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