Coldwell Banker: Pacific Palisades Market Update
So far in 2015 our MLS sales have numbered 42 with 42 pending. We have 71 active listings. The median average sale price so far this year is $2.9m, the average itself is $3.1m, and the median current list price is $3.7m. We currently have close to 4-month level of inventory, based on actual closings to date (although the real inventory is closer to 3-months considering sales pending).
In comparison to 2014 Jan/Feb the number of sales is lower by 6% and the time on market has increased approximately 15%. The median sales price is up only 3%.
Price per sq ft is about 8% higher so far in 2015 -- perhaps reflecting continuing sales demand for smaller homes to tear down, as well as several new homes selling at higher prices.
Although we still perceive a very tight market with a shortage of inventory, in fact, last year’s back inventory was down to 2-2.5 months compared to a current rate of close to 4 months, still favoring sellers but not by as much a margin.
Cash buyers and developers are still pushing financed purchasers out of the marketplace, but the prevalence of multiple offers has forced financed buyers to streamline their offers, often waiving important contingencies to be more competitive with cash buyers.
Our overall market activity is slightly down from 2014.
In 2014 and in these first few months of 2015 sales of off-market listings “pockets” totaled approximately 18% of all homes sold or almost 1 in 5 sales.
This is an issue facing our entire industry and one we need to address.
By: Anne Russell
