market insight
SouthBay Market Insight 2014_March
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 April 2014, based on data available at the end of March 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)
Mar. 2013 Mar. 2014 % Change $1,553,000 $1,717,000 11% $646 $896 39% 42 33 -21% 56 49 -13% 39 49 26% 54 44 -19% 0.9 1.5 67% 108% 67.3% -38%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
$1,553
$1,725
$1,908
$2,152
$1,987 $1,610 $1,540 $1,685 $1,705 $1,520
$1,395
$1,953
$1,717
Key March Stats
Median Sales Price*
$1,870,830
Average Sales Price (Closed)*
$2,129,330
Sold 33
Listings for Sale
Active 49
49 Under Contract
49
Pending 49
Sold
33 *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)
Mar. 2013 Mar. 2014 % Change $1,000,000 $1,101,000 10% $611 $658 8% 16 11 -31% 21 24 14% 41 36 -12% 90 43 -52% 2.6 3.3 27% 39% 30.6% -22%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $1,000
$1,140 $1,101
$1,250
$1,160 $1,208
$1,390
$1,300 $1,065
$1,114
$1,023
$1,101 $878
Key March Stats
Median Sales Price*
$1,227,500
Average Sales Price (Closed)*
$1,391,000
Sold, 11
Listings for Sale
36 Under Contract
Pending, 24
24 Sold
11 *12 month average
market insight
Active, 36
Redondo Beach Year Over Year
Mar. 2013 Mar. 2014 % Change $704,000 $787,000 12%
Median Price Average Price Per Sq. Foot
$440
$440
-
Properties Sold
81
83
Properties Pending Sales
83
91
Properties for Sale
74
115
Days on Market (Sold Homes)
62
50
Monthly Supply of Inventory
0.9
1.4
Absorption Rate (closed sales)
109.5%
72.2%
2% 10% 55% -19% 56% -34%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $795 $745 $704
$706
$778
$795 $763
$780 $750 $715
$770
$787 $760
Key March Stats
Median Sales Price*
$820,670
Average Sales Price (Closed)*
$875,417 Listings for Sale
Sold, 83 Active, 115
115 Under Contract
91
Pending, 91
Sold
83 *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)
Mar. 2013 Mar. 2014 % Change $738,000 $723,000 -2% $423 $526 24% 12 8 -33% 10 13 30% 14 12 -14% 81 23 -72% 1.2 1.5 25% 85.7% 66.7% -22%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $738
$830
$865
$775
$773
$719
$755
$803
$719
$743
$800
$854 $723
Key March Stats
Median Sales Price*
$841,420
Average Sales Price (Closed)*
$854,420
Sold 8 Active 12
Listings for Sale
12 Under Contract
13
Pending 13
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) $562
Mar. 2013 Mar. 2014 % Change $478,000 $545,000 14% $345 $383 11% 106 95 -10% 125 114 -9% 86 157 83% 71 39 -45% 0.8 1.7 113% 123.3% 60.5% -51%
$608
$555 $551 $539 $550 $545 $543to$555 Mar. 2013 Mar. 2014 Yearly Median Price Tracking (in $,000) $523 $512 $515 $478
Key March Stats
Median Sales Price*
$586,330
Average Sales Price (Closed)*
$604,420 Listings for Sale
Sold 95
157
Active 157
Under Contract
114
Pending 114
Sold
95 *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)
Mar. 2013 Mar. 2014 % Change $370,000 $440,000 19% $239 $324 36% 32 26 -19% 30 38 27% 42 67 60% 59 50 -15% 1.3 2.6 100% 76.2% 38.8% -49%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $459
$397
$370
$395
$372
13-Jul
$428
$399
$440 $400
$349
$338
13-Mar 13-Apr 13-May 13-Jun
$459
$445
8/13
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
Key March Stats
Median Sales Price*
$437,580
Average Sales Price (Closed)*
$457,830
Sold 26
Listings for Sale
67 Under Contract
38
Active 67 Pending 38
Sold
26 *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)
Mar. 2013 Mar. 2014 % Change $315,000 $335,000 6% $221 $322 46% 19 7 -63% 12 7 -42% 12 15 25% 75 57 -24% 0.6 2.1 250% 158.3% 46.7% -70%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $435
$402 $365 $315
$316
$310
13-Mar 13-Apr 13-May 13-Jun
$320
13-Jul
8/13
$422 $388 $350
$365
$366 $335
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
Key March Stats
Median Sales Price*
$390,750
Average Sales Price (Closed)*
$386,670
Sold 7
Listings for Sale
15 Under Contract
7
Active 15 Pending 7
Sold
7 *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)
Mar. 2013 Mar. 2014 % Change $412,000 $447,000 8% $255 $314 23% 9 14 56% 9 16 78% 9 21 133% 46 62 35% 1 1.5 50% 100% 66.7% -33%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $560
$466 $412
$484
$502
$479 $440
$423
13-Mar 13-Apr 13-May 13-Jun
13-Jul
8/13
$430
$430
$475
$447
$400
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
14-Feb 14-Mar
Key March Stats
Median Sales Price*
$495,670
Average Sales Price (Closed)*
$499,580 Listings for Sale
Sold 14 Active 21
21 Under Contract
16
Pending 16
Sold
14 *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)
Mar. 2013 Mar. 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%
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $328
$323
$347
$358
13-Mar 13-Apr 13-May 13-Jun
$340
13-Jul
$354
8/13
$355
$360
$371
$356
$365
$375
$393
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
Key March Stats
Median Sales Price*
$385,420
Average Sales Price (Closed)*
$378,830
Sold 40
Listings for Sale
Active 70
70 Under Contract
Pending 40
40 Sold
40 *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