market insight
PalosVerdes Market Insight 2013_October
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 November 2013, based on data available at the end of October 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
OCT 2012
OCT 2013
% CHANGE
Median Price
$1,328,000
$1,464,000
10%
$630
$582
-8%
Properties Sold
10
12
20%
Properties Pending Sales
14
17
21%
Properties for Sale
42
43
2%
Days on Market (Sold Homes)
55
37
-33%
Monthly Supply of Inventory
4.2
3.6
-14%
Absorption Rate (closed sales)
23.8%
27.9%
17%
Average Price Per Square Foot
2500
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 2025
2000 1750
1753 1599
1500
1328
1400
1695
1590
1385
1490
1464
1299 1035
1000
500
0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013
JUL 2013 AUG 2013 SEP 2013 OCT 2013
Key September Stats MEDIAN SALES PRICE
$1,464,000
AVERAGE SALES PRICE (Closed)
$1,484,000
LISTINGS FOR SALE
43
UNDER CONTRACT
17
SOLD
12
Active
Under Contract
market insight
Sold
Rancho Palos Verdes Year Over Year
OCT 2012
OCT 2013
% CHANGE
$872,000
$934,000
7%
$411
$452
10%
Properties Sold
38
34
-11%
Properties Pending Sales
50
33
-34%
Properties for Sale
94
111
18%
Days on Market (Sold Homes)
85
57
-33%
Monthly Supply of Inventory
2.5
3.3
32%
Absorption Rate (closed sales)
40.4%
30.6%
-24%
Median Price Average Price Per Square Foot
1200
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1080
1000
951 872
869
925
968 885
891
911
1110
1060
1095
934
800
600
400
200
0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013
JUL 2013 AUG 2013 SEP 2013 OCT 2013
Key October Stats MEDIAN SALES PRICE
$934,000
AVERAGE SALES PRICE (Closed)
$965,000
LISTINGS FOR SALE
111
UNDER CONTRACT
33
SOLD
34
Active
Under Contract
market insight
Sold
Rolling Hills Year Over Year
OCT 2012
OCT 2013
% CHANGE
Median Price
$2,870,000
$2,525,000
-12%
$816
$834
2%
Properties Sold
3
3
-
Properties Pending Sales
1
2
100%
Properties for Sale
16
15
-6%
Days on Market (Sold Homes)
107
142
33%
Monthly Supply of Inventory
5.3
5
-6%
Absorption Rate (closed sales)
18.8%
20%
6%
Average Price Per Square Foot
6000
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 5200
5000 4088 4000
3000
2925
2870
2900
2750
2525
2423 2100 2000 1355
1481
1000
0
0
0
OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013
JUL 2013 AUG 2013 SEP 2013 OCT 2013
Key October Stats MEDIAN SALES PRICE
$2,525,000
AVERAGE SALES PRICE (Closed)
$3,150,000
LISTINGS FOR SALE
15
UNDER CONTRACT
2
SOLD
3
Active
Under Contract
market insight
Sold
Rolling Hills Estates Year Over Year
OCT 2012
OCT 2013
% CHANGE
Median Price
$1,235,000
$1,043,000
-16%
$436
$486
11%
Properties Sold
15
10
-33%
Properties Pending Sales
16
6
-63%
Properties for Sale
25
27
8%
Days on Market (Sold Homes)
79
68
-14%
Monthly Supply of Inventory
1.7
2.7
59%
Absorption Rate (closed sales)
60%
37%
-38%
Average Price Per Square Foot
1400
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1235
1200
1215 1150
1113
1130
1101
1089 1022
1020
1043
1000 865
880 815
800
600
400
200
0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013
JUL 2013 AUG 2013 SEP 2013 OCT 2013
Key October Stats MEDIAN SALES PRICE
$1,043,000
AVERAGE SALES PRICE (Closed)
$1,319,000
LISTINGS FOR SALE
27
UNDER CONTRACT
6
SOLD
10
Active
Under Contract
market insight
Sold
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