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
431 Main Street 310.522.4900
Palos Verdes Estates 16 Malaga Cove Plaza 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 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 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)
Oct. 2012 Oct. 2013 % Change $1,213,000 $1,468,000 21% $759 $836 10% 32 28 -13% 45 28 -28% 63 47 -25% 90 45 -50% 2 1.7 -15% 71.4% 59.6% -17%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
$1,213 $1,249
$1,363
$1,553
$1,457
$1,725
$1,908 $1,610 $1,540 $1,685
$1,705 $1,468
$1,162
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Manhattan Beach Key October Stats Median Sales Price
$1,468,000
Average Sales Price (Closed)
$1,702,000
Listings for Sale
Sold 28
47
47 Under Contract
28
Active
Pending 28
Sold
28
market insight
Hermosa Beach Year Over Year
Oct. 2012 Oct. 2013 % Change
Median Price
$895
$1,300,000
Average Price Per Square Foot
$560
$695
Properties Sold
16
22
Properties Pending Sales
22
26
Properties for Sale
43
42
Days on Market (Sold Homes)
69
40
Monthly Supply of Inventory
2.7
1.9
Absorption Rate (closed sales)
37.2%
52.4%
45% 24% 38% 18% -25% -2% -30% 41%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
$895
$890
$988
$1,061 $901
$1,000
$1,140 $1,101
$1,250
$1,160 $1,208
$1,300 $1,065
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Hermosa Beach Key October Stats Median Sales Price
$1,300,000
Average Sales Price (Closed)
$1,408,000
Listings for Sale
Sold 22 Active
42 Under Contract
26 Sold
42
Pending 26
22
market insight
Redondo Beach Year Over Year
Oct. 2012 Oct. 2013 % Change
Median Price
$720,000
$750,000
$375
$442
Properties Sold
86
71
Properties Pending Sales
93
88
Properties for Sale
99
130
Days on Market (Sold Homes)
69
48
Monthly Supply of Inventory
1.2
1.8
Absorption Rate (closed sales)
93.9%
67.7%
Average Price Per Square Foot
4% 18% -17% -5% 31% -30% 50% -37%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) $795 $756 $720
$700 $665
$745 $704
$778
$797 $756
$750
$706
$665
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Redondo Beach Key October Stats Median Sales Price
$750,000
Average Sales Price (Closed)
$788,000
Listings for Sale
Sold 71
130 Under Contract
88 Sold
Active 130
Pending 88
71
market insight
El Segundo Year Over Year
Oct. 2012 Oct. 2013 % Change
Median Price
$660,000
$803,000
$401
$502
Properties Sold
9
8
Properties Pending Sales
12
13
Properties for Sale
19
16
Days on Market (Sold Homes)
73
67
Monthly Supply of Inventory
1.6
1.2
Absorption Rate (closed sales)
63.2%
81.3%
Average Price Per Square Foot
22% 25% -11% 8% -21.9% -16% -25% 29%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) $793 $660
$686
$830 $721
$738
$865
$775
$773
$719
$755
$803
$610
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
El Segundo Key October Stats Median Sales Price
$803,000
Average Sales Price (Closed)
$792,000
Listings for Sale
Sold 8
16 Under Contract
13 Sold
Active 16
Pending 13
8
market insight
Torrance Year Over Year Median Price Average Price Per Square Foot
Oct. 2012 Oct. 2013 % Change $475,000 $553,000 16% $325 $364 12%
Properties Sold
115
96
Properties Pending Sales
130
124
Properties for Sale
127
172
Days on Market (Sold Homes)
60
45
Monthly Supply of Inventory
1.1
1.8
Absorption Rate (closed sales)
102.4%
72.1
-17% -5% 35% -25% 64% -30%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
$475
$452
$470
$475
$480
$478
$543
$555
$562
$608
$551
$540
$553
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Torrance Key October Stats Median Sales Price
$553,000
Average Sales Price (Closed)
$590,000
Listings for Sale
Sold 96
172 Under Contract
124 Sold
Active 172
Pending 124
96
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
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