market insight
Select Westside Market Insight 2015_May
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 May 2015, based on data available at the end of April 2015. 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
Apr. 2014 Apr. 2015 % Change
Median Price
$1,013
$1,400
38%
Average Price Per Sq. Foot
832
998
20%
Properties Sold
65
57
-12%
Properties Pending Sales
64
90
41%
Properties for Sale
134
129
-4%
Days on Market (Sold Homes)
41
62
51%
Monthly Supply of Inventory
2.1
2.3
10%
Absorption Rate (closed sales)
48.5
44.2
-9%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,250 $1,013
2014 Apr
$1,500
$1,421
$1,385
$1,239
$1,183
$1,400 $1,272
$1,215
$1,000
14-May
$1,200 $998
14-Jun
14-Jul
14-Aug
14-Sep
14-Oct
14-Nov
14-Dec
15-Jan
15-Feb
15-Mar
2015 Apr
Key April Stats
Median Sales Price*
$1,339,667
Average Sales Price (Closed)*
$1,753,833
Sold 57
Listings for Sale
Active 129
129
Under Contract
Pending 90
90
Sold
57
*12 month rolling average
market insight
Culver City Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$756
$660
-13%
Average Price Per Sq. Foot
529
552
4%
Properties Sold
44
49
11%
Properties Pending Sales
36
49
36%
Properties for Sale
48
38
-21%
Days on Market (Sold Homes)
39
34
-13%
Monthly Supply of Inventory
1.1
0.8
-27%
Absorption Rate (closed sales)
91.7
128.9
41%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $756 $700 $570
14-May 14-Jun
$708
$692 $635
$610
$660
$575 $510
2014 Apr
$750
14-Jul
$505
$465
14-Aug 14-Sep
14-Oct 14-Nov 14-Dec
15-Jan
15-Feb 15-Mar
2015 Apr
Key April Stats
Median Sales Price*
$678,000
Average Sales Price (Closed)*
$729,583 Listings for Sale
Active 38 Sold 49
38 Under Contract
Pending 49
49 Sold
49 *12 month rolling average
market insight
Mar Vista Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$823
$928
13%
Average Price Per Sq. Foot
755
814
8%
Properties Sold
2
3
50%
Properties Pending Sales
2
2
50%
Properties for Sale
2
2
0%
Days on Market (Sold Homes)
41
32
-22%
Monthly Supply of Inventory
1
0.7
-30%
Absorption Rate (closed sales)
100
150
50%
* No sales recorded
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $2,000
$1,185 $823
$905
$850
14-May 14-Jun
$900
$848
$-
2014 Apr
$1,234
14-Jul
$-
$900
$928
$-
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan
15-Feb 15-Mar
2015 Apr
Key April Stats
Median Sales Price*
$881,083
Average Sales Price (Closed)*
$893,500
Active 2
Listings for Sale
2
Sold 3
Under Contract
Pending 2
2
Sold
3
*12 month rolling average
market insight
Marina Del Rey Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$773
$976
26%
Average Price Per Sq. Foot
580
649
12%
Properties Sold
29
27
-7%
Properties Pending Sales
34
32
-6%
Properties for Sale
95
66
-31%
Days on Market (Sold Homes)
62
99
60%
Monthly Supply of Inventory
3.3
2.4
-27%
Absorption Rate (closed sales)
30.5
40.9
34%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,400
$976 $773
$850
$825
$740
$790
$801
$758
$790
$760
$826
$846
2014 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015 Apr Apr
Key April Stats
Median Sales Price*
$927,917
Average Sales Price (Closed)*
$1,155,667
Sold 27
Listings for Sale
66 Under Contract
Active 66 Pending 32
32
Sold
27
*12 month rolling average
market insight
Playa Del Rey Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$512
$440
-14%
Average Price Per Sq. Foot
445
529
19%
Properties Sold
20
19
-5%
Properties Pending Sales
16
16
0%
Properties for Sale
40
17
-58%
Days on Market (Sold Homes)
76
55
-28%
Monthly Supply of Inventory
2
0.9
-55%
Absorption Rate (closed sales)
50
111.8
124%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,030 $900
$512
2014 Apr
$525
14-May 14-Jun
$507
14-Jul
$506
14-Aug
$539
14-Sep
$505
14-Oct
$518
$509
14-Nov 14-Dec
$519
$555 $440
15-Jan
15-Feb 15-Mar
2015 Apr
Key April Stats
Median Sales Price*
$630,417
Average Sales Price (Closed)*
$815,333
Active 17
Sold 19
Listings for Sale
17
Under Contract
Pending 16
16
Sold
19
*12 month rolling average
market insight
Westchester Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$810
$590
-27%
Average Price Per Sq. Foot
500
503
1%
Properties Sold
13
4
-69%
Properties Pending Sales
11
11
0%
Properties for Sale
17
5
-71%
Days on Market (Sold Homes)
44
75
70%
Monthly Supply of Inventory
1.3
1.3
0%
Absorption Rate (closed sales)
76.5
80
5%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,313
$810
$825 $725
$813
$850
$785
$790
$800
$782
$780
$826 $590
2014 Apr
14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar
2015 Apr
Key April Stats
Median Sales Price*
$890,750
Average Sales Price (Closed)*
$920,333
Sold 4
Listings for Sale
5
Under Contract
Pending 11
11
Sold
5
*12 month rolling average
market insight
Active 5
Playa Vista Year Over Year
Apr. 2014 Apr. 2015 % Change
Median Price
$719
$775
8%
Average Price Per Sq. Foot
451
507
12%
Properties Sold
14
13
-7%
Properties Pending Sales
12
12
0%
Properties for Sale
10
7
-30%
Days on Market (Sold Homes)
69
36
-48%
Monthly Supply of Inventory
0.7
0.5
-29%
Absorption Rate (closed sales)
140
185.7
33%
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $975
$935 $865
$719
2014 Apr
$769
14-May 14-Jun
$769
14-Jul
$715
$743
14-Aug 14-Sep
$745
$753
14-Oct 14-Nov 14-Dec
$773
15-Jan
$785
15-Feb 15-Mar
$775
2015 Apr
Key April Stats
Median Sales Price*
$860,083
Average Sales Price (Closed)*
$955,000
Listings for Sale
Active 7 Sold 13
7
Under Contract
Pending 12
12
Sold
13
*12 month rolling 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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