For several months, MBC has been publicly tracking market activity among SFRs west of Sepulveda.
Our view here is that everyone ought to have access to good data about the local RE market, regardless of whether they're in the midst of a transaction.
While there is a wealth of information in each of MBC's…
For several months, MBC has been publicly tracking market activity among SFRs west of Sepulveda.
Our view here is that everyone ought to have access to good data about the local RE market, regardless of whether they're in the midst of a transaction.
While there is a wealth of information in each of MBC's twice-monthly updates, we have now re-compiled data from April-October of this year for some special reports. This is the
second of three data releases, this time covering the Sand Section. (Click here for the
story on the Hill Section report.)
You'll need to download a 3-page PDF, either by clicking here (
Sand Section Sales) or by using a link in the upper-right corner of the front page under "MB Market Updates."
The spreadsheet has 3 pages, with each looking at the same data on
42 closed sales that occurred in the April-October span of the report in 3 different ways:
- Sorted by Home Condition
- Sorted by Median Price
- Sorted by Median Price Per Square Foot (PPSF)
Note that a sort
by date closed is already included in each of our twice-monthly updates.
What do these various sorts show us?
First, the median price for Sand Section SFRs in this period was
$1.95m. (See page 2.) There were 21 sales above $2m, and 21 below. Sale prices spanned a pretty wide range –
$760k to
$10.9m. (That's the difference between 36th Place, up off Rosecrans, and The Strand.)
Second, the median price per square foot settled in at
$941 – a big number in itself, but also, intriguingly,
30% higher than the Hill Section figure ($714) that MBC
offered the other day. Lot sales could slightly skew that median figure higher. We rated 6 of the 21 homes above $941/PSF as "teardowns," but not all have suffered that fate.
Third, looking at new construction, 3 of the 6 homes offered on the open market wound up taking 10% or more off their initial list prices. By contrast, out of 18 homes we rated as "newer" or "remodeled," just 1 took more than 7% off list to make a deal – 3 got
more than asking. These data are signs of market strength, folks, even if half the sample came before the mortgage meltdown. All the big-percentage cuts were in the major fixer/teardown category, the greatest being
-$750k/-26% at
1308 Manhattan Ave. (right downtown), which still fetched $2.1m.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 23rd, 2024 at 6:25pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.