Palos Verdes Real Estate Market Report JENNIFER WALTER

market insight

PalosVerdes Market Insight 2014_October

www.Shorewood.com

Manhattan Beach

917 Manhattan Beach Blvd.

310.545.8401

Manhattan Beach 3300 Highland Avenue 310.546.7661

Manhattan Beach 916 Manhattan Avenue 310.549.5000

Hermosa Beach

950 Artesia Blvd.

310.376.8871

Redondo Beach 1009 Torrance Blvd.

310.516.8464

El Segundo Palos Verdes Estates 431 Main Street 16 Malaga Cove Plaza 310.522.4900 310.698.1555

Insight Guidance

Designed to give you a quick, complete overview of both current and past market conditions, this Palos Verdes Market Insight report covers Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates. Palos Verdes Peninsula number are too small for meaningful tracking data.

First, we examine Year Over Year statistics, compiled from carefully collected sales data. Percent change—which was calculated by subtracting past value from current value, and dividing that product by past value—gives you a quick snapshot of how each micro-market has improved or worsened over the past year for that particular metric.

Next, the Yearly Median Price graph tracks the median price of properties for each month over the past year. The median price is not the same as average price; it is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market.

Finally, the Key Stats section illustrates Median Sales Price, Average Sales Price of Closed Sales, Listings for Sale, Listings Under Contract, and Properties Sold.

On the next page you will find an explanation of how each value was determined.

listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of homes that sold in that month. Four to number of properties for sale in that five months’ supply is average. A smaller particular micro-market. Extremely high number means there are more buyers and extremely low prices do not affect the than sellers; a larger number means more median the way they do the average. sellers than buyers.

MEDIAN PRICE:

AVERAGE PRICE PER SQUARE FOOT:

Found by taking the price of each property and dividing that by its square footage, then finding the average for all properties sold in the area that month.

PROPERTIES SOLD:

The number of properties that closed escrow and changed ownership during the month.

PROPERTIES UNDER CONTRACT:

The number of properties that are in escrow.

PROPERTIES FOR SALE:

The number of properties that are for sale on the market.

ABSORPTION RATE (CLOSED SALES):

This is the rate at which properties sell. It is found by taking the number of properties sold and dividing it by the total number of properties for sale.

This measures the inverse of Monthly Supply of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pended) each month. The Absorption Rate is presented as a percentage (%) of the current inventory.

PERCENT UNDER CONTRACT:

The ratio of properties for sale to properties pending sale.

AVERAGE MEDIAN PRICE:

DAYS ON MARKET (CLOSED SALES):

The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month

MONTHS SUPPLY OF INVENTORY:

LEGAL All reports are published November 2014, based on data available at the end of October 2014. All reports presented are based on data supplied by the CARETS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

The average number of days that properties were on the market, from date of initial listing to date they entered escrow.

The number of months it would take for all the current homes for sale in that micro-market to sell if no new

Palos Verdes Estates Year Over Year

Oct. 2013 Oct. 2014 % Change

Median Price

$1,464

$1,160

-21%

Average Price Per Sq. Foot

582

750

29%

Properties Sold

12

19

58%

Properties Pending Sales

16

19

19%

Properties for Sale

43

64

49%

Days on Market (Sold Homes)

37

77

108%

Monthly Supply of Inventory

3.6

3.4

-6%

Absorption Rate (closed sales)

27.9

29.7

6%

Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $3,000

$1,464

$1,500

$1,598

$1,710

$1,695 $1,425

$1,675 $1,408

$1,440

$1,725

$1,408 $1,160

13-Oct

13-Nov

13-Dec

14-Jan

14-Feb

14-Mar

14-Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

Key October Stats

Median Sales Price*

$1,767,330

Average Sales Price (Closed)* Sold 19

$2,149,750 Listings for Sale

64

Pending 19 Active 64

Under Contract

19 Sold

19 *12 month average

market insight

Rancho Palos Verdes Year Over Year

Oct. 2013 Oct. 2014 % Change

Median Price

$934

$1,095

17.24%

Average Price Per Sq. Foot

452

487

8%

Properties Sold

34

39

15%

Properties Pending Sales

33

43

30%

Properties for Sale

111

122

10%

Days on Market (Sold Homes)

57

73

28%

Monthly Supply of Inventory

3.3

3.1

-6%

Absorption Rate (closed sales)

30.6

32

5%

Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $1,220

$1,060 $934

13-Oct

$1,100

13-Nov 13-Dec

$1,025

$1,010

$996

$915

14-Jan

$1,059

$1,088

$1,058

$1,095

$889

14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

Key October Stats

Median Sales Price*

$1,120,750

Average Sales Price (Closed)*

$1,311,000

Sold 43

Listings for Sale

122

Pending 49

Under Contract

43 Sold

39 *12 month average

market insight

Active 134

Rolling Hills Year Over Year

Oct. 2013 Oct. 2014 % Change

Median Price

$2,525

$-

--

834

0

--

Properties Sold

3

0

--

Properties Pending Sales

2

3

50%

Properties for Sale

15

20

33%

Days on Market (Sold Homes)

142

0

--

Monthly Supply of Inventory

5

20

300%

Absorption Rate (closed sales)

20

0

--

Average Price Per Sq. Foot

Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $5,725 $5,000

$3,300 $2,925 $2,525

$2,175

$-

13-Oct

13-Nov

$-

13-Dec

$2,785

$2,439

14-Jan

14-Feb

$2,681

$-

14-Mar

$-

14-Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

Key October Stats

Median Sales Price*

$2,462,920

Sold 0

Average Sales Price (Closed)*

Pending 3

$2,517,330 Listings for Sale

20 Under Contract

Active 20

3 Sold

0 *12 month average

market insight

Rolling Hills Estates Year Over Year

Oct. 2013 Oct. 2014 % Change

Median Price

$1,043

$1,050

0.67%

Average Price Per Sq. Foot

486

496

2%

Properties Sold

10

13

30%

Properties Pending Sales

5

13

160%

Properties for Sale

27

30

11%

Days on Market (Sold Homes)

68

68

0%

Monthly Supply of Inventory

2.7

2.3

-15%

Absorption Rate (closed sales)

37

43.3

17.0%

Oct. 2013 to Oct. 2014 Yearly Median Price Tracking (in $,000) $1,300

$1,300 $1,135

$1,085

$1,043

$1,071

$1,053

$1,115 $1,017

$1,050

$840

$783

$368

13-Oct

13-Nov

13-Dec

14-Jan

14-Feb

14-Mar

14-Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

Key October Stats

Median Sales Price*

$1,096,670

Average Sales Price (Closed)*

$1,193,330

Sold 13

Listings for Sale

30

Active 30 Pending 13

Under Contract

13

Sold

13

*12 month average

market insight

market insight

Manhattan Beach 917 Manhattan Beach Blvd.

310.545.8401 Manhattan Beach 3300 Highland Avenue 310.546.7661 Manhattan Beach 916 Manhattan Avenue 310.549.5000 Hermosa Beach 950 Artesia Blvd.

310.376.8871 Redondo Beach 1009 Torrance Blvd.

310.516.8464 El Segundo 431 Main Street 310.522.4900 Palos Verdes Estates 16 Malaga Cove Plaza 310.698.1555 www.Shorewood.com

copyright 2014 Shorewood Realtors