Local Real Estate Update
Micro market update for
January through June 2010 verses 2011
By Wendy Kirshner | July 19, 2011
Wendy Kirshner
The real estate market is best thought of as a neighborhood by neighborhood, street by street comparison. Statistics are more meaningful when they examine specific communities and are not generalized to include national or regional areas.
The three spotlighted neighborhoods for this micro market report are Brentwood, Santa Monica, north of Montana and Pacific Palisades, focusing on the average sale price, number of homes sold and how long it took to sell the homes in each area (for the time period of January through June 2010 versus January through June 2011).
Brentwood had the largest increase in average selling price of the three neighborhoods at 23%. In 2010 the average sale price was $2,373,000 and in 2011 it went up to $2,799,000. There were fewer homes sold in Brentwood during that time by 16% and they sold 8% faster. In 2010 there were 113 homes sold versus 94 homes sold in 2011. Homes took an average of 73 days to sell in 2010 versus 67 days in 2011. The average selling price went up, fewer homes sold and they sold faster.
Santa Monica, north of Montana also had an increase in average selling price of 13%. In 2010, the average selling price was $2,702,000 and in 2011 it went up to $3,067,000. There were fewer homes sold in Santa Monica during that time by 23% and they sold 35% faster. In 2010 there were 34 homes sold versus 26 homes sold in 2011. Homes took an average of 50 days to sell in 2010 versus 78 days in 2011. The average selling price went up, fewer homes sold and they sold faster.
Pacific Palisades was the only neighborhood that had a decrease in average selling price -- 16%. In 2010 the average selling price was $2,350,000 and in 2011 it went down to $1,961,000. There were slightly more homes sold in Pacific Palisades during that time by 3% and they sold 33% faster. In 2010 there were 131 homes sold versus 136 homes sold in 2011. Homes took an average of 104 days to sell in 2010 versus 69 days in 2011. The average selling price went down, there was a slight increase in the number of homes that sold and they sold faster.
Wendy Kirshner Coldwell Banker 310-573-0076-Work 310-741-0232-Cell wkirshner@coldwellbanker.com DRE#01317026
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