A funny thing happened on the way to the 2nd quarter of 2015……
The real estate market has picked up steam and is outperforming all expectations with listings and sales once again setting new records.
There was a well-priced new listing that hit the market last Tuesday and there were 11 offers immediately. It was listed for $3,995,000 and is under contract for sale as of last week for more $4.5 million!
The MLS statistics support this narrative. 90402 MLS info indicates that properties listed for sale are selling faster and for more money than this time last year.
The Days on Market (DOM) for Sold listings in the first quarter of 2014 versus the first quarter of 2015 show a drop from an average 133 days in 2014 to just 38 days in this year! That is 3x faster than last year! This is significant considering lenders are “supposedly” taking longer to approve and underwrite loans. This might point to the fact that most Buyers in our market are high net worth individuals, many have private banking relationships with their lenders and many of those can (but don’t) close their purchase without borrowing money from anyone.
Though not necessarily the best indicator, since so few homes have actually sold in the past few years, the average price per square foot in the first quarter of 2014 was $997. This year’s average is $1,215. A 22% increase year-over-year.
Furthermore, in 2014 properties were closing at 96% of the initial asking price. So far this year, as a result of several homes selling for prices higher than the properties were listed for, Sellers’ are receiving for an average of 100% of their asking price!
The number of listings sold in the 1st quarter of 2015 inched up slightly over 2014 from 13 closings in Q1 – 2014 to 15 properties in 2015.
If you would like to know what your home might be worth in the current market, call or text me at 310-924-4014 or email firstname.lastname@example.org. I will give you a free, no obligation Comparative Market Analysis and in some cases, if you prefer, I may not even need to see the house!
Here is your real-time real estate market info:
One new listing hit the MLS- 548 15th Street- a charming single story with lots of natural light and updates. 428 19th Street and 340 11th Street have gone into escrow. Two new closings this week, 424 11th Street sold above asking price, so the year-to-date closed is at 13.
New Listings this Week
548 15th Street – 3 bedrooms + 2 baths. $3,150,000. Beautiful bungalow with lots of natural light. Features skylights, eat-in kitchen, updated appliances, advanced water filtration system, French doors, etc. Detached garage converted to studio or office space. Last sold in May 2010 for $2,250,000.
New Sales this Week
428 19th Street – 5 bedrooms + 4 baths. $3,995,000. Bright and elegant home with high ceilings and ideal floor plan. Professionally landscaped yard and pool by Jay Griffith. Large master suite with private balcony, maid’s and office/ guest room downstairs. Last sold in September 2005 for $3,100,000.
340 11th Street – 4 bedrooms + 4 baths. $3,695,000. Beautiful Spanish designed by Jay Charles. Features formal entry way, step down formal dining and den, cook’s kitchen with top-of-the-line appliances, entertainer’s backyard, etc.
Closed Deals this Week
259 20th Street – 4 bedrooms + 5 baths – $4,700,000
424 11th Street – 3 bedrooms + 2 baths – $3,150,000. Sold over asking price!
Pence Hathorn Silver Active Properties:
Call me for a couple of upcoming attractions, priced from $1.9 million to $6 million – they are not in the MLS.
311 12th St. – 5 bedrooms + 5.5 baths – $4,350,000
1754 Franklin Canyon Dr. – 5 bedrooms + 5.5 baths – $3,795,000
1023 S. Bundy Dr. – 2 bedrooms + 2.5 baths – $2,195,000
11959 Mayfield Ave. #2 – 2 bedrooms + 2.5 baths – $899,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue community on our North of Montana blog. Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.