Hill Section Sales & Medians, Apr.-Oct. '07

Posted by Dave Fratello on Saturday, December 1st, 2007 at 7:13am.

For several months, MBC has been publicly tracking market activity among SFRs west of Sepulveda.

While there is a wealth of information in each of our twice-monthly updates, we have now re-compiled data from April-October of this year in a few new ways for special reports that we hope you'll find even more accessible and useful.

This is the first of three data releases, this time covering the Hill Section. You'll need to download a 3-page PDF, either by clicking here 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 15 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* of sold homes in the Hill Section in this period was $3.230m (see page 2). That was the actual price on 938 Duncan, a 5br/5ba, 4650 sq. ft. remodel that lingered for over 300 days before selling in June. (It also suffered $565k in cuts [-15%] from initial asking.)

Second, the median price per square foot in the Hills was $714 (see page 3). This figure is boosted somewhat by 1 or 2 homes that are likely teardowns – we have made no adjustment for that. This $714 figure was the PPSF for another long-time listing, 108 S Dianthus, which began at $4.5m and sold for $3.25m after 385 DOM.

Third, looking at new construction (see page 1), 5 of the 6 new homes sold went for 93% or more of their list prices. Three took price cuts of between $175k-$320k, but those were off big prices. The outlier was a new home next to the main post office on Sepulveda, which chopped 13%. Bigger cuts, as high as 15-28%, were more common among newer or remodeled homes.

We're offering 7 months' worth of data here, as a kind of "beta" release of our whole 2007 collection. (Alas, MBC began operations in March 2007 and we won't offer detail before that.) We're always open to critiques, corrections and suggestions. Happy downloading!


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* At risk of offending some readers, we'll just note that "median" means the price of the home precisely at the middle of all the homes sold. With our sample of 15, there were 7 homes priced higher, and 7 homes priced lower, than the 1 home that serves as the "median" priced home in this analysis.
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