market insight
SouthBay 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 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 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
Manhattan Beach Year Over Year
OCT 2012
OCT 2013
% CHANGE
Median Price
$1,213,000
$1,468,000
-25%
$759
$836
10%
Properties Sold
32
28
-13%
Properties Pending Sales
45
28
-28%
Properties for Sale
63
47
-25%
Days on Market (Sold Homes)
90
45
-50%
Monthly Supply of Inventory
2
1.7
-15%
Absorption Rate (closed sales)
71.4%
59.6%
-17%
Average Price Per Square Foot
$2,500
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
$2,000
$1,908 $1,725
$1,500
$1,363 $1,213
$1,249
OCT 2012
NOV 2012
$1,610
$1,553
$1,457
$1,685
$1,705
$1,540
$1,468
$1,162
$1,000
$500
$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
$1,468,000
AVERAGE SALES PRICE (Closed)
$1,702,000
LISTINGS FOR SALE
47
UNDER CONTRACT
28
SOLD
28
Active
market insight
Under Contract
Sold
Hermosa Beach Year Over Year
1400
OCT 2012
OCT 2013
% CHANGE
Median Price
$895
$1,300,000
45%
Average Price Per Square Foot
$560
$695
24%
Properties Sold
16
22
38%
Properties Pending Sales
22
26
18%
Properties for Sale
43
42
-25%
Days on Market (Sold Homes)
69
40
-2%
Monthly Supply of Inventory
2.7
1.9
-30%
Absorption Rate (closed sales)
37.2%
52.4%
41%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1300
1250 1200
1140 1061 895
890
OCT 2012
NOV 2012
1101
1065
1000
988
1000
1160
1208
901
800
600
400
200
0 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
$1,300,000
AVERAGE SALES PRICE (sold)
$1,408,000
LISTINGS FOR SALE
42
UNDER CONTRACT
26
SOLD
22
Active
Under Contract
market insight
Sold
Redondo Beach Year Over Year
OCT 2012
OCT 2013
% CHANGE
$720,000
$750,000
4%
$375
$442
18%
Properties Sold
86
71
-17%
Properties Pending Sales
93
88
-5%
Properties for Sale
99
130
31%
Days on Market (Sold Homes)
69
48
-30%
Monthly Supply of Inventory
1.2
1.8
50%
Absorption Rate (closed sales)
93.9%
67.7%
-37%
Median Price Average Price Per Square Foot
820 800 780
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
797
795 778
756
760
756 745
750
740 720
720 700
700
704
706
MAR 2013
APR 2013
680 660 640 OCT 2012
JAN 2013
FEB 2013
MAY 2013
JUN 2013
JUL 2013
AUG 2013
SEP 2013
OCT 2013
Key October Stats MEDIAN SALES PRICE
$750,000
AVERAGE SALES PRICE (sold)
$788,000
LISTINGS FOR SALE
130
UNDER CONTRACT
88
SOLD
71
Active
market insight
Under Contract
Sold
El Segundo Year Over Year
OCT 2012
OCT 2013
% CHANGE
$660,000
$803,000
22%
$401
$502
25%
Properties Sold
9
8
-11%
Properties Pending Sales
12
13
8%
Properties for Sale
19
16
-21.9%
Days on Market (Sold Homes)
73
67
-16%
Monthly Supply of Inventory
1.6
1.2
-25%
Absorption Rate (closed sales)
63.2%
81.3%
29%
Median Price Average Price Per Square Foot
1000
Sept. 2012 to Sept. 2013 Yearly Median Price Tracking (in $,000)
900 793
800 700
830 721
738
FEB 2013
MAR 2013
865 775
803
773 719
755
660
600 500 400 300 200 100 0 OCT 2012
JAN 2013
APR 2013
MAY 2013
JUN 2013
JUL 2013
AUG 2013
SEP 2013
OCT 2013
Key September Stats MEDIAN SALES PRICE
$803,000
AVERAGE SALES PRICE (Closed)
$792,000
LISTINGS FOR SALE
16
UNDER CONTRACT
13
SOLD
8
Active
Under Contract
market insight
Sold
Torrance Year Over Year
OCT 2012
OCT 2013
% CHANGE
$475,000
$553,000
16%
Average Price Per Square Foot
$325
$364
12%
Properties Sold
115
96
-17%
Properties Pending Sales
130
124
-5%
Properties for Sale
127
172
35%
Days on Market (Sold Homes)
60
45
-25%
Monthly Supply of Inventory
1.1
1.8
64%
Absorption Rate (closed sales)
102.4%
72.1
-30%
Median Price
700
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 608
600 543 500
475
475
480
478
OCT 2012
JAN 2013
FEB 2013
MAR 2013
555
562
MAY 2013
JUN 2013
551
540
AUG 2013
SEP 2013
553
400
300
200
100
0 APR 2013
JUL 2013
OCT 2013
Key October Stats MEDIAN SALES PRICE
$553,000
AVERAGE SALES PRICE (Closed)
$590,000
LISTINGS FOR SALE
172
UNDER CONTRACT
124
SOLD
96
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