Pacific Palisades – Single Family Residences – February 2016
Number of Sales
February Property sales were 15, down -16.7% from 18 in February of 2015 and -6.3% lower than the 16 sales last month. February 2016 sales were at their lowest level compared to February of 2015 and 2014. February YTD sales of 31 are running equal to last year’s year-to-date sales of 31.
The Median Sales Price in February was $2,690,000, down -7.6% from $2,912,000 in February of 2015 and down -9.3% from $2,964,750 last month. The Average Sales Price in February was $3,317,033, up 10.6% from $3,000,413 in February of 2015 and down -2.7% from $3,410,532 last month. February 2016 ASP was at a mid range compared to February of 2015 and 2014.
Inventory & MSI
The Total Inventory of Properties available for sale as of February was 90, up 2.3% from 88 last month and up 20.0% from 75 in February of last year. February 2016 Inventory was at highest level compared to February of 2015 and 2014.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2016 MSI of 6.0 months was at its highest level compared with February of 2015 and 2014.
(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 February was 40, up 11.1% from 36 days last month and down -34.4% from 61 days in February of last year. The February 2016 DOM was at its lowest level compared with February of 2015 and 2014.
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 February 2016 Selling Price per Square Foot of $1,182 was up 12.7% from $1,049 last month and up 22.2% from $967 in February 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 February 2016 Selling Price vs List Price of 100.7% was up from 97.9% last month and up from 98.2% in February 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 February 2016 was 32, down -36.0% from 50 last month and down -25.6% from 43 in February of last year.
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 3/1/2016. 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.