Real Estate for the South Bay JENNIFER WALTER

market insight

SouthBay Market Insight 2014_September

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 October 2014, based on data available at the end of September 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)

Sept. 2013 Sept. 2014 % Change $1,705,000 $1,710,000 0.3% $715 $944 32% 33 27 -18% 27 42 56% 57 58 2% 67 49 -27% 1.7 2.1 24% 57.9% 46.6% -20%

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

$1,987 $1,705

$1,953 $1,717

$1,520

$1,850

$1,995

$1,890 $1,928 $1,900

$1,710

$1,395

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

2/14

14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$1,975,170

Average Sales Price (Closed)*

$2,299,000

Sold, 27

Listings for Sale

58

Active, 58

Pending, 42

Under Contract

42 Sold

27 *12 month average

market insight

Hermosa 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)

Sept. 2013 Sept. 2014 % Change $1,065,000 $1,095,000 3% $725 $745 3% 15 19 27% 18 17 -6% 42 34 -19% 40 50 25% 2.8 1.8 -36% 35.7% 55.9% 57%

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

$1,300 $1,065

$1,430

$1,345 $1,230 $1,114

$1,101

$1,023

$1,113 $1,000

$1,095

$878

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

2/14

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

14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$1,262,830

Average Sales Price (Closed)*

$1,517,080 Listings for Sale

34 Under Contract

Sold, 19 Active, 34

Pending, 17

17 Sold

19 *12 month average

market insight

Redondo 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)

Sept. 2013 Sept. 2014 % Change $763,000 $793,000 4% $455 $456 0.2% 88 76 -14% 54 83 54% 132 146 11% 41 48 17% 1.5 1.9 27% 66.7% 52.1% -22%

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $763

$750

$780 $715

$770

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

$756

2/14

$820

$788 $730

$875

$845

$793

$719

14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$842,000

Average Sales Price (Closed)*

$899,250

Sold, 76

Listings for Sale

Active, 146

146

Under Contract

Pending, 83

83

Sold

76

*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)

Sept. 2013 Sept. 2014 % Change $755,000 $522,000 -31% $474 $508 7% 14 8 -43% 11 8 -27% 16 20 25% 27 60 122% 1.1 2.5 127% 87.5% 40% -54%

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $949

$755

$803 $719

$743

$800

$854

$872

$845 $723

$775 $694 $522

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

2/14

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

14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$837,830

Average Sales Price (Closed)*

$849,330

Sold 8

Listings for Sale

20

Active 20 Pending 8

Under Contract

8 Sold

8 *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)

Sept. 2013 Sept. 2014 % Change $539,000 $547,000 1% $383 $381 -1% 109 104 -5% 94 126 34% 179 226 26% 39 63 62% 1.6 2.2 38% 60.9% 46% -24%

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $600

$570 $555

$555

$550

$545

$539 $515

$530

$523

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

$547 $535

$512

2/14

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

14-Jul

14-Aug 14-Sep

Key September Stats

Median Sales Price*

$589,670

Average Sales Price (Closed)*

$619,920

Sold 104

Listings for Sale

226 Under Contract

Active 226

Pending 126

126 Sold

104 *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)

Sept. 2013 Sept. 2014 % Change $445,000 $490,000 10% $300 $387 29% 30 29 -3% 29 38 31% 61 70 15% 41 45 10% 2 2.4 20% 49.2% 41.4% -16%

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $528

$445

$428

$459 $399

$444 $400

$473 $435

$465

$475

$490

$349

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

2/14

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

14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$482,500

Average Sales Price (Closed)*

$500,250

Sold 29

Listings for Sale

70

Active 70 Pending 38

Under Contract

38 Sold

32 *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)

Sept. 2013 Sept. 2014 % Change $435,000 $485,000 11% $294 $303 3% 11 13 18% 5 12 140% 24 18 -25% 61 51 -16% 2.2 1.4 -36% 45.8% 72.2% 58%

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

$435

$422 $388 $335

$365

$395

$366

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

$485

$423

$415 $381

$335

2/14

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

14-Jul 14-Aug 14-Sep

Key September Stats

Median Sales Price*

$436,080

Average Sales Price (Closed)*

$430,170

Sold 13

Listings for Sale

Active 18

18 Under Contract

Pending 12

12 Sold

13 *12 month average

market insight

Lomita Year Over Year

Sept. 2013 Sept. 2014 % Change $430,000 $570,000 33% $331 $360 9% 5 9 80% 11 17 55% 23 28 22% 24 38 58% 4.6 3.1 -33% 21.7% 32.1% 48%

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)

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $560 $517

$502 $430

$430

$551

$475 $400

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

$550

$570

$478

$447 $381

2/14

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

14-Jul

14-Aug 14-Sep

Key September Stats

Median Sales Price*

$524,250

Average Sales Price (Closed)*

$521,670

Sold 9

Listings for Sale

28

Active 28 Pending 17

Under Contract

17 Sold

9 *12 month average

market insight

Gardena Year Over Year

Sept. 2013 Sept. 2014 % Change $355,000 $365,000 3% $256 $285 11% 44 33 -25%

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

42

42

--

Properties for Sale

83

79

Days on Market (Sold Homes)

44

59

Monthly Supply of Inventory

1.9

2.4

Absorption Rate (closed sales)

53%

41.8%

-5% 34% 26% -21%

Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $415

$405 $395 $385

$382 $375

$371 $355

$360

$375 $365

$365 $356

13-Sep 13-Oct 13-Nov 13-Dec 14-Jan

2/14

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

14-Jul

14-Aug 14-Sep

Key September Stats

Median Sales Price*

$408,670

Average Sales Price (Closed)*

$401,670

Sold 33

Listings for Sale

Active 79

79 Under Contract

Pending 42

42 Sold

33 *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