Pacific Palisades – Single Family Residences – October 2015
Number of Sales
October Property sales were 10, down -9.1% from 11 in October of 2014 and -33.3% lower than the 15 sales last month. October 2015 sales were at their lowest level compared to October of 2014 and 2013. October YTD sales of 150 are running 1.4% ahead of last year’s year-to-date sales of 148.
The Median Sales Price in October was $1,814,000, up 24.2% from $1,460,000 in October of 2014 and up 41.2% from $1,285,000 last month. The Average Sales Price in October was $1,757,040, up 5.0% from $1,673,045 in October of 2014 and up 14.7% from $1,531,567 last month. October 2015 ASP was at a mid range compared to October of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of October was 50, up 8.7% from 46 last month and up 16.3% from 43 in October of last year. October 2015 Inventory was at highest level compared to October of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2015 MSI of 5.0 months was at its highest level compared with October 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 October was 53, up 47.2% from 36 days last month and up 23.3% from 43 days in October of last year. The October 2015 DOM was at its highest level compared with October 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 October 2015 Selling Price per Square Foot of $587 was down -10.9% from $659 last month and down -2.2% from $600 in October 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 October 2015 Selling Price vs List Price of 99.0% was down from 106.1% last month and down from 100.1% in October 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 October 2015 was 28, up 33.3% from 21 last month and up 47.4% from 19 in October of last year.
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 10/31/2015. 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.