Real Estate Market for the South Bay June 2014. Jennifer Walter

market insight

SouthBay Market Insight 2014_June

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 July 2014, based on data available at the end of June 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 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)

June 2013 June 2014 % Change $1,610,000 $1,890,000 17% $688 $805 17% 41 43 5% 44 42 -5% 72 61 -15% 34 37 9% 1.8 1.4 -22% 56.9% 70.5% 24%

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

$1,987 $1,610 $1,540

$1,685 $1,705

$1,953 $1,717

$1,520

$1,850

$1,995

$1,890

$1,395

13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$1,916,580

Average Sales Price (Closed)*

$2,206,170 Listings for Sale

Active, 61

Sold, 43

61 Under Contract

Pending, 42

42 Sold

43 *12 month average

market insight

Hermosa Beach Year Over Year

June 2013 June 2014 % Change $1,250,000 $1,113,000 -11% $608 $705 16% 19 22 16% 31 22 -29%

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

37

37

--

Days on Market (Sold Homes)

94

39

Monthly Supply of Inventory

1.9

1.7

Absorption Rate (closed sales)

51.4%

59.5%

-59% -11% 16%

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

$1,250

$1,160

$1,345

$1,300

$1,208 $1,065

$1,230 $1,114

$1,101

$1,023

$1,113

$878

13-Jun

13-Jul 13-Aug 13-Sep 13-Oct

11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$1,270,580

Average Sales Price (Closed)*

$1,471,080 Listings for Sale

Sold, 22 Active, 37

37 Under Contract

Pending, 22

22 Sold

22 *12 month average

market insight

Redondo Beach Year Over Year

June 2013 June 2014 % Change $795,000 $818,000 3% $457 $466 2% 103 81 -21% 103 94 -9% 93 137 47% 37 52 41% 0.9 1.7 89% 110.8% 59.1% -47%

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)

June 2013 to June 2014 Yearly Median Price Tracking (in $,000) $818

$795

$795

$788

$780

$778

$770

$763

$756

$750

$730 $715

$719

13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$829,750

Average Sales Price (Closed)*

$888,580

Sold, 81

Listings for Sale

Active, 137

137

Under Contract

Pending, 94

94

Sold

81

*12 month average

market insight

El Segundo Year Over Year 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)

June 2013 June 2014 % Change $775,000 $694,000 -10% $395 $486 23% 17 12 -29% 12 9 -25% 16 22 38% 40 61 53% 0.9 1.8 100% 106.3% 54.5% -49%

June 2013 to June 2014 Yearly Median Price Tracking (in $,000) $775

13-Jun

$773

$719

$755

$803

13-Jul 13-Aug 13-Sep 13-Oct

$800 $719

$743

$854

$845

$723

$775 $694

11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$831,500

Average Sales Price (Closed)*

$845,920 Listings for Sale

Sold 12

Active 22

22 Under Contract

Pending 9

9 Sold

12 *12 month average

market insight

Torrance Year Over Year 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)

June 2013 June 2014 % Change $562,000 $574,000 2% $382 $406 6% 108 88 -19% 111 123 11% 145 227 57% 39 41 5% 1.3 2.6 100% 74.5% 38.8% -48%

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

$574 $562 $551

$555

$550 $539 $515

13-Jun

13-Jul

13-Aug 13-Sep 13-Oct

$550

$545

11/13

$530

$523 $512

13-Dec 14-Jan

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

Key June Stats

Median Sales Price*

$592,830

Average Sales Price (Closed)*

$619,330

Sold 88

Listings for Sale

227 Under Contract

Active 227 Pending 123

123 Sold

88 *12 month average

market insight

Hawthorne Year Over Year 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)

June 2013 June 2014 % Change $395,000 $465,000 18% $306 $361 18% 38 29 -24% 31 38 23% 28 66 136% 58 62 7% 0.7 2.3 229% 135.7% 43.9% -68%

June 2013 to June 2014 Yearly Median Price Tracking (in $,000) $459 $395

13-Jun

$372

$459

$445

$428

$399

$444

$473 $435

$465

$400

$349

13-Jul 13-Aug 13-Sep 13-Oct 11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$460,250

Average Sales Price (Closed)*

$478,420

Sold 29

Listings for Sale

Active 66

66 Under Contract

Pending 38

38 Sold

29 *12 month average

market insight

Lawndale Year Over Year 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)

June 2013 June 2014 % Change $402,000 $415,000 3% $278 $274 -1% 15 9 -40% 13 9 -31% 18 19 6% 41 65 59% 1.2 2.1 75% 83.3% 47.4% -43%

June 2013 to June 2014 Yearly Median Price Tracking (in $,000) $488 $435 $402 $365

$422 $388

$320

13-Jun

13-Jul 13-Aug 13-Sep 13-Oct

$350

$365

$395

$366

$415

$335

11/13 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

Key June Stats

Median Sales Price*

$420,500

Average Sales Price (Closed)*

$412,750

Sold 9

Listings for Sale

19

Active 19 Pending 9

Under Contract

9 Sold

9 *12 month average

market insight

Lomita Year Over Year 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)

June 2013 June 2014 % Change $423,000 $478,000 13% $309 $344 11% 10 14 40% 10 8 -20% 10 34 240% 40 73 83% 1 2.4 140% 100% 41.2% -59%

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

$440

$423

13-Jun

13-Jul

$517

$502

$479 $430

13-Aug 13-Sep 13-Oct

$430

11/13

$475 $400

13-Dec 14-Jan

$478

$447 $381

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

Key June Stats

Median Sales Price*

$496,830

Average Sales Price (Closed)*

$499,750

Sold 14

Listings for Sale

34

Pending 8

Under Contract

8 Sold

14 *12 month average

market insight

Active 34

Gardena Year Over Year

June 2013 June 2014 % Change $358,000 $375,000 5% $276 $263 -5% 39 28 -28% 34 41 21% 38 77 103% 49 45 -8% 1 2.8 180% 102.6% 36.4% -65%

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)

June 2013 to June 2014 Yearly Median Price Tracking (in $,000) $405

$395 $382 $375

$371 $358

$354

$355

$360

$375

$365 $356

$340

13-Jun

13-Jul

13-Aug 13-Sep 13-Oct

11/13

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

Key June Stats

Median Sales Price*

$399,250

Average Sales Price (Closed)*

$393,330

Sold 28

Listings for Sale

77

Active 77 Pending 41

Under Contract

41 Sold

28 *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