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LA Westside Home Inventory Shrinks

by Craig Whitlock

You probably haven't heard the term 'Seller's Market' for quite some time and that would be rightly so.  Market 'Pending' (sales contract written and escrow opened) sales activity however has been gaining momentum since November in most of the Westside SFR market segments.

This trend has carried through December and is strongly reflected in the MSI (Month's Supply of Inventory) data, a leading indicator of market supply. Generally, a five-to-six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

These markets can (at least for now) be considered a 'Seller's Market' based on December absorption rates:

Brentwood SFR - 4.5 MSI
Pacific Palisades SFR - 4.2 MSI
Santa Monica SFR - 3.6 MSI
Santa Monica CONDO - 3.4 MSI
Westwood SFR - 5.1 MSI

 

 

 

The Beverly Hills SFR market remains balanced with 6.3 MSI and Bel-Air was the only high-end segment to really soften.  For additional info on market sales, visit the Market Sales Data section.

LA Westside Sales Highlights - December 2010

by Craig Whitlock

This report will provide a quick overview as to how the Westside micro-markets are currently performing and then compares that data to the same period a year ago.  The key market indicators are:

Pending Sales Activity - sometimes referred to as the 'Number of Properties Under Contract'.  This is a forward-looking indicator of current sales activity where there has been an accepted offer and escrow has opened.

Median Sales Price - that point at which half of the properties have sold for a greater amount and half have sold for a lesser amount.  This indicator pinpoints where in the price spectrum homes have sold rather than reflecting a drop in home value.  There is a common mis-perception that a drop in the MSP directly indicates a drop in home value.  It is far more likely that the drop indicates either smaller, older and/or homes in lower-priced areas have sold during the period.

Months Supply of Inventory (MSI) - a leading indicator of market supply, which directly impacts pricing.  Generally, a five to six month supply indicates market equilibrium while anything less signals a 'seller's market' and anything above a 'buyer's market'.

 

LA Westside Homes For Sale - Sales Highlights Chart - December 2010

LA Westside Homes For Sale - Sales Highlights Chart - December 2010   Information not guaranteed.  © 2009 Terradatum and its suppliers and licensors (http://www.terradatum.com/metrics/licensors)

To view a portfolio of four additional reports trended over the past 12 months:  Properties For Sale, Days On Market, New Properties For Sale and Supply & Demand, visit the Market Sales Data section.  If you have any questions or would like to discuss this data at greater length, just drop me a note or call. 

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Craig Whitlock
COLDWELL BANKER BRENTWOOD
11661 San Vicente Blvd., 10th Floor
Los Angeles CA 90049
Mobile: (310) 488-4399
Fax: (310) 820-1457

Broker/Agent does not guarantee the accuracy of the square footage, lot size or other information concerning the conditions or features of properties provided by the seller or obtained from Public Records or other sources as presented in this website.  Interested parties are advised to independently verify the accuracy of all information through personal inspection and with appropriate professionals.  Information herein deemed reliable but not guaranteed.

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