Here's some compelling figures about our current Westside Real Estate Market. The figures show the MSI, Months Supply of Inventory, and the DOM, days on market.
The statistica are for Santa Monica, Palms/Mar Vista, West Los Angeles, Culver City, Brentwood, Venice and Marina Del Rey. This is for single family homes only and is comparing current conditions to the conditions from the same time a year ago.
The months supply of inventory is how long it would take for all the homes on the market to be sold/absorbed and the DOM is the number of days on average it takes for a home to sell.
Santa Monica: MSI is 7.8 which is down 9%, DOM is 114.6 up 122%.
Mar Vista/Palms: MSI is 3.3 which is down 14%, DOM is 38.8 up 48%.
West L.A.: MSI is 4.3 which is up 7%, DOM is 45.4 up 2%.
Culver City: MSI is 3.5 which is up 42%, DOM is 40 up 61%.
Brentwood: MSI is 5.2 which is down 29%, DOM is 55 up 105%.
Venice: MSI is 5.4 which is up 11%, DOM is 82 up 33%.
Marina Del Rey: MSI is 10 which is up 11%, DOM is 42 up 9%.
So what does this mean to todays buyers and sellers? Well, it all boils down to this: the lower MSI means homes are moving fairly quickly and it's a hot market/neighborhood with lots of buying activity. The buyers see this area as an area where they can get the most bang for their buck. Homes that are priced right, neatly staged and marketed well will most likely end up selling pretty quickly.
The higher MSI the more the buyers have to choose from so they can be a little more select in regards to what they'll put an offer on which will most likely end up giving them the upper hand during the negotiations with the seller. Homes are lingering on the market and a lot of them aren't selling at all. The seller will be competing with many homes at any given time making him/her have to price very competitively or risk not selling at all.
Please remember this is a broad picture of each area as real estate is hyper local. If you'd like a free report for your neighborhood just give me a call and we'll get that out to you asap!
All my best,
SFR(Short Sales and Foreclosure Resource), Realtor
Keller Williams Realty
c.310.694.4819 e. firstname.lastname@example.org