market insight report westside 2015 may
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market insight
Select WestsideMarket Insight
2015_May
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 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.
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
santa MonIca
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$1,013 $1,000
$1,385
$1,250 $1,183
$1,421
$1,239 $1,215
$1,500
$1,272
$998
$1,200
$1,400
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$1,339,667
$1,753,833
129
90
57
Active 129
Pending 90
Sold 57
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
culver cIty
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$756
$570 $610
$510 $465
$700 $750
$575
$708
$505
$692 $635 $660
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$678,000
$729,583
38
49
49
Active 38
Pending 49
Sold 49
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
Mar vIsta
* No sales recorded
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$823 $905 $850
$-
$848
$-
$1,185 $1,234
$-
$900 $900
$2,000
$928
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$881,083
$893,500
2
2
3
Active 2
Pending 2
Sold 3
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
MarIna del rey
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$773 $850 $825
$740 $790 $801 $758 $790 $760
$826
$1,400
$846
$976
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$927,917
$1,155,667
66
32
27
Active 66
Pending 32
Sold 27
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
Playa del rey
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$512
$900
$525 $507 $506 $539 $505 $518 $509 $519
$1,030
$555
$440
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$630,417
$815,333
17
16
19
Active 17
Pending 16
Sold 19
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
Westchester
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$810 $825 $725
$813 $850
$1,313
$785 $790 $800 $782 $780 $826
$590
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$890,750
$920,333
5
11
5
Active 5
Pending 11
Sold 4
Year Over Year Apr. 2014 Apr. 2015 % Change
Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000)
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%
Playa vIsta
2014Apr
14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015Apr
$719 $769
$975
$769 $715 $743 $745
$865
$753 $773
$935
$785 $775
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$860,083
$955,000
7
12
13
Active 7
Pending 12
Sold 13
Copyright 2013-2015 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
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