Pacific Palisades – Single Family Residences – September 2015
Number of Sales
September Property sales were 21, down -12.5% from 24 in September of 2014 and -8.7% lower than the 23 sales last month. September 2015 sales were at their lowest level compared to September of 2014 and 2013. September YTD sales of 218 are running -8.8% behind last year’s year-to-date sales of 239.
The Median Sales Price in September was $2,865,000, up 1.5% from $2,822,500 in September of 2014 and down -2.1% from $2,925,000 last month. The Average Sales Price in September was $3,800,490, down -13.8% from $4,411,122 in September of 2014 and up 4.8% from $3,625,515 last month. September 2015 ASP was at a mid range compared to September of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of September was 97, up 18.3% from 82 last month and up 31.1% from 74 in September of last year. September 2015 Inventory was at highest level compared to September of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2015 MSI of 4.6 months was at its highest level compared with September of 2014 and 2013.
(MSI is an estimation of how long it will take for all the market’s homes to be sold, or absorbed, based on how many homes are currently on the market and the rate homes have sold in the past)
Time Spent on Market
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 September was 36, up 16.1% from 31 days last month and down -28.0% from 50 days in September of last year. The September 2015 DOM was at its lowest level compared with September of 2014 and 2013.
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 September 2015 Selling Price per Square Foot of $1,017 was down -0.1% from $1,018 last month and down -5.0% from $1,071 in September 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 September 2015 Selling Price vs List Price of 98.8% was up from 97.7% last month and down from 100.5% in September of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in September 2015 was 36, equal to 36 last month and equal to 36 in September of last year.
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 9/30/2015. 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.