Real Estate Sales for the South Bay July 2014

Page 1

market insight

SouthBay Market Insight 2014_July


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 South Bay Market Insight report covers Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Torrance, Hawthorne, Gardena, Lawndale and Lomita. 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.


were added. This is calculated by dividing Not to be confused with Average Price, the total number of homes for sale in Median Price is the price of the property a particular month by the number of that falls in the middle of the total 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 than sellers; a larger number means more the 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 August 2014, based on data available at the end of July 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 listings


Manhattan Beach Year Over Year

July 2013

July 2014 % Change $1,540,000 $1,928,000 25% -4% $813 $777 -20% 45 36 3% 37 38

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale

68

68

--

Days on Market (Sold Homes)

40

47

Monthly Supply of Inventory

1.5

1.9

Absorption Rate (closed sales)

66.2%

52.9%

18% 27% -20%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $2,152

$1,987 $1,540

$1,685 $1,705

$1,953 $1,717

$1,520

$1,850

$1,995

$1,890 $1,928

$1,395

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul


Key July Stats

Median Sales Price*

$1,943,080

Average Sales Price (Closed)*

$2,256,080

Sold, 36

Listings for Sale

68

Active, 68

Pending, 38

Under Contract

38 Sold

36 *12 month average

market insight


Hermosa Beach Year Over Year

July 2013

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)

July 2014 % Change $1,160,000 $1,100,000 -14% -29% $682 $733 -40% 30 18 -35% 23 15 10% 31 34 46% 50 73 90% 1 1.9 -45% 96.8% 52.9%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $1,460

$1,160

$1,345

$1,300

$1,208 $1,065

$1,230 $1,114

$1,101

$1,023

$1,113 $1,000

$878

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13

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

14-Jul


Key July Stats

Median Sales Price*

$1,249,750

Average Sales Price (Closed)*

$1,476,000

Sold, 18

Listings for Sale

34

Active, 34 Pending, 15

Under Contract

15 Sold

18 *12 month average

market insight


Redondo Beach Year Over Year

July 2013

Median Price

$778,000

Average Price Per Sq. Foot

$444

Properties Sold

110

Properties Pending Sales

94

Properties for Sale

122

Days on Market (Sold Homes)

40

Monthly Supply of Inventory

1.1

Absorption Rate (closed sales)

90.2%

July 2014 % Change $875,000 12% 10% $487 -10% 99 -1% 93 27% 155 8% 43 45% 1.6 -29% 63.9%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $778

$795

$763

$750

$780 $715

$770

$756

$820

$788 $730

$875

$719

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul


Key July Stats

Median Sales Price*

$836,580

Average Sales Price (Closed)*

$896,670

Sold, 99

Listings for Sale

Active, 155

155

Under Contract

Pending, 93

93

Sold

99

*12 month average

market insight


El Segundo Year Over Year

July 2013

Median Price

$773,000

Average Price Per Sq. Foot

$468

July 2014 % Change $872,000 13% -9% $425 -13% 14

Properties Sold

16

Properties Pending Sales

14

14

--

Properties for Sale

18

19

Days on Market (Sold Homes)

38

44

Monthly Supply of Inventory

1.1

1.4

Absorption Rate (closed sales)

88.9%

73.7%

6% 16% 27% -17%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $773

$719

$755

$803

$800 $719

$743

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13

$854

$872

$845 $723

$775 $694

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

14-Jul


Key July Stats

Median Sales Price*

$839,580

Average Sales Price (Closed)*

$852,580

Sold 14 Active 19

Listings for Sale

19 Under Contract

Pending 14

14 Sold

14 *12 month average

market insight


Torrance Year Over Year

July 2013

Median Price

$608,000

Average Price Per Sq. Foot

$382

Properties Sold

127

Properties Pending Sales

114

Properties for Sale

159

Days on Market (Sold Homes)

34

Monthly Supply of Inventory

1.3

Absorption Rate (closed sales)

79.9%

July 2014 % Change $532,000 -13% 3% $394 2% 129 13% 129 46% 232 32% 45 38% 1.8 -30% 55.6%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $608

$574 $551

$555

$550

13-Aug 13-Sep 13-Oct 13-Nov

$530

$523

$515

13-Jul

$548

$545

$539

$532

$512

12/13

14-Jan

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

14-Jul


Key July Stats

Median Sales Price*

$590,170

Average Sales Price (Closed)*

$619,330

Sold 129

Listings for Sale

232 Under Contract

Active 232

Pending 129

129 Sold

129 *12 month average

market insight


Hawthorne Year Over Year

July 2013

Median Price

$372,000

Average Price Per Sq. Foot

$259

Properties Sold

29

Properties Pending Sales

24

Properties for Sale

43

Days on Market (Sold Homes)

68

Monthly Supply of Inventory

1.5

Absorption Rate (closed sales)

67.4%

July 2014 % Change $481,000 29% 35% $350 24% 36 63% 39 74% 75 -43% 39 40% 2.1 -29% 48%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $459 $372

$459

$445

$428

$399

$444

$473

$435

$465

$481

$400

$349

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13

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

14-Jul


Key July Stats

Median Sales Price*

$467,420

Average Sales Price (Closed)*

$484,750

Sold 36

Listings for Sale

75 Under Contract

Active 75

Pending 39

39 Sold

36 *12 month average

market insight


Lawndale Year Over Year

July 2013

Median Price

$320,000

Average Price Per Sq. Foot

$263

July 2014 % Change $415,000 30% 28% $336 -38% 10

Properties Sold

16

Properties Pending Sales

10

10

--

Properties for Sale

19

25

Days on Market (Sold Homes)

33

91

Monthly Supply of Inventory

1.2

2.5

Absorption Rate (closed sales)

84.2%

40%

32% 176% 108% -52%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $488

$435 $365 $320

$422 $388 $335

$365

13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 12/13

$395

$366

$423

$415

$335

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

14-Jul


Key July Stats

Median Sales Price*

$421,000

Average Sales Price (Closed)*

$420,830

Sold 10

Listings for Sale

25

Active 25 Pending 10

Under Contract

10 Sold

10 *12 month average

market insight


Lomita Year Over Year

July 2013

Median Price

$479,000

Average Price Per Sq. Foot

$305

Properties Sold

15

Properties Pending Sales

9

Properties for Sale

13

Days on Market (Sold Homes)

36

Monthly Supply of Inventory

0.9

Absorption Rate (closed sales)

115.4%

July 2014 % Change $551,000 15% 8% $330 -20% 12 89% 17 162% 34 6% 38 211% 2.8 -69% 35.3%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $560

$502

$479 $440

13-Jul

$430

$430

13-Aug 13-Sep 13-Oct 13-Nov

$475 $400

12/13

$551

$517

14-Jan

$478

$447 $381

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

14-Jul


Key July Stats

Median Sales Price*

$507,500

Average Sales Price (Closed)*

$508,750

Sold 12

Listings for Sale

34 Under Contract

Active 34 Pending 17

17 Sold

12 *12 month average

market insight


Gardena Year Over Year

July 2013

Median Price

$340,000

Average Price Per Sq. Foot

$254

Properties Sold

49

Properties Pending Sales

43

Properties for Sale

54

Days on Market (Sold Homes)

47

Monthly Supply of Inventory

1.1

Absorption Rate (closed sales)

90.7%

July 2014 % Change $411,000 21% 15% $293 -22% 38 -16% 36 48% 80 23% 58 91% 2.1 -48% 47.5%

July 2013 to July 2014 Yearly Median Price Tracking (in $,000) $340

13-Jul

$354

$355

$360

$371

13-Aug 13-Sep 13-Oct 13-Nov

$356

12/13

$365

$375

$395

$382

$411

$405

$375

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

14-Jul


Key July Stats

Median Sales Price*

$403,670

Average Sales Price (Closed)*

$395,330

Sold 38

Listings for Sale

Active 80

80 Under Contract

Pending 36

36 Sold

38 *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


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