Shorewood Westside Market Insight Report

market insight

Select WestsideMarket Insight

2015_June

Manhattan Beach - Training Center 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 June 2015, based on data available at the end of May 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 May 2014 May 2015 % Change

May 2014 to May 2015 Yearly Median Price Tracking (in $,000)

Median Price $1,000 $1,318 32%

Average Price Per Sq. Foot 826 1025 24%

Properties Sold 51 76 49%

Properties Pending Sales 67 79 18%

Properties for Sale 151 134 -11%

Days on Market (Sold Homes) 38 52 37%

Monthly Supply of Inventory 3 1.8 -40%

Absorption Rate (closed sales) 33.8 56.7 68%

santa MonIca

2014May

14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May

$1,000

$1,385

$1,250 $1,183

$1,421

$1,239 $1,215

$1,500

$1,272

$998

$1,200

$1,470

$1,318

Key May Stats

Median Sales Price*

Average Sales Price (Closed)*

Listings for Sale

Under Contract

Sold

market insight

*12 month rolling average

$1,370,917

$1,782,000

134

79

76

Active 134

Pending 79

Sold 76



Median Price $570 $630 11%

Average Price Per Sq. Foot 503 496 -1%





Monthly Supply of Inventory 1.2 1 -17%

Absorption Rate (closed sales) 82.4 100 21%

culver cIty

2014May


$570 $610

$510 $465

$700 $750

$575

$708

$505

$692 $635

$681 $630

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$669,250

$727,333

43

45

43

Active 43

Pending 45

Sold 43



Median Price $905 $1,665 84%






Monthly Supply of Inventory 2 0.5 -75%

Absorption Rate (closed sales) 50 200 300%

Mar vIsta

* No sales recorded

2014May


$905 $850

$-

$848

$-

$1,185 $1,234

$-

$900 $900

$2,000

$928

$1,665

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$951,250

$963,667

1

4

2

Active 1

Pending 4

Sold 2





Properties Sold 33 29 -12%

Properties Pending Sales 39 33 -15%



Monthly Supply of Inventory 3.3 2.4 -27%


MarIna del rey

2014May


$850 $825 $740

$790 $801 $758 $790 $760 $826

$1,400

$846

$976

$860

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$935,167

$1,144,417

69

33

29

Active 69

Pending 33

Sold 29



Median Price $900 $525 -42%

Average Price Per Sq. Foot 496 470 -5%







Playa del rey

2014May


$900

$525 $507 $506 $539 $505 $518 $509 $519

$1,030

$555

$440 $525

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$631,500

$806,000

15

18

18

Active 15

Pending 18

Sold 18





Properties Sold 16 8 -50%



Days on Market (Sold Homes) 40 31 -23%



Westchester

2014May


$825 $725

$813 $850

$1,313

$785 $790 $800 $782 $780 $826

$590

$965

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$903,667

$936,667

3

7

8

Active 3

Pending 7

Sold 8











Playa vIsta

2014May


$769

$975

$769 $715 $743 $745

$865

$753 $773

$935

$785 $771 $820

Key May Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight


$868,167

$974,500

7

17

10

Active 7

Pending 17

Sold 10

Copyright 2013-2015 Shorewood Realtors

Manhattan Beach - Training Center917 Manhattan Beach Blvd.

310.545.8401

Manhattan Beach3300 Highland Avenue

310.546.7661

Manhattan Beach - Training Center916 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