055. Westside Market Report for the Week Ending September 25, 2010

I discuss some overall figures, statistics and analysis for Westside housing Market. Also included in the discussion is the recent activity this past week for homes under $1.2 million in the communities of Santa Monica, Venice, Mar Vista and Palms, West LA, Culver City, and Westchester.

Download the Market Report for the Week of September 25

Welcome everybody to another episode of The Reside Daily Bite. I’m your host, David Doucette and today, we have our market report –our Westside market report for the week ending September 25th. We are going to look at homes under $1.2 million in the communities of Santa Monica, Venice, Mar Vista and Palms, West LA, Culver City, and Westchester.

So, let’s jump right into it. We’re definitely seeing some good market activity here on the Westside. Right now, there are 303 homes for sale; for pending escrow, we have 136 homes and what that means is, those are homes that are in the escrow process, homes that buyers have put offers in on and the seller has accepted. So, they’re in various stages of home inspections or getting their loan funded.

We’ve had 147 listings expire in the last 6 months (I think that is a little higher than I would like to see). We’ve had 471 homes closed in the last 6 months; again, this is under $1.2 million in the 6 neighborhood communities. The average list price is just over $754,000. The average sale price (what it has sold for) averaged $743,000. And, the ratio between the two is 98.6%.

Now, I’m going to explain this list price to sale price. Very important, if you’re a seller or thinking about selling watching this, you need to pay attention to this statistic. What the list price is? This is the list price of the home that sold the average (that’s what it was at) –this is $743,000 (it’s what it sold at).

If you look across the board, you can see all of these numbers are within 1-2% of the list price of the sold homes. So, what that means is, homes are selling within 1-2% of the list price of market value. The issue here is, if you’re a seller and you price your home above market value, chances are, it’s not going to sell until you do price reductions to get it down to market value because as you can see by this chart, buyers are buying within 1-2% of market value. So, definitely pay attention to that. The average square foot -the average size of the home- is 1,457 sq ft. The average price per square foot is $515. And, the average days on market is 54. This is pretty good, especially in today’s environment; this is a pretty good number.

And let’s jump over to Westchester here for a second. Look at this, 30 days on the market in this community. The larger home here is 1,652 sq ft, so your money or your purchase price can go a little further in the areas of Westchester (as you can see: $426/sq ft).

Let’s check out some activity this past week. 40 new listings in the market; 27 price reductions (again, I was just talking about pricing it at market value); and, 33 accepted offers (so that means 33 people have opened escrow in the past week). That certainly is a good sign and we’ve had 13 properties closed escrow in the past weeks –that is a good sign as well.

You can find this video, not sure where you’re watching it, but you can find it on my website, ResideRealEstate.com, look under Reside Daily Bite. Look for episode number 55. You can download this chart and print it out so you can keep it as a reference.

My name is David Doucette. I want to thank you so much for checking out, The Reside Daily Bite.

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