Pacific Palisades Real Estate Market Report

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Pacific Palisades Real Estate

Property Sales

July property sales were 19, down from 25 in July of 2016 and -24.0% lower than the 25 sales last month. July 2017 sales were at their lowest level compared to July of 2016 and 2015. July YTD sales of 145 are running -5.2% behind last year’s year-to-date sales of 153.

Prices

The median sales price in July was $4,800,000, up 92.0% from $2,500,000 in July of 2016 and up 67.5% from $2,865,000 last month. The average sales price in July was $5,542,074, up 101.6% from $2,748,631 in July of 2016 and up 39.7% from $3,967,636 last month. July 2017 ASP was at highest level compared to July of 2016 and 2015.

Inventory & MSI

The total inventory of properties available for sale as of July was 94, up 1.1% from 93 last month and down -18.3% from 115 in July of last year. July 2017 Inventory was at a mid range compared to July of 2016 and 2015.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The July 2017 MSI of 4.9 months was at its highest level compared with July 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 July was 69, up from 32 days last month and up from 42 days in July of last year. The July 2017 DOM was at its highest level compared with July 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 July 2017 selling price per square foot of $1,239 was down -0.3% from $1,243 last month and up 19.4% from $1,038 in July 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 July 2017 selling price vs list price of 94.6% was down from 98.5% last month and down from 98.3% in July 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 July 2017 was 29, down -14.7% from 34 last month and down -14.7% from 34 in July 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 7/31/2017. 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.