Almost halfway through 2013, our local housing market is strengthening with home values rising, lower inventory, foreclosures falling to pre-housing bust levels and interest rates predicted to remain low into next year.
Sales of single-family residences in Pacific Palisades (through May 31) increased 22 percent compared to one year ago and the days the homes remained on the market until sold decreased 33 percent to 77 days. The ratio of sale price to list price increased to 100.4 percent, showing most single-family homes are selling at or over the asking price. This illustrates an efficient local market as buyers are educated and realize the value of living in the Palisades and sellers are realistic in pricing their homes.
We are currently just under the high values for the median and average sales price for the year 2008, just prior to the downward spiral of the real estate market. The median price, the price point where half the homes sold for less and the other half sold for more, is $2,237,500, up $395,000 or 21 percent over last year. The average sale price for a single-family residence is $2,693,275, up $307,517 or 13 percent. Currently the average price per square foot is up $96 (14 percent) to $789.
Sales of homes over $3 million have increased 57 percent (12 more than last year) and days-on-market has decreased 35 percent to 84 days.
Geoff Shelden, a realtor with Prudential California, can provide specific sales information for each neighborhood. Call (310) 463-6670.
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