Swd Select Westside Market insight Report 2014_March
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Transcript of Swd Select Westside Market insight Report 2014_March
Manhattan Beach Manhattan Beach Manhattan Beach 917 Manhattan Beach Blvd. 3300 Highland Avenue 916 Manhattan Avenue 310.545.8401 310.546.7661 310.549.5000
www.Shorewood.com
Hermosa Beach Redondo Beach El Segundo Palos Verdes Estates 950 Artesia Blvd. 1009 Torrance Blvd. 431 Main Street 16 Malaga Cove Plaza 310.376.8871 310.516.8464 310.522.4900 310.698.1555
InsIght guIdanceDesigned 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.
MEDIAN PRICE:Not to be confused with Average Price, Median Price is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market. Extremely high and extremely low prices do not affect the median the way they do the average.
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.
DAYS ON MARKET (CLOSED SALES):The average number of days that properties were on the market, from date of initial listing to date they entered escrow.
MONTHS SUPPLY OF INVENTORY:The number of months it would take for all the current homes for sale in that micro-market to sell if no new
listings were added. This is calculated by dividing the total number of homes for sale in a particular month by the number of homes that sold in that month. Four to five months’ supply is average. A smaller number means there are more buyers than sellers; a larger number means more sellers than buyers.
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:The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month
LEGALAll 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.
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $780,000 $890,000 14%
Average Price Per Sq. Foot $790 $781 -1%
Properties Sold 57 45 -21%
Properties Pending Sales 70 67 -4%
Properties for Sale 82 124 51%
Days on Market (Sold Homes) 54 56 4%
Monthly Supply of Inventory 1.4 2.8 100%
Absorption Rate (closed sales) 69.5% 36.3% -48%
santa MonIca
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
$780 $869
$1,150 $1,100
$1,170 $1,230
$1,066 $1,005
$890 $875 $817
$1,165
$890
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,083,920
$1,527,080
124
67
45
Active 124
Pending 67
Sold 45
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $569,000 $521,000 -8%
Average Price Per Sq. Foot $374 $440 18%
Properties Sold 26 20 -23%
Properties Pending Sales 37 47 27%
Properties for Sale 39 37 -5%
Days on Market (Sold Homes) 57 43 -25%
Monthly Supply of Inventory 1.5 1.9 27%
Absorption Rate (closed sales) 66.7% 54.1% -19%
culver cIty
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
$569
$488
$560 $578 $580 $620
$595 $597 $576
$765
$565
$693
$521
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$642,250
$651,920
37
47
20
Active 37
Pending 47
Sold 20
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $455,000 $-* -*
Average Price Per Sq. Foot $632 $-* -*
Properties Sold 1 0 -*
Properties Pending Sales 0 2 --
Properties for Sale 1 3 200
Days on Market (Sold Homes) 44 0 --
Monthly Supply of Inventory 1 3 200
Absorption Rate (closed sales) 100% -- --
Mar vIsta
* No sales recorded
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
$455
$- $-
$901
$430
$542
$-
$470
$-
$787
$487
$750
$-
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$401,830
$416,830
3
2
0
Active 3
Pending 2
Sold 0
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $606,000 $705,000 16%
Average Price Per Sq. Foot $528 $459 -13%
Properties Sold 28 23 -18%
Properties Pending Sales 25 28 12%
Properties for Sale 79 106 34%
Days on Market (Sold Homes) 78 86 10%
Monthly Supply of Inventory 2.8 4.6 64%
Absorption Rate (closed sales) 35.4% 21.7% -39%
MarIna del rey
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
$606
$799 $774 $775 $842
$675
$844 $843
$728 $670
$800 $772
$705
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$819,420
$1,037,670
106
28
23
Active 106
Pending 28
Sold 23
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $381,000 $757,000 99%
Average Price Per Sq. Foot $385 $509 32%
Properties Sold 16 17 6%
Properties Pending Sales 21 20 -5%
Properties for Sale 18 28 56%
Days on Market (Sold Homes) 88 49 -44%
Monthly Supply of Inventory 1.1 1.6 45%
Absorption Rate (closed sales) 88.9% 60.7% -32%
Playa del rey
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
$381
$490 $490 $472 $520
$478 $495 $445
$525 $490 $490 $493
$757
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$543,830
$707,920
28
20
17
Active 28
Pending 20
Sold 17
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $640,000 $781,000 22%
Average Price Per Sq. Foot $409 $495 21%
Properties Sold 11 10 -9%
Properties Pending Sales 18 19 6%
Properties for Sale 7 13 86%
Days on Market (Sold Homes) 33 54 64%
Monthly Supply of Inventory 0.6 1.3 117%
Absorption Rate (closed sales) 157.1% 76.9% -51%
Westchester
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
$640 $700
$780
$655
$778
$855
$765 $749 $780
$692
$970
$825 $781
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$830,830
$854,670
13
19
10
Active 13
Pending 19
Sold 10
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $548,000 $641,000 17%
Average Price Per Sq. Foot $412 $468 14%
Properties Sold 10 8 -20%
Properties Pending Sales 11 13 18%
Properties for Sale 16 11 -31%
Days on Market (Sold Homes) 79 39 -51%
Monthly Supply of Inventory 1.6 1.4 -13%
Absorption Rate (closed sales) 62.5% 72.7% 16%
Playa vIsta
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
$548
$705 $673
$620 $670
$638 $698
$725
$619 $668 $649
$725
$641
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$714,920
$762,500
11
13
8
Active 11
Pending 13
Sold 8
copyright 2014 Shorewood Realtors
Manhattan Beach917 Manhattan Beach Blvd.
310.545.8401
Manhattan Beach3300 Highland Avenue
310.546.7661
Manhattan Beach916 Manhattan Avenue
310.549.5000
Hermosa Beach950 Artesia Blvd.
310.376.8871
Redondo Beach1009 Torrance Blvd.
310.516.8464
El Segundo431 Main Street
310.522.4900
Palos Verdes Estates16 Malaga Cove Plaza
310.698.1555
www.Shorewood.com
market insight