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Merkle Tree LLC

Merkle Tree LLCMerkle Tree LLCMerkle Tree LLC

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MARKET SNAPSHOT

MARKET SNAPSHOT

    

The average time on market is roughly 55 days for unsold listings, up substantially from 48 days 2 weeks ago, which was up from 42 days a month ago. For sold properties, the average time of market is 36 days, up from 33 days 2 weeks ago. These data indicate a slowing in overall sales, and the data below shows which markets are experiencing a decrease in asking prices. 


Properties in the Huntington sold in 26 days, the fastest of all the neighborhoods, while those in the Alphabets took an average of 10 days longer than average to sell. The oldest listings are (on average) in the Alphabets, though the Highlands and Castellammare are slightly longer but out of our central coverage zone.


The average price for a listed property (ex-Huntington*) since January 15 is $2.55MM, with an average asking price per square foot of land of $310/psf (up from $304). That number is lower if we remove the dozen or so Huntington properties, making the average asking price $2.45MM and $286/psf (up from $279/psf). 


The asking prices for properties currently on the market (on a per foot basis) are as follows: (arrows indicate change from May 26) -- see diagram.


SALES

 

Since the fires, through June 9, there have been 61 “land” / lot sales in the burn zone. The image on the right includes sales in the past 30 days, with notably less activity in the Bluffs areas over the past month than before. 


What isn’t moving? Listings (unsold) are the oldest in the Marquez Knolls (the lower portion by Sunset) at 67 days, and the Via Bluffs (averaging 64 days) both figures representing increases from our last report on May 26. A total of 85 properties that remain unsold have had at least one price reduction, averaging over $340,000 per property. Properties asking the highest premia based on their local sales comps tend to be listings from late February and March, meaning do not be surprised to see continued waves of price reductions as the summer progresses, especially if tour activity picks up as we expect (see Outlook).


Copyright © 2022-2025 Merkle Tree - All Rights Reserved. We are not responsible for any errors or misstatements herein. All prospective clients should seek advice from their tax or legal counsel when evaluating our services. Third-party data deemed to be reliable, though it is not guaranteed to be accurate. 2632 Wilshire Blvd #421, SM CA 90403

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