(Nov. 2013)
Property Sales
November property sales were 16, down from 22 in November of 2012 and -27.3% lower than the 22 sales last month. November 2013 sales were at their lowest level compared to November of 2012 and 2011. November YTD sales of 294 are running 17.6% ahead of last year's year-to-date sales of 250.
Prices
The median sales price in November was $2,200,000, up 2.7% from $2,142,500 in November of 2012 and down -14.6% from $2,577,302 last month. The average sales price in November was $2,335,313, down -17.3% from $2,824,795 in November of 2012 and down -9.4% from $2,577,505 last month. November 2013 ASP was at a mid range compared to November of 2012 and 2011.
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Inventory & MSI
The total inventory of properties available for sale as of November was 83, down -6.7% from 89 last month and up 10.7% from 75 in November of last year. November 2013 Inventory was at a mid range compared to November of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2013 MSI of 5.2 months was at its highest level compared with November of 2012 and 2011.
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Market Time
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for November was 42, down from 63 days last month and down from 72 days in November of last year. The November 2013 DOM was at its lowest level compared with November of 2012 and 2011.
Selling Price Per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The November 2013 selling price per square foot of $933 was down -5.5% from $987 last month and up 37.4% from $679 in November of last year.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer's market exists, a ratio at or above 100% indicates more of a seller's market. The November 2013 selling price vs list price of 99.9% was down from 104.8% last month and up from 97.3% in November of last year.
Check out the latest Pacific Palisades real estate listings for sale at: http://www.santamonica-realestate.com/idx/community/pacific-palisades/
Call Ryan Scarzone at (310)488-0184 for all of your real estate needs!
Ryan Scarzone
(310)488-0184
REALTOR
COLDWELL BANKER
BRE#01910272
© 2013 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker Residential Brokerage fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Coldwell Banker Residential Brokerage is operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC. BRE # 00616212
Based on information from California Real Estate Technology Services for the period 1/1/2005 through 11/30/2013. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS's may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.
