Pacific Palisades Real Estate Market Report

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Pacific Palisades Real Estate

Property Sales

April property sales were 22, up from 18 in April of 2017 and 10.0% higher than the 20 sales last month. April 2018 sales were at their highest level compared to April of 2017 and 2016. April YTD sales of 66 are running -12.0% behind last year’s year-to-date sales of 75.

Prices

The median sales price in April was $4,014,000, up 23.4% from $3,252,500 in April of 2017 and up 2.2% from $3,927,500 last month. The average sales price in April was $5,499,088, up 52.6% from $3,604,052 in April of 2017 and up 12.6% from $4,881,750 last month. April 2018 ASP was at highest level compared to April of 2017 and 2016.

Inventory & MSI

The total inventory of properties available for sale as of April was 68, up 13.3% from 60 last month and down -9.3% from 75 in April of last year. April 2018 Inventory was at the lowest level compared to April of 2017 and 2016.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2018 MSI of 3.1 months was at its lowest level compared with April of 2017 and 2016.

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 April was 69, up from 30 days last month and up from 31 days in April of last year. The April 2018 DOM was at its highest level compared with April of 2017 and 2016.

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 April 2018 selling price per square foot of $1,221 was down -4.8% from $1,283 last month and up 17.7% from $1,037 in April 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 April 2018 selling price vs list price of 96.5% was down from 99.2% last month and down from 99.9% in April 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 April 2018 was 33, up 17.9% from 28 last month and down -5.7% from 35 in April of last year.

 

 

 

 

© 2018 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 4/30/2018. 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.