Teles intelligence
micro market report condominiums MARCH 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 : March 2013
telesintelligence.com
bay
los angeles
e county
san fernando
Venice
Westwood - Century City
West Hollywood West LA
March 2013 : Micro Market Report
Beverly Center - Miracle Mile DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$545,000
$605,000
11.0%
Average Price per Square Foot ...........................
$388
$409
5.4%
Properties Sold .......................................................
8
5
-37.5%
Properties Pending Sale .......................................
1
4
300.0%
Properties For Sale ................................................
30
17
-43.3%
Days on Market (Pending Sale) ...........................
127
28
-78.0%
Month’s Supply of Inventory ................................
3.8
3.4
-9.3%
Percent Under Contract ........................................
3.3%
23.5%
605.9%
Average Median Price for Last 12 Months ........
$476,000
$532,377
11.8%
*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.
$605
M E D I A N
S A L E S
(in hundred thousands)
$545
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$523,377 PROPERTIES FOR SALE
17 DAYS ON MARKET**
47 shadow inventory
6 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Beverly Hills DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$835,000
$929,000
11.3%
Average Price per Square Foot ...........................
$677
$566
-16.4%
Properties Sold .......................................................
11
11
0.0%
Properties Pending Sale .......................................
7
12
71.4%
Properties For Sale ................................................
85
45
-47.1%
Days on Market (Pending Sale) ...........................
72
86
19.4%
Month’s Supply of Inventory ................................
7.7
4.1
-47.1%
Percent Under Contract ........................................
8.2%
26.7%
223.8%
Average Median Price for Last 12 Months ........
$915,000
$886,161
-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.
$929
M E D I A N
S A L E S
(in hundred thousands)
$835
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$886,161 PROPERTIES FOR SALE
45 DAYS ON MARKET**
93 shadow inventory
19 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Brentwood DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$842,000
$640,000
-24.0%
Average Price per Square Foot ...........................
$451
$456
1.1%
Properties Sold .......................................................
10
19
90.0%
Properties Pending Sale .......................................
16
18
12.5%
Properties For Sale ................................................
93
68
-26.9%
Days on Market (Pending Sale) ...........................
69
32
-53.6%
Month’s Supply of Inventory ................................
9.3
3.6
-61.5%
Percent Under Contract ........................................
17.2%
26.5%
53.9%
Average Median Price for Last 12 Months ........
$642,000
$676,408
5.4%
*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.
M E D I A N
$640
S A L E S
$842
(in hundred thousands)
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$676,408 PROPERTIES FOR SALE
68 DAYS ON MARKET**
63 shadow inventory
5 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Culver City DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$262,500
$340,000
29.5%
Average Price per Square Foot ...........................
$269
$285
5.9%
Properties Sold .......................................................
20
9
-55.0%
Properties Pending Sale .......................................
14
15
7.1%
Properties For Sale ................................................
51
29
-43.1%
Days on Market (Pending Sale) ...........................
51
17
-66.7%
Month’s Supply of Inventory ................................
2.6
3.2
26.4%
Percent Under Contract ........................................
27.5%
51.7%
88.4%
Average Median Price for Last 12 Months ........
$286,000
$314,262
9.9%
*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.
S A L E S
(in hundred thousands)
$340
P R I C E
yearly trend
M E D I A N
$263
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$314,262 PROPERTIES FOR SALE
29 DAYS ON MARKET**
55 shadow inventory
38 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Encino DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$234,000
$290,000
23.9%
Average Price per Square Foot ...........................
$196
$216
10.2%
Properties Sold .......................................................
14
9
-35.7%
Properties Pending Sale .......................................
19
25
31.6%
Properties For Sale ................................................
33
18
-45.5%
Days on Market (Pending Sale) ...........................
81
51
-37.0%
Month’s Supply of Inventory ................................
2.4
2.0
-15.2%
Percent Under Contract ........................................
57.6%
138.9%
141.2%
Average Median Price for Last 12 Months ........
$196,615
$223,615
13.7%
*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.
$290
M E D I A N
S A L E S
(in hundred thousands)
$234
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$223,615 PROPERTIES FOR SALE
18 DAYS ON MARKET**
67 shadow inventory
38 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Marina Del Rey DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$507,000
$605,750
19.5%
Average Price per Square Foot ...........................
$393
$525
33.6%
Properties Sold .......................................................
16
18
12.5%
Properties Pending Sale .......................................
19
18
-5.3%
Properties For Sale ................................................
176
104
-40.9%
Days on Market (Pending Sale) ...........................
98
45
-54.1%
Month’s Supply of Inventory ................................
11.0
5.8
-47.5%
Percent Under Contract ........................................
10.8%
17.3%
60.3%
Average Median Price for Last 12 Months ........
$567,000
$598,365
5.5%
*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.
(in hundred thousands)
$606
P R I C E
yearly trend
M E D I A N
S A L E S
$507
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$598,365 PROPERTIES FOR SALE
104 DAYS ON MARKET**
76 shadow inventory
11 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Santa Monica DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$650,000
$725,000
11.5%
Average Price per Square Foot ...........................
$560
$674
20.4%
Properties Sold .......................................................
35
37
5.7%
Properties Pending Sale .......................................
41
46
12.2%
Properties For Sale ................................................
185
85
-54.1%
Days on Market (Pending Sale) ...........................
50
46
-8.0%
Month’s Supply of Inventory ................................
5.3
2.3
-56.5%
Percent Under Contract ........................................
22.2%
54.1%
144.2%
Average Median Price for Last 12 Months ........
$696,000
$715,885
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.
M E D I A N
S A L E S
(in hundred thousands)
$725
$650
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$715,885 PROPERTIES FOR SALE
85 DAYS ON MARKET**
65 shadow inventory
22 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Sherman Oaks DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$285,000
$322,000
13.0%
Average Price per Square Foot ...........................
$220
$275
25.0%
Properties Sold .......................................................
15
18
20.0%
Properties Pending Sale .......................................
29
23
-20.7%
Properties For Sale ................................................
37
10
-73.0%
Days on Market (Pending Sale) ...........................
95
92
-3.2%
Month’s Supply of Inventory ................................
2.5
0.6
-77.5%
Percent Under Contract ........................................
78.4%
230.0%
193.4%
Average Median Price for Last 12 Months ........
$305,923
$298,615
-2.4%
*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.
$322
M E D I A N
S A L E S
(in hundred thousands)
$285
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$298,615 PROPERTIES FOR SALE
10 DAYS ON MARKET**
81 shadow inventory
36 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Studio City DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$515,000
$400,000
-22.3%
Average Price per Square Foot ...........................
$268
$335
25.0%
Properties Sold .......................................................
5
10
100.0%
Properties Pending Sale .......................................
13
13
0.0%
Properties For Sale ................................................
20
21
5.0%
Days on Market (Pending Sale) ...........................
94
81
-13.8%
Month’s Supply of Inventory ................................
4.0
2.1
-47.5%
Percent Under Contract ........................................
65.0%
61.9%
-4.8%
Average Median Price for Last 12 Months ........
$409,692
$418,538
2.2%
*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
S A L E S
$400
(in hundred thousands)
$515
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$418,538 PROPERTIES FOR SALE
21 DAYS ON MARKET**
96 shadow inventory
19 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Venice DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$1,125,000
$1,567,500
39.3%
Average Price per Square Foot ...........................
$498
$741
48.8%
Properties Sold .......................................................
4
1
-75.0%
Properties Pending Sale .......................................
5
1
-80.0%
Properties For Sale ................................................
32
12
-62.5%
Days on Market (Pending Sale) ...........................
127
1
-99.2%
Month’s Supply of Inventory ................................
8.0
12.0
50.0%
Percent Under Contract ........................................
15.6%
8.3%
-46.7%
Average Median Price for Last 12 Months ........
$856,000
$1,059,575
23.8%
*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.
S A L E S
(in hundred thousands)
$1.568
P R I C E
yearly trend
M E D I A N
$1.125
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$1,059,575 PROPERTIES FOR SALE
12 DAYS ON MARKET**
74 shadow inventory
4 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
West Hollywood DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$399,950
$569,500
42.4%
Average Price per Square Foot ...........................
$444
$463
4.3%
Properties Sold .......................................................
30
26
-13.3%
Properties Pending Sale .......................................
29
34
17.2%
Properties For Sale ................................................
175
98
-44.0%
Days on Market (Pending Sale) ...........................
60
44
-26.7%
Month’s Supply of Inventory ................................
5.8
3.8
-35.4%
Percent Under Contract ........................................
16.6%
34.7%
109.4%
Average Median Price for Last 12 Months ........
$461,000
$460,589
-0.1%
*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)
$570
P R I C E
yearly trend
M E D I A N
$400
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$460,589 PROPERTIES FOR SALE
98 DAYS ON MARKET**
62 shadow inventory
32 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
West LA DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$438,500
$485,000
10.6%
Average Price per Square Foot ...........................
$336
$378
12.5%
Properties Sold .......................................................
10
9
-10.0%
Properties Pending Sale .......................................
11
17
54.5%
Properties For Sale ................................................
79
37
-53.2%
Days on Market (Pending Sale) ...........................
87
44
-49.4%
Month’s Supply of Inventory ................................
7.9
4.1
-48.0%
Percent Under Contract ........................................
13.9%
45.9%
230.0%
Average Median Price for Last 12 Months ........
$506,000
$548,910
8.5%
*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
S A L E S
$485
$439
(in hundred thousands)
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$548,910 PROPERTIES FOR SALE
37 DAYS ON MARKET**
66 shadow inventory
21 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 2013 : Micro Market Report
Westwood - Century City DATA*
MAR 2012
MAR 2013
% CHANGE
Median Price ..........................................................
$609,500
$600,000
-1.6%
Average Price per Square Foot ...........................
$522
$426
-18.4%
Properties Sold .......................................................
48
39
-18.8%
Properties Pending Sale .......................................
49
47
-4.1%
Properties For Sale ................................................
339
223
-34.2%
Days on Market (Pending Sale) ...........................
77
64
-16.9%
Month’s Supply of Inventory ................................
7.1
5.7
-19.0%
Percent Under Contract ........................................
14.5%
21.1%
45.8%
Average Median Price for Last 12 Months ........
$586,000
$617,577
5.4%
*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.
$610
M E D I A N
S A L E S
(in hundred thousands)
$600
P R I C E
yearly trend
MAR
APR
MAY
JUN
Micro Market Report : March 2013
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
telesintelligence.com
the numbers median sales price**
$617,577 PROPERTIES FOR SALE
223 DAYS ON MARKET**
88 shadow inventory
33 **12 month average
active listings
shadow inventory
Teles intelligence where data meets reason
March 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 MARCH 2013 | CONDOMINIUMS IN SELECT AREAS
Š2013 Teles Properties, Inc. Teles Properties is a registered trademark.