market insight
SouthBay Market Insight 2014_May
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 June 2014, based on data available at the end of May 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)
May 2013 May 2014 % Change $1,908,000 $1,995,000 5% $720 $802 11% 50 43 -14% 37 57 54% 67 55 -18% 44 48 9%
Monthly Supply of Inventory
1.3
1.3
--
Absorption Rate (closed sales)
74.6%
78.2%
5%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $2,152
$1,987
$1,908 $1,705 $1,610 $1,540 $1,685 $1,520
$1,953 $1,717
$1,850
$1,995
$1,395
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$1,918,080
Average Sales Price (Closed)*
$2,191,670 Listings for Sale
Active, 55 Sold, 43
55 Under Contract
Pending, 57
57 Sold
43 *12 month average
market insight
Hermosa Beach Year Over Year
May 2013 May 2014 % Change $1,101,000 $1,225,000 11% $579 $625 8% 19 31 63% 26 19 -27%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale
39
39
--
Days on Market (Sold Homes)
49
60
Monthly Supply of Inventory
1.5
.1
Absorption Rate (closed sales)
66.7%
48.7%
22% 40% -27%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $1,460 $1,250 $1,101
$1,160
$1,345
$1,300
$1,208 $1,065
$1,225 $1,114
$1,101
$1,023 $878
13-May 13-Jun
13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$1,269,170
Average Sales Price (Closed)*
$1,458,500
Sold, 19
Listings for Sale
39
Active, 39 Pending, 21
Under Contract
21 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)
May 2013 May 2014 % Change $745,000 $717,000 -4% $419 $483 15% 93 72 -23% 109 89 -18% 100 134 34% 45 49 9% 1.1 1.9 73% 93% 53.7% -42%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $795
$795 $778
$770
$763 $745
$788
$780 $756
$750
$730 $715
$717
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$823,50
Average Sales Price (Closed)*
$881,670
Sold, 72
Listings for Sale
Active, 134
134
Under Contract
Pending, 89
89
Sold
72
*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)
May 2013 May 2014 % Change $865,000 $793,000 -8% $473 $445 -6% 9 14 56% 16 15 -6% 17 18 6% 27 38 41% 1.9 1.3 -32% 52.9% 77.8% 47%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $865 $775
13-May 13-Jun
$773
$719
$755
$803
$800 $719
$743
$854
$845
$793
$723
13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$847,250
Average Sales Price (Closed)*
$860,920
Sold 14 Active 18
Listings for Sale
18 Under Contract
Pending 15
15 Sold
14 *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)
May 2013 May 2014 % Change $555,000 $548,000 -1% $355 $378 6% 127 120 -6% 120 101 -16% 117 212 81% 36 45 25% 0.9 1.8 100% 108.5% 56.6% -48%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $608
$555
$562 $551
$555
$550
$515
13-May 13-Jun
13-Jul
$548
$545
$539
$530
$523
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$512
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$591,080
Average Sales Price (Closed)*
$612,330
Sold 120
Listings for Sale
Active 212
212 Under Contract
Pending 101
101 Sold
120 *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)
May 2013 May 2014 % Change $397,000 $435,000 10% $296 $315 6% 42 33 -21% 43 28 -35% 34 74 27% 48 49 2% 0.8 2.2 175% 123.5% 44.6% -64%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $459 $397
$395
13-May 13-Jun
$372
$459
$445
$428
$399
$444
$473
$435
$400
$349
13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$454,580
Average Sales Price (Closed)*
$472,000
Sold 33
Listings for Sale
74
Active 74 Pending 28
Under Contract
28 Sold
33 *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)
May 2013 May 2014 % Change $310,000 $488,000 57% $239 $279 17% 16 6 -63% 15 9 -40% 15 23 53% 38 36 -5% 0.9 3.8 322% 106.7% 26.1% -76%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $488
$435 $402 $365 $310
13-May 13-Jun
$320
$422 $388 $350
$365
$394
$366 $335
13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$411,670
Average Sales Price (Closed)*
Sold 6
$405,250 Listings for Sale
23
Pending 9
Under Contract
9 Sold
6 *12 month average
market insight
Active 23
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)
May 2013 May 2014 % Change $484,000 $381,000 -21% $279 $368 32% 6 8 33% 11 11 -8% 9 28 211% 37 64 73% 1.1 1.9 73% 88.9% 53.6% -40%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $560
$484
$440
$423
13-May 13-Jun
13-Jul
$517
$502
$479 $430
$430
$475 $400
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$447 $381
14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$497,330
Average Sales Price (Closed)*
Sold 8
$498,330 Listings for Sale
30
Pending 17
Under Contract
17 Sold
8 *12 month average
market insight
Active 30
Gardena 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)
May 2013 May 2014 % Change $347,000 $405,000 17% $250 $294 18% 48 31 -35% 48 42 -13% 43 78 81% 42 37 -12% 0.9 2.5 178% 111.6% 39.7% -64%
May 2013 to May 2014 Yearly Median Price Tracking (in $,000) $405
$393 $375
$371 $358
$354
$355
$360
$390
$365 $356
$347 $340
13-May 13-Jun
13-Jul
13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
Key May Stats
Median Sales Price*
$397,420
Average Sales Price (Closed)*
$390,330
Sold 31
Listings for Sale
78
Active 78
Pending 42
Under Contract
42 Sold
31 *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