059. Westside Market Report featuring Santa Monica for the Week Ending October 2, 2010

Hello everybody and welcome to another episode of The Reside Daily Bite; I’m your host David Doucette and today, we have this week’s weekly market report for the Westside of Los Angeles for the communities of Santa Monica, Venice, Mar Vista/Palms, West LA, Culver City and Westchester. You can also visit my website to download and print out this report. And that is residerealestate.com/blog and look for episode 059 and you can download it right there. Alright, let’s jump into the activity today. I want to talk specifically about Santa Monica.

Download the Market Report for the Week of October 2

In Santa Monica right now, we have 28 homes for sale under $1.2 M (the market we’re looking at); so, we have 28 homes for sale. We have 18 that are currently in escrow.  So, they’re in various stages of either home inspections or funding of the loan. We’ve had 17 homes expire or listings, I should say, expire in the last 6 months. We’ve had 54 closed transactions in the last 6 months. And the average sale price is $858,031. The average list price of the sold homes is $867,545. And I explained last week the ratio of the actual sale price to the list price of that sold home –and that’s 98.9%. Again, very important that sellers price their homes at market value. The average square footage is 1,371 sq ft. The average price per sq ft is $620. And the average days on the market is 54, which is pretty good. It’s a pretty active market here on the Westside.

Alright, let’s check out some activity the past week for Sept. 26th to Oct 2nd. We’ve had 55 new listings come on the market last week, which is a lot of activity. The week before, we had 40 come on. Also, -which I don’t like to see- 47 price reductions. That’s a lot of price reductions and there’s several reasons why we need to have price reductions but oftentimes, the list price is just unrealistic when it comes on to the market and I think it’s part of our job as realtors to educate the homeowners so we can price their home at market value. Accepted offers last week was 39 -that’s up 6 from the previous week. And then, sold, that is 18 -and that’s up 5 from the previous week. So, good market activity for the week of September 26th to October 2nd.

Again, you can download this at residerealestate.com/blog. Look for episode 059. That is going to do it for The Reside Daily Bite; I’m your host David Doucette. Thank you so much for checking us out.

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