(Nov. 2013)
Property Sales
November property sales were 22, up from 21 in November of 2012 and -15.4% lower than the 26 sales last month. November 2013 sales were at their highest level compared to November of 2012 and 2011. November YTD sales of 319 are running 16.4% ahead of last year's year-to-date sales of 274.
Prices
The median sales price in November was $1,127,500, up 15.4% from $977,000 in November of 2012 and up 19.0% from $947,500 last month. The average sales price in November was $1,250,466, up 13.4% from $1,103,188 in November of 2012 and up 7.3% from $1,165,585 last month. November 2013 ASP was at highest level compared to November of 2012 and 2011.
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Inventory & MSI
The total inventory of properties available for sale as of November was 102, up 3.0% from 99 last month and up 30.8% from 78 in November of last year. November 2013 Inventory was at a mid range compared to November of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2013 MSI of 4.6 months was at a mid range compared with November of 2012 and 2011.
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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 November was 50, down from 56 days last month and up from 43 days in November of last year. The November 2013 DOM was at a mid range compared with November of 2012 and 2011.
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 November 2013 selling price per square foot of $466 was down -5.7% from $494 last month and up 7.9% from $432 in November 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 November 2013 selling price vs list price of 100.4% was up from 97.8% last month and down from 101.2% in November of last year.
Check out the latest Studio City real estate listings for sale at: http://www.santamonica-realestate.com/idx/city/studio-city/
Call Ryan Scarzone at (310)488-0184 for all of your real estate needs!
Ryan Scarzone
(310)488-0184
REALTOR
COLDWELL BANKER
BRE#01910272
© 2013 Coldwell Banker Real Estate LLC. 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. BRE # 00616212
Based on information from California Real Estate Technology Services for the period 1/1/2005 through 11/30/2013. 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.
