telesintelligence.com
bay
los angeles
e county
san fernando
Venice
Westwood - Century City
West Hollywood West LA
February 2013 : Micro Market Report
Beverly Center - Miracle Mile DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$419,000
$507,500
21.1%
Average Price per Square Foot ...........................
$345
$389
12.8%
Properties Sold .......................................................
9
4
-55.6%
Properties Pending Sale .......................................
8
4
-50.0%
Properties For Sale ................................................
30
15
-50.0%
Days on Market (Pending Sale) ...........................
78
15
-80.8%
Month’s Supply of Inventory ................................
3.3
3.8
12.5%
Percent Under Contract ........................................
26.7%
26.7%
0.0%
Average Median Price for Last 12 Months ........
$473,000
$518,069
9.5%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$419
S A L E S
$508
(in hundred thousands)
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$518,069 PROPERTIES FOR SALE
15 DAYS ON MARKET**
49 shadow inventory
8 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Beverly Hills DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$1,160,000
$533,750
-54.0%
Average Price per Square Foot ...........................
$503
$451
-10.3%
Properties Sold .......................................................
7
4
-42.9%
Properties Pending Sale .......................................
8
12
50.0%
Properties For Sale ................................................
81
50
-38.3%
Days on Market (Pending Sale) ...........................
115
69
-40.0%
Month’s Supply of Inventory ................................
11.6
12.5
8.0%
Percent Under Contract ........................................
9.9%
24.0%
143.0%
Average Median Price for Last 12 Months ........
$906,000
$903,930
-0.2%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$534
S A L E S
$1.160
(in hundred thousands)
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$903,930 PROPERTIES FOR SALE
50 DAYS ON MARKET**
95 shadow inventory
22 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Brentwood DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$585,000
$759,450
29.8%
Average Price per Square Foot ...........................
$399
$503
26.1%
Properties Sold .......................................................
5
12
140.0%
Properties Pending Sale .......................................
9
15
66.7%
Properties For Sale ................................................
91
70
-23.1%
Days on Market (Pending Sale) ...........................
80
17
-78.8%
Month’s Supply of Inventory ................................
18.2
5.8
-67.9%
Percent Under Contract ........................................
9.9%
21.4%
116.7%
Average Median Price for Last 12 Months ........
$619,000
$672,177
8.6%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
S A L E S
(in hundred thousands)
$759
P R I C E
yearly trend
M E D I A N
$585
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$672,177 PROPERTIES FOR SALE
70 DAYS ON MARKET**
66 shadow inventory
6 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Culver City DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$250,000
$437,500
75.0%
Average Price per Square Foot ...........................
$302
$329
8.9%
Properties Sold .......................................................
11
12
9.1%
Properties Pending Sale .......................................
23
15
-34.8%
Properties For Sale ................................................
62
26
-58.1%
Days on Market (Pending Sale) ...........................
81
19
-76.5%
Month’s Supply of Inventory ................................
5.6
2.2
-61.6%
Percent Under Contract ........................................
37.1%
57.7%
55.5%
Average Median Price for Last 12 Months ........
$292,000
$307,338
5.3%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
S A L E S
(in hundred thousands)
$438
P R I C E
yearly trend
M E D I A N
$250
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$307,338 PROPERTIES FOR SALE
26 DAYS ON MARKET**
58 shadow inventory
46 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Encino DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$182,000
$248,000
36.3%
Average Price per Square Foot ...........................
$167
$207
24.0%
Properties Sold .......................................................
11
12
9.1%
Properties Pending Sale .......................................
18
14
-22.2%
Properties For Sale ................................................
33
17
-48.5%
Days on Market (Pending Sale) ...........................
78
70
-10.3%
Month’s Supply of Inventory ................................
3.0
1.4
-52.8%
Percent Under Contract ........................................
54.5%
82.4%
51.0%
Average Median Price for Last 12 Months ........
$193,846
$215,308
11.1%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
S A L E S
(in hundred thousands)
$248
P R I C E
yearly trend
M E D I A N
$182
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$215,308 PROPERTIES FOR SALE
17 DAYS ON MARKET**
69 shadow inventory
48 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Marina Del Rey DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$545,000
$665,000
22.0%
Average Price per Square Foot ...........................
$340
$466
37.1%
Properties Sold .......................................................
13
17
30.8%
Properties Pending Sale .......................................
14
22
57.1%
Properties For Sale ................................................
172
95
-44.8%
Days on Market (Pending Sale) ...........................
78
61
-21.8%
Month’s Supply of Inventory ................................
13.2
5.6
-57.8%
Percent Under Contract ........................................
8.1%
23.2%
184.5%
Average Median Price for Last 12 Months ........
$577,000
$593,692
2.9%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
$665
M E D I A N
S A L E S
(in hundred thousands)
$545
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$593,692 PROPERTIES FOR SALE
95 DAYS ON MARKET**
77 shadow inventory
9 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Santa Monica DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$765,000
$915,750
19.7%
Average Price per Square Foot ...........................
$619
$755
22.0%
Properties Sold .......................................................
22
20
-9.1%
Properties Pending Sale .......................................
34
44
29.4%
Properties For Sale ................................................
198
97
-51.0%
Days on Market (Pending Sale) ...........................
94
46
-51.1%
Month’s Supply of Inventory ................................
9.0
4.9
-46.1%
Percent Under Contract ........................................
17.2%
45.4%
164.2%
Average Median Price for Last 12 Months ........
$701,000
$718,962
2.6%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
$916
M E D I A N
S A L E S
(in hundred thousands)
$765
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$718,962 PROPERTIES FOR SALE
97 DAYS ON MARKET**
68 shadow inventory
30 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Sherman Oaks DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$290,000
$313,000
7.9%
Average Price per Square Foot ...........................
$213
$247
16.0%
Properties Sold .......................................................
16
12
-25.0%
Properties Pending Sale .......................................
19
21
10.5%
Properties For Sale ................................................
61
17
-72.1%
Days on Market (Pending Sale) ...........................
142
52
-63.4%
Month’s Supply of Inventory ................................
3.8
1.4
-62.8%
Percent Under Contract ........................................
31.1%
123.5%
296.6%
Average Median Price for Last 12 Months ........
$309,000
$297,385
-3.8%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
$313
M E D I A N
S A L E S
(in hundred thousands)
$290
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$297,385 PROPERTIES FOR SALE
17 DAYS ON MARKET**
85 shadow inventory
32 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Studio City DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$379,000
$464,000
22.4%
Average Price per Square Foot ...........................
$272
$338
24.3%
Properties Sold .......................................................
7
4
-42.9%
Properties Pending Sale .......................................
5
7
40.0%
Properties For Sale ................................................
22
9
-59.1%
Days on Market (Pending Sale) ...........................
89
83
-6.7%
Month’s Supply of Inventory ................................
3.1
2.3
-28.4%
Percent Under Contract ........................................
22.7%
77.8%
242.2%
Average Median Price for Last 12 Months ........
$403,923
$416,923
3.2%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
(in hundred thousands)
$464
P R I C E
yearly trend
M E D I A N
S A L E S
$379
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$416,923 PROPERTIES FOR SALE
9 DAYS ON MARKET**
97 shadow inventory
13 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Venice DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$670,000
$1,387,500
107.1%
Average Price per Square Foot ...........................
$545
$748
37.2%
Properties Sold .......................................................
3
2
-33.3%
Properties Pending Sale .......................................
1
4
300.0%
Properties For Sale ................................................
35
10
-71.4%
Days on Market (Pending Sale) ...........................
362
104
-71.3%
Month’s Supply of Inventory ................................
11.7
5.0
-57.1%
Percent Under Contract ........................................
2.9%
40.0%
1300.0%
Average Median Price for Last 12 Months ........
$884,000
$984,783
11.4%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
S A L E S
(in hundred thousands)
$1.388
P R I C E
yearly trend
M E D I A N
$670
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$984,783 PROPERTIES FOR SALE
10 DAYS ON MARKET**
101 shadow inventory
3 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
West Hollywood DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$399,500
$522,500
30.8%
Average Price per Square Foot ...........................
$372
$456
22.6%
Properties Sold .......................................................
22
22
0.0%
Properties Pending Sale .......................................
31
27
-12.9%
Properties For Sale ................................................
184
89
-51.6%
Days on Market (Pending Sale) ...........................
84
43
-48.8%
Month’s Supply of Inventory ................................
8.4
4.0
-51.6%
Percent Under Contract ........................................
16.8%
30.3%
80.1%
Average Median Price for Last 12 Months ........
$468,000
$447,512
-4.4%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
S A L E S
(in hundred thousands)
$523
P R I C E
yearly trend
M E D I A N
$400
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$447,512 PROPERTIES FOR SALE
89 DAYS ON MARKET**
64 shadow inventory
41 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
West LA DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$587,500
$747,000
27.1%
Average Price per Square Foot ...........................
$379
$400
5.5%
Properties Sold .......................................................
6
8
33.3%
Properties Pending Sale .......................................
13
10
-23.1%
Properties For Sale ................................................
85
34
-60.0%
Days on Market (Pending Sale) ...........................
76
40
-47.4%
Month’s Supply of Inventory ................................
14.2
4.3
-70.0%
Percent Under Contract ........................................
15.3%
29.4%
92.3%
Average Median Price for Last 12 Months ........
$518,000
$556,794
7.5%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
$747
M E D I A N
S A L E S
(in hundred thousands)
$588
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$556,794 PROPERTIES FOR SALE
34 DAYS ON MARKET**
68 shadow inventory
25 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
Westwood - Century City DATA*
FEB 2012
FEB 2013
% CHANGE
Median Price ..........................................................
$580,000
$682,000
17.6%
Average Price per Square Foot ...........................
$450
$529
17.6%
Properties Sold .......................................................
36
37
2.8%
Properties Pending Sale .......................................
40
58
45.0%
Properties For Sale ................................................
355
225
-36.6%
Days on Market (Pending Sale) ...........................
74
68
-8.1%
Month’s Supply of Inventory ................................
9.9
6.1
-38.3%
Percent Under Contract ........................................
11.3%
25.8%
128.8%
Average Median Price for Last 12 Months ........
$583,000
$616,038
5.7%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in Los Angeles Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
$682
M E D I A N
S A L E S
(in hundred thousands)
$580
P R I C E
yearly trend
FEB
MAR
APR
MAY
Micro Market Report : February 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
telesintelligence.com
the numbers median sales price**
$616,038 PROPERTIES FOR SALE
225 DAYS ON MARKET**
87 shadow inventory
43 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
February 2013 : Micro Market Report
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References
CONTACTS:
Zachariah Kahn Research & Data Designer, Teles Intelligence zach@telesintelligence.com Sharran Srivatsaa Chief Executive Officer, Teles Intelligence sharran.srivatsaa@telesproperties.com
location:
Teles Intelligence 11990 San Vicente Blvd, Suite 100 Los Angeles, Ca 90049
Phone:
424.203.1800 email:
info@telesintelligence.com
Teles intelligence FEBRUARY 2013 | CONDOMINIUMS IN SELECT AREAS
Š2013 Teles Properties, Inc. Teles Properties is a registered trademark.