market insight
SouthBay Market Insight 2013_December
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 and Torrance. 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.
listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of 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 awaiting sale. 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 January 2014, based on data available at the end of December 2013. 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 through if no new
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)
Dec. 2012 Dec. 2013 % Change $1,363,000 $1,395,000 2% $605 $779 29% 36 28 -22% 22 12 -45% 45 25 -44% 55 42 -24% 1.4 1.1 -21% 80% 112% 40%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
$1,363
$1,553
$1,457
$1,725
$1,908
$1,987 $1,705 $1,610 $1,540 $1,685 $1,520
$1,395
$1,162
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$1,395,000
Average Sales Price (Closed)
$1,832,000 Listings for Sale
25
Active
Sold 28
25
Under Contract
12 Sold
Pending 12
28
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)
Dec. 2012 Dec. 2013 % Change $988,000 $1,023,000 4% $703 $588 -16% 28 16 -43% 11 7 -36% 34 26 -24% 55 41 -25% 1.2 1.6 33% 82.4% 61.5% -25%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $988
$1,061 $901
$1,000
$1,140 $1,101
$1,250
$1,160 $1,208
$1,300 $1,065
$1,114
$1,023
Nov. Dec. Jan. Feb. Mar. Apr. May May. Jul. Aug. Sept. Oct. Nov. 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$1,023,000
Average Sales Price (Closed)
$1,046,000 Listings for Sale
Sold 16 Active
26 Under Contract
7 Sold
26
Pending 7
16
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)
Dec. 2012 Dec. 2013 % Change $665,000 $780,000 17% $419 $455 9% 68 76 12% 45 54 20% 71 87 23% 61 55 -10% 1 1.1 10% 95.8% 87.4% -9%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $795 $756 $700
$745 $704
$706
$778
$795 $763
$780 $750 $715
$665
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Nov. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$780,000
Average Sales Price (Closed)
$841,000 Listings for Sale
Sold 76
87 Under Contract
54
Pending 54
Sold
76
market insight
Active 87
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)
Dec. 2012 Dec. 2013 % Change $610,000 $743,000 22% $433 $417 -4% 7 12 71% 5 7 40% 16 11 -31% 92 66 -28% 2.3 0.9 -61% 43.8% 109.1% 149%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $793
$830 $721
$738
$865
$775
$773
$719
$755
$803
$719
$743
$610
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$743,000
Average Sales Price (Closed)
$734,000 Listings for Sale
11 Under Contract
7 Sold
Active
Sold 12
11
Pending 7
12
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)
Dec. 2012 Dec. 2013 % Change $470,000 $555,000 18% $326 $375 15% 104 112 8% 81 80 -1% 88 121 38% 62 57 -8% 0.8 1.1 38% 118.2% 92.6% -22%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
$470
$475
$480
$478
$543
$555
$562
$608
$551
$539
$550
$515
$555
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$555,000
Average Sales Price (Closed)
$578,000 Listings for Sale
121 Under Contract
80 Sold
Sold 112 Pending 80
112
market insight
Active 121
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 2013 Shorewood Realtors
market insight
PalosVerdes Market Insight 2013_December
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 Palos Verdes Market Insight report covers Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates. Palos Verdes Peninsula number are too small for meaningful tracking data. 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.
listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of 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 the than sellers; a larger number means more 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 awaiting sale. 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 January 2014, based on data available at the end of December 2013. 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 through if no new
Palos Verdes Estates Year Over Year
Dec. 2012 Dec. 2013 % Change $1,385,000 $1,598,000 15% $525 $610 16%
Median Price Average Price Per Sq. Foot Properties Sold
16
16
-0-
Properties Pending Sales
6
11
Properties for Sale
27
26
Days on Market (Sold Homes)
80
108
Monthly Supply of Inventory
1.7
1.6
Absorption Rate (closed sales)
59.3%
61.5%
83% -4% 35% -6% 4%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $2,025 $1,750 $1,753
$1,695
$1,599 $1,590 $1,299
$1,490 $1,464 $1,500
$1,598
$1,035
$80
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$1,598,000
Average Sales Price (Closed)
$1,906,000 Listings for Sale
Sold 16
26 Under Contract
11
Active 26
Pending 11
Sold
16
market insight
Rancho Palos Verdes Year Over Year
Dec. 2012 Dec. 2013 % Change $951,000 $996,000 5% $446 $458 3% 38 33 -13%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales
28
28
-0-
Properties for Sale
77
76
Days on Market (Sold Homes)
71
103
Monthly Supply of Inventory
2
2.3
Absorption Rate (closed sales)
49.4%
43.4%
-1% 45% 15% -12%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $951
$925
$885
$891
$968
$1,080 $1,110 $1,065 $1,075 $911
$934
$1,035 $996
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$996,000
Average Sales Price (Closed)
$1,163,000
Sold 33
Listings for Sale
76 Under Contract
33
Pending 28
Sold
28
market insight
Active 76
Rolling Hills Year Over Year
Dec. 2012 Dec. 2013 % Change $2,925,000 $2,175,000 -26% $662 $650 -2%
Median Price Average Price Per Sq. Foot Properties Sold
2
2
-0-
Properties Pending Sales
3
1
Properties for Sale
13
10
Days on Market (Sold Homes)
174
129
Monthly Supply of Inventory
6.5
5
Absorption Rate (closed sales)
15.4%
20%
-67% -23% -26% -23% 30%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $5,200 $4,088 $2,925 $2,900
$2,750
$2,423 $1,355 $-
$2,525
$2,100
$2,175
$1,481 $-
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$2,175,000
Average Sales Price (Closed)
$2,175,000 Listings for Sale
10
Sold, 2
Pending, 1
Under Contract
Active, 10
1 Sold
2
market insight
Rolling Hills Estates 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)
Dec. 2012 Dec. 2013 % Change $1,113,000 $817,000 -27% $450 $478 6% 12 8 -33% 8 2 -75% 16 19 19% 101 79 -22% 1.3 2.4 85% 75% 42.1% -44%
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000) $1,113 $1,130 $1,089
$1,300
$1,215 $1,022
$1,020 $865
$880
$815
$1,101
$1,043 $817
Dec. Jan. Feb. Mar. Apr. May Jun. May. Aug. Sept. Oct. Nov. Dec. 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Key December Stats
Median Sales Price
$817,000
Average Sales Price (Closed)
$890,000
Sold, 8
Listings for Sale
19
Under Contract
Pending, 2
2
Sold
8
market insight
Active, 19
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 2013 Shorewood Realtors