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…
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.
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 March 21st, 2023 at 11:30pm 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.
