Friday, September 28, 2007

Other measures of Los Angeles beach cities market activity, August 2007

Shorewood has very graciously emailed me August numbers.

For the beach cities (El Segundo; Manhattan, Redondo, and Hermosa Beach), average days on market (DOM) has edged down to 37.

For August, I calculated the Redondo Beach median DOM at 84, and average DOM at 120. Time on market has, for the most part, been hovering around in the 3-4 month range for a few months.

Demand weakness (supply strength) has pulled back very slightly in August. The number is lower than the August 2006 number, reflecting somewhat lower inventories.

Median price has taken another leap upwards.

Now before you groan, let me show you some interesting numbers from the report that Shorewood emailed me. Shorewood likes to categorize the sales numbers by sales price. In the table below, I summed up the sales for prices up to $999,999, and then summed up the sales for prices $1,000,000 and above. Keeping in mind that for August 2006 Shorewood reports 183 sales, and for August 2007 there were 164 sales, this is how they tabulate:


                 2006         2007
<= $999,9999      108           74
$1,000,000 +       75           90

You can see how in 2006, the sales in the "low-end" (if homes below $1,000,000 can be called low-end!) exceeded high-end sales, but that in 2007 there were more high-end sales than low-end sales. High-end luxury homes are really driving this market for now.

5 Comments:

Blogger Rob Dawg said...

average days on market (DOM) has edged down to 37.

Sad.

1:17 PM, September 28, 2007  
Blogger wannabuy said...

Bearmaster,

Thanks for making the dinner! It was great meeting you and your "Sig-O." :)

Got popcorn?
Neil

8:26 AM, October 01, 2007  
Blogger Rob Dawg said...

Gawd,
Now I'm jealous. In a wierd sort of digital way...

5:15 PM, October 04, 2007  
Blogger MBWatcher said...

I don't get how Shorewood publishes such a tiny DOM figure.

For Manhattan Beach, based on my own tracking (west of Sepulveda) our DOM for active SFRs is at 111:

http://tinyurl.com/34p5uu

Some local realtors commenting on that story said they ran their own DOM calculations, based on "CDOM" - the supposedly "correct" figure nested inside each listing, and got 92 DOM as the avg.

Are things just 100 times sunnier everywhere but MB? That's hard to believe.

So what is Shorewood measuring in the DOM figure they're giving you?

12:53 PM, October 05, 2007  
Blogger bearmaster said...

Shorewood gets its data from Trendgraphix. Like just about every other realtor, they probably base their DOM according to how long a property has been listed. I don't know anything further about Trendgraphix calculations, I can only tell you about mine.

CDOM has its problems too. Suppose a listing expires, and the property is relisted. But if there is a gap in time between the original listing and the relisting, at one point does it count as 2 separate listings?

I've been tabulating a property as one continuous listing, no matter how long since the beginning of the original listing.

1:30 PM, October 05, 2007  

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