Pacific Palisades Real Estate Market Report

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Pacific Palisades Real Estate

Property Sales

September property sales were 19, down from 21 in September of 2016 and -44.1% lower than the 34 sales last month. September 2017 sales were at their lowest level compared to September of 2016 and 2015. September YTD sales of 198 are running -2.0% behind last year’s year-to-date sales of 202.

Prices

The median sales price in September was $3,030,000, up 8.2% from $2,800,000 in September of 2016 and down -4.0% from $3,155,500 last month. The average sales price in September was $3,336,842, down -9.6% from $3,691,723 in September of 2016 and down -3.2% from $3,445,560 last month. September 2017 ASP was at the lowest level compared to September of 2016 and 2015.

Inventory & MSI

The total inventory of properties available for sale as of September was 75, up 10.3% from 68 last month and down -29.2% from 106 in September of last year. September 2017 Inventory was at the lowest level compared to September of 2016 and 2015.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2017 MSI of 3.9 months was at its lowest level compared with September of 2016 and 2015.

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 September was 37, down from 43 days last month and down from 41 days in September of last year. The September 2017 DOM was at its lowest level compared with September of 2016 and 2015.

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 2017 selling price per square foot of $1,015 was down -9.7% from $1,124 last month and down -3.9% from $1,056 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 2017 selling price vs list price of 97.4% was up from 96.0% last month and up from 96.0% 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 2017 was 30, down -11.8% from 34 last month and down -34.8% from 46 in September of last year.

 

 

© 2017 Coldwell Banker Residential Brokerage. 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.. DRE # 00616212

Based on information from California Real Estate Technology Services, Inc. for the period 1/1/2005 through 9/30/2017. 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.