market insight
SouthBay Market Insight 2014_February
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 March 2014, based on data available at the end of February 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
Feb. 2013 Feb. 2014 % Change $1,162,000 $1,953,000 68% $881 $1,014 15% 22 26 18%
Properties Pending Sales
33
33
-
Properties for Sale
44
36
Days on Market (Sold Homes)
81
52
Monthly Supply of Inventory
2
1.4
Absorption Rate (closed sales)
50%
72.2%
-18% -36% -30% 44%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
$1,553 $1,162
$1,725
$2,152
$1,987
$1,908 $1,610 $1,540
$1,685 $1,705
$1,520
$1,395
$1,953
Key February Stats
Median Sales Price*
$1,824,580
Average Sales Price (Closed)*
$2,083,000
Sold 26
Listings for Sale
Active 36
36 Under Contract
33
Pending 33
Sold
26 *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)
Feb. 2013 Feb. 2014 % Change $901,000 $1,390,000 54% $765 $630 -18% 12 15 25% 18 19 6% 37 36 -3% 115 23 -80% 3.1 2.4 -23% 32.4% 41.7% 29%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
$901
$1,000
$1,140 $1,101
$1,250
$1,160 $1,208
$1,390
$1,300 $1,065
$1,114
$1,023
$878
Key February Stats
Median Sales Price*
$1,210,830
Average Sales Price (Closed)*
$1,419,417
Sold, 15
Listings for Sale
36 Under Contract
Active, 36 Pending, 19
19 Sold
15 *12 month average
market insight
Redondo Beach Year Over Year
Feb. 2013 Feb. 2014 % Change $756,000 $760,000 1% $411 $458 11% 56 53 -5% 59 69 17% 84 86 2% 63 46 -27% 1.4 2 43% 70.9% 50.5% -29%
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)
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $795 $756
$745 $704
$706
$778
$795 $763
$780 $750 $715
$770
$760
Key February Stats
Median Sales Price*
$818,080
Average Sales Price (Closed)*
$873,7500
Sold, 53
Listings for Sale
Active, 105
105 Under Contract
86
Pending, 86
Sold
53 *12 month average
market insight
El Segundo Year Over Year
Feb. 2013 Feb. 2014 % Change $721,000 $854,000 18% $417 $487 17% 7 2 -71%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales
9
9
-
Properties for Sale
9
14
Days on Market (Sold Homes)
140
60
Monthly Supply of Inventory
1.3
7
Absorption Rate (closed sales)
77.8%
14.3%
56% -57% 438% -82%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $721
$738
$830
$865
$775
$773
$719
$755
$803
$719
$743
$800
$854
Key February Stats
Median Sales Price*
$841,250
Average Sales Price (Closed)*
Sold 2
$872,333 Listings for Sale
14
Pending 9
Under Contract
9 Sold
2 *12 month average
market insight
Active 14
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)
Feb. 2013 Feb. 2014 % Change $480,000 $512,000 7% $332 $382 15% 67 80 19% 99 96 -3% 89 126 42% 70 54 -23% 1.3 1.6 23% 75.3% 63.5% -16%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000)
$480
$478
$543
$555
$562
$608
$551
$539
$550
$515
$555
$524
$512
Key February Stats
Median Sales Price*
$581,000
Average Sales Price (Closed)*
$600,500 Listings for Sale
Sold 80 Active 126
126 Under Contract
96
Pending 96
Sold
80 *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)
Feb. 2013 Feb. 2014 % Change $349,000 $400,000 15% $291 $294 1% 28 19 -32% 28 23 -18% 43 72 67% 52 53 2% 1.5 3.8 153% 65.1% 26.4% -59%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $459 $349
$370
$397 $338
$395
$372
$445
$428 $349
$459 $399
$400
Key February Stats
Median Sales Price*
$430,000
Average Sales Price (Closed)*
$450,250
Sold 19
Listings for Sale
72
Pending 23 Active 72
Under Contract
23 Sold
19 *12 month average
market insight
Lawndale Year Over Year
Feb. 2013 Feb. 2014 % Change $300,000 $422,000 41% $187 $256 37%
Median Price Average Price Per Sq. Foot Properties Sold
9
9
-
Properties Pending Sales
13
8
Properties for Sale
11
16
Days on Market (Sold Homes)
100
72
Monthly Supply of Inventory
1.2
1.8
Absorption Rate (closed sales)
81.8%
56.3%
-38% 45% -28% 50% -31%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $435
$402 $300
$315
$316
$310
$320
$365
$388
$422 $350
$365
$366
Key February Stats
Median Sales Price*
$387,830
Average Sales Price (Closed)*
$382,583
Sold 9
Listings for Sale
Active 16
16 Under Contract
Pending 8
8 Sold
9 *12 month average
market insight
Lomita Year Over Year
Feb. 2013 Feb. 2014 % Change $394,000 $475,000 21% $314 $369 18% 8 4 -50% 8 11 38% 8 24 200% 56 35 -38% 1 6 500% 100% 16.7% -83%
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)
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $560 $394
$412
$466
$484
$423
$479
$440
$430
$502 $430
$475 $400
Key February Stats
Median Sales Price*
$491,250
Average Sales Price (Closed)*
Sold 4
$496,000 Listings for Sale
24
Pending 11 Active 24
Under Contract
11 Sold
4 *12 month average
market insight
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)
Feb. 2013 Feb. 2014 % Change $310,000 $375,000 21% $213 $222 4% 39 25 -36% 50 42 -16% 57 63 11% 74 63 -15% 1.5 2.5 67% 68.4% 39.7% -42%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $310
$328
$323
$347
$358
$340
$354
$355
$360
$371
$356
$365
$375
Key February Stats
Median Sales Price*
$378,500
Average Sales Price (Closed)*
$373,417
Sold 25
Listings for Sale
Active 63
63 Under Contract
Pending 42
42 Sold
25 *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