How’s The Market Marina del Rey?
The #1 question realtors get asked is “how’s the market?” It’s such a big question. I almost never know where to start. Different people think different criteria tell the story. Below are six that I think best answer the question, along with trend graphs as of September 30th. All graphs depict a 12 month rolling average to smooth out the trendlines.
In Marina del Rey, there were 89 attached home listings in September compared to 90 listings in August, a stable number for over a year. In this post, we are reporting specifically on “attached” homes. In Marina del Rey, there are a boatload of condos and townhomes available. Single family home in the Marina will be reported separately. Contact us if you want Marina del Rey condos vs. townhomes graphs or Marina del Rey single family homes.
Months Supply is a good indicator of a sellers’ versus a buyers’ market. Typically, a market that favors sellers has less than six months of supply (listings). Marina del Rey attached homes have been on a downward trend since late 2015 and are currently sitting at two months of supply, still solidly in seller territory. In a seller’s market, a buyer can expect to pay their own closing costs and other negotiable amounts, and buyers can also expect competition from other buyers. Know what you want, have your financing and buyer agent tee’d up and be prepared to move quickly.
Price reductions are a mixed bag as far as being an indicator of any trend, but people still love to talk about this metric.
Sometimes a seller starts out unrealistic and has to “right-price.” Sometimes the agent is from out of area and doesn’t know that Marina del Rey has a large supply of both attached and detached family homes and lumps all the metrics together. It takes some real analysis of the price reductions to see if there is a broader trend working.
So far this month, we’ve seen zero price reductions in Marina del Rey for attached homes. As you can see from the graph, MdR attached homes sell for a hair over list.
Price Per Square Foot
The average price per square foot is on a steady march up in Marina del Rey, currently hanging out at $716/ft for attached family homes. Different property types and bed/bath configurations likely have their own average PPSF. Contact us if you want to see a graph for a particular property type or bed/bath configuration.
Days On Market
Days on market can be an indicator of demand. If DOM is trending down, properties are moving faster (higher demand). Attached family homes in Marina del Rey are a hot ticket. Homes are on the market an average of 28 days.
Back on Market
Zero single attachd homes fell out of escrow in Marina del Rey in the last seven days.
Distressed Properties In Marina del Rey
There are no distressed attached homes on the market today in Marina del Rey. Contact us if you want to be alerted when one comes on the market.
Assumptions & Other Markets
This report was written for attached homes in the Marina del Rey community of Silicon Beach. Similar reports can be generated on request for neighborhoods or property types withing Marina del Rey 90292. For example, in MdR there are significant metric differences between detached family homes and attached family homes. Contact us for custom reports.
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