(Nov. 2013)
Property Sales
November property sales were 10, down from 17 in November of 2012 and -16.7% lower than the 12 sales last month. November 2013 sales were at their lowest level compared to November of 2012 and 2011. November YTD sales of 147 are running -2.0% behind last year's year-to-date sales of 150.
Prices
The median sales price in November was $4,797,500, down -5.9% from $5,100,000 in November of 2012 and down -17.2% from $5,796,088 last month. The average sales price in November was $7,185,575, up 10.3% from $6,512,662 in November of 2012 and down -20.1% from $8,997,348 last month. November 2013 ASP was at highest level compared to November of 2012 and 2011.
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Inventory & MSI
The total inventory of properties available for sale as of November was 65, down -15.6% from 77 last month and down -25.3% from 87 in November of last year. November 2013 Inventory was at the lowest level compared to November of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2013 MSI of 6.5 months was at its highest level compared with November of 2012 and 2011.
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Market Time
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for November was 55, down from 114 days last month and down from 93 days in November of last year. The November 2013 DOM was at its lowest level compared with November of 2012 and 2011.
Selling Price Per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The November 2013 selling price per square foot of $1,210 was down -2.5% from $1,241 last month and up 15.8% from $1,045 in November of last year.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer's market exists, a ratio at or above 100% indicates more of a seller's market. The November 2013 selling price vs list price of 94.2% was up from 93.0% last month and up from 94.0% in November of last year.
Check out the latest Beverly Hills real estate listings for sale at: http://www.santamonica-realestate.com/idx/community/beverly-hills/
Call Ryan Scarzone at (310)488-0184 for all of your real estate needs!
Ryan Scarzone
(310)488-0184
REALTOR
COLDWELL BANKER
BRE#01910272
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Based on information from California Real Estate Technology Services for the period 1/1/2005 through 11/30/2013. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS's may not reflect all real estate activity in the market. This information will expire 30 days from when it was generated.
