Pacific Palisades – Single Family Residences – November 2015
Number of Sales
November Property sales were 10, down -41.2% from 17 in November of 2014 and -52.4% lower than the 21 sales last month. November 2015 sales were at their lowest level compared to November of 2014 and 2013. November YTD sales of 249 are running -9.8% behind last year’s year-to-date sales of 276.
The Median Sales Price in November was $2,527,500, down -6.7% from $2,708,800 in November of 2014 and down -18.5% from $3,100,000 last month. The Average Sales Price in November was $2,974,250, down -11.4% from $3,358,057 in November of 2014 and down -9.5% from $3,285,465 last month. November 2015 ASP was at a mid range compared to November of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of November was 94, up 5.6% from 89 last month and up 38.2% from 68 in November of last year. November 2015 Inventory was at highest level compared to November of 2014 and 2013.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2015 MSI of 9.4 months was at its highest level compared with November 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 November was 49, up 25.6% from 39 days last month and up 8.9% from 45 days in November of last year. The November 2015 DOM was at its highest level compared with November 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 November 2015 Selling Price per Square Foot of $1,010 was up 3.4% from $977 last month and up 7.3% from $941 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 2015 Selling Price vs List Price of 99.3% was down from 100.4% last month and up from 97.1% in November 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 November 2015 was 29, down -6.5% from 31 last month and up 61.1% from 18 in November of last year.
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 11/30/2015. 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.