Pacific Palisades Real Estate Market Report:
December 2013
Find out what's happening in Pacific Palisadesfor free with the latest updates from Patch.
Property Sales
December property sales were 22, down from 32 in December of 2012 and 37.5% higher than the 16 sales last month. December 2013 sales were at a mid level compared to December of 2012 and 2011. December YTD sales of 316 are running 12.1% ahead of last year's year-to-date sales of 282.
Find out what's happening in Pacific Palisadesfor free with the latest updates from Patch.
Prices
The median sales price in December was $2,805,000, up 46.3% from $1,917,500 in December of 2012 and up 27.5% from $2,200,000 last month. The average sales price in December was $3,352,834, up 39.0% from $2,411,633 in December of 2012 and up 43.6% from $2,335,313 last month. December 2013 ASP was at highest level compared to December of 2012 and 2011.
Inventory & MSI
The total inventory of properties available for sale as of December was 59, down -19.2% from 73 last month and up 1.7% from 58 in December of last year. December 2013 Inventory was at a mid range compared to December of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2013 MSI of 2.7 months was at a mid range compared with December of 2012 and 2011.
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 December was 39, down from 42 days last month and down from 87 days in December of last year. The December 2013 DOM was at its lowest level compared with December 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 December 2013 selling price per square foot of $902 was down -3.3% from $933 last month and up 27.2% from $709 in December 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 December 2013 selling price vs list price of 99.0% was down from 99.9% last month and up from 98.8% in December of last year.
Latest Listings:
Check out the latest Pacific Palisades real estate listings for sale (in real-time, directly from the MLS) at: http://www.santamonica-realestate.com/idx/community/pacific-palisades/
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 12/31/2013. 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.
