Shorewood Westside Market Insight Report 2014_June

market insight

Select WestsideMarket Insight

2014_June

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 July 2014, based on data available at the end of June 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 June 2013 June 2014 % Change

June 2013 to June 2014 Yearly Median Price Tracking (in $,000)

Median Price $1,100,000 $1,370,000 25%

Average Price Per Sq. Foot $786 $963 23%

Properties Sold 59 84 42%

Properties Pending Sales 58 87 50%

Properties for Sale 103 151 47%

Days on Market (Sold Homes) 40 58 45%

Monthly Supply of Inventory 1.7 1.8 6%

Absorption Rate (closed sales) 57.3% 55.6% -3%

santa MonIca

13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

$1,100 $1,170

$1,230

$1,066 $1,005

$890 $875 $817

$1,165

$899

$1,013 $1,000

$1,370

Key June Stats

Median Sales Price*

Average Sales Price (Closed)*

Listings for Sale

Under Contract

Sold

market insight

*12 month average

$1,133,330

$1,553,830

151

87

84

Active 151

Pending 87

Sold 84



Median Price $578,000 $610,000 6%


Properties Sold 46 35 -24%

Properties Pending Sales 53 39 -26%



Monthly Supply of Inventory 1 1.7 70%

Absorption Rate (closed sales) 100% 57.4% -43%

culver cIty


$578 $580 $620

$595 $597 $576

$765

$565

$693

$516

$753

$529

$610

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$664,750

$679,420

61

39

35

Active 61

Pending 39

Sold 35



Median Price $901,000 $850,000 -6%

Average Price Per Sq. Foot $558 $544 -3%



Properties for Sale 2 2 --


Monthly Supply of Inventory 1 2 100%

Absorption Rate (closed sales) 100 50% -50%

Mar vIsta

* No sales recorded


$901

$430

$542

$-

$470

$-

$787

$487

$750

$-

$823

$905 $850

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$578,750

$593,750

2

0

1

Active 2Pending 0

Sold 1



Median Price $775,000 $825,000 6%




Properties for Sale 107 94 -12%


Monthly Supply of Inventory 4.5 2.7 -40%

Absorption Rate (closed sales) 22.4% 37.2% 66%

MarIna del rey


$775 $842

$675

$844 $843

$728 $670

$800 $772

$705 $773

$850 $825

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$841,830

$1,060,580

94

33

35

Active 94Pending 33

Sold 35



Median Price $472,000 $525,000 11%





Days on Market (Sold Homes) 45 39 -13%


Absorption Rate (closed sales) 63% 47.6% -24%

Playa del rey


$472 $520

$478 $495 $445

$525 $490 $490 $493

$757

$512

$900

$525

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$591,830

$753,920

42

14

20

Active 42

Pending 14

Sold 20



Median Price $655,000 $725,000 11%







Absorption Rate (closed sales) 220% 75% -66%

Westchester


$655

$778

$855

$765 $749 $780

$692

$970

$825 $781 $810 $825

$725

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$850,830

$897,920

12

11

9

Active 12

Pending 11

Sold 9



Median Price $620,000 $975,000 57%







Absorption Rate (closed sales) 90.5% 56.5% -38%

Playa vIsta


$620 $670

$638 $698 $725

$619 $668 $649

$725

$641

$719 $769

$975

Key June Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$759,670

$792,670

23

25

13

Active 23

Pending 25

Sold 13

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

Documents

Shorewood Westside Market Insight Report 2014_June