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market insight

Select Westside Market Insight 2014_March


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 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.

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 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)

Mar. 2013 Mar. 2014 % Change $780,000 $890,000 14% $790 $781 -1% 57 45 -21% 70 67 -4% 82 124 51% 54 56 4% 1.4 2.8 100% 69.5% 36.3% -48%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $1,150

$1,100

$1,170

$1,230

$1,165 $1,066

$1,005

$869

$890

$875

13-Nov

13-Dec

$780

13-Mar

13-Apr

13-May

13-Jun

13-Jul

8/13

13-Sep

13-Oct

$890

$817

14-Jan

14-Feb

14-Mar


Key March Stats

Median Sales Price*

$1,083,920

Average Sales Price (Closed)*

$1,527,080

Sold 45

Listings for Sale

124

Active 124

Under Contract

67

Pending 67

Sold

45

*12 month average

market insight


Culver City Year Over Year 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)

Mar. 2013 Mar. 2014 % Change $569,000 $521,000 -8% $374 $440 18% 26 20 -23% 37 47 27% 39 37 -5% 57 43 -25% 1.5 1.9 27% 66.7% 54.1% -19%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $765

$693 $569

$560

$578

$580

$620

$595

$597

$576

$565

$488

13-Mar 13-Apr 13-May 13-Jun

13-Jul

8/13

13-Sep

13-Oct

13-Nov 13-Dec

14-Jan

$521

14-Feb 14-Mar


Key March Stats

Median Sales Price*

$642,250

Average Sales Price (Closed)*

$651,920 Listings for Sale

Sold 20 Active 37

37 Under Contract

47

Pending 47

Sold

20 *12 month average

market insight


Mar Vista Year Over Year

Mar. 2013 Mar. 2014 % Change

Median Price

$455,000

$-*

-*

$632

$-*

-*

Properties Sold

1

0

-*

Properties Pending Sales

0

2

--

Properties for Sale

1

3

ďƒ™200

Days on Market (Sold Homes)

44

0

--

Monthly Supply of Inventory

1

3

ďƒ™200

Absorption Rate (closed sales)

100%

--

--

Average Price Per Sq. Foot

* No sales recorded

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $901 $787

$542 $455

$-

$-

$-

13-Mar 13-Apr 13-May 13-Jun

13-Jul

$487

$470

$430

8/13

$750

$-

13-Sep 13-Oct 13-Nov 13-Dec

$-

14-Jan

14-Feb 14-Mar


Key March Stats

Median Sales Price*

$401,830

Average Sales Price (Closed)*

$416,830

Listings for Sale

3

Sold 0

Pending 2 Active 3

Under Contract

2

Sold

0

*12 month average

market insight


Marina Del Rey Year Over Year 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)

Mar. 2013 Mar. 2014 % Change $606,000 $705,000 16% $528 $459 -13% 28 23 -18% 25 28 12% 79 106 34% 78 86 10% 2.8 4.6 64% 35.4% 21.7% -39%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $799

$844

$842 $774

$775 $675

$843

$800 $728 $670

$772 $705

$606

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


Key March Stats

Median Sales Price*

$819,420

Average Sales Price (Closed)*

$1,037,670

Sold 23

Listings for Sale

106

Pending 28

Under Contract

Active 106

28

Sold

23

*12 month average

market insight


Playa Del Rey Year Over Year 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)

Mar. 2013 Mar. 2014 % Change $381,000 $757,000 99% $385 $509 32% 16 17 6% 21 20 -5% 18 28 56% 88 49 -44% 1.1 1.6 45% 88.9% 60.7% -32%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $757

$490

$490

$472

$520

$478

$525

$495 $445

$490

$490

$493

$381

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


Key March Stats

Median Sales Price*

$543,830

Average Sales Price (Closed)*

$707,920

Listings for Sale

Sold 17

28

Active 28

Under Contract

20

Pending 20

Sold

17

*12 month average

market insight


Westchester Year Over Year 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)

Mar. 2013 Mar. 2014 % Change $640,000 $781,000 22% $409 $495 21% 11 10 -9% 18 19 6% 7 13 86% 33 54 64% 0.6 1.3 117% 157.1% 76.9% -51%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $970

$855 $780 $640

$700

$778

$765

$655

13-Mar 13-Apr 13-May 13-Jun

13-Jul

8/13

$749

$825

$780

$781

$692

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar


Key March Stats

Median Sales Price*

$830,830

Average Sales Price (Closed)*

$854,670

Listings for Sale

Sold 10

13

Under Contract

19

Pending 19

Sold

10

*12 month average

market insight

Active 13


Playa Vista Year Over Year 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)

Mar. 2013 Mar. 2014 % Change $548,000 $641,000 17% $412 $468 14% 10 8 -20% 11 13 18% 16 11 -31% 79 39 -51% 1.6 1.4 -13% 62.5% 72.7% 16%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $705

$673

$670 $620

$698

$725

$638

$725 $619

$668

$649

$641

$548

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


Key March Stats

Median Sales Price*

$714,920

Average Sales Price (Closed)*

$762,500

Sold 8 Active 11

Listings for Sale

11

Under Contract

13

Pending 13

Sold

8

*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


Swd Select Westside Market insight Report 2014_March