Vol. 6 | June 2020
Market Intelligence Report South Bay Edition Delivering the facts and trends of the most relevant market activities as they unfold in the South Bay real estate community
RE/MAX Estate Properties 600+ Local Agents • 13 Offices • Luxury Residential Commercial Investment Division • International Lic # 00450665, 00402754, 01879720
Daryl Palmer
RE/MAX Hall of Fame | CRS | Lic# 01986622
310-502-4240
Daryl@DarylPalmer.com Helping you find your way home...since 1986 w w w . S o u t h B a y F i n e P r o p e r t i e s . c o m
SouthBay Market Intelligence RE/MAX Estate Properties tracks key data points in significant cities and areas throughout the SouthBay. El Segundo..............................................................3 Gardena..................................................................4 Hawthorne..............................................................5 Hermosa Beach......................................................7 Lawndale................................................................7 Lomita.....................................................................8 Manhattan Beach...................................................9 Redondo Beach....................................................10 Torrance................................................................11 Carson...................................................................12
Market Intelligence Glossary MEDIAN PRICE:
Median Price is the price of the property that falls in the middle of the total number of properties Sold in any given month.
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.
PROPERTIES FOR SALE: The number of properties that are for sale on the market.
PROPERTIES UNDER CONTRACT:
The number of properties with an accepted offer however they have not closed.
PROPERTIES SOLD: The number of properties that SOLD and transfered ownership.
DAYS ON MARKET (CLOSED SALES):
The average number of days that properties were on ACTIVE on the market.
MONTHS SUPPLY OF INVENTORY:
This is calculated by dividing the total number of homes for sale in a particular month by the number of homes that sold in that month.
PROPERTIES PENDING SALE:
The number of properties placed in escrow during any given month.
ABSORPTION RATE (CLOSED SALES):
This is the rate at which properties sell. It is the number of properties sold divided by the total number of properties for sale.
REPORT NOTES:
Reports published in June 2020 are based on data available at the end of May 2020. All reports presented are based on data supplied by the CRMLS or TheMLS and Trendgraphix. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Information deemed reliable but not guaranteed.
El Segundo MAY STATS Key Facts:
$1,133,000
Median Sold Price
$1,420,000
Average Sold Price
17
MAY MAY % 2019 2020 Change
Median Price (in $1,000)
$1,147
$1,133
-1%
Average Price Per Sq. Foot
$602
$723
20%
Properties for Sale
22
17 -23%
Properties Pending Sales
12
11 -8%
Properties Sold
25
6 -76%
Days on Market (Sold Homes)
62
19 -69%
Monthly Supply of Inventory
0.9
2.8 211%
Absorption Rate (Closed Sales) 113.6
35.3 -69%
Listings for Sale
AVERAGE & MEDIAN PRICE
$1,800
11
Listings Pending
$1,600
$3,500
$1,400
$3,000
6
Listings Sold
$2,593
$1,200
$2,500 $1,000
$2,000 $1,655
$800
19
Days On Market
$1,500 $600
$1,000 $400
$500
$200
$-
$May 2019
Jun Jul 2019 Aug 2019 2019
Sep 2019
Nov 2019
Median
Dec 2019
Jan 2020
Average
Feb 2020
Mar 2020
Apr 2020
May 2020
Gardena MAY STATS Key Facts:
$585,000
Median Sold Price
$570,000
Average Sold Price
32
Listings Pending
Listings Sold
10
Days On Market
% Change
$555
$585
5%
Average Price Per Sq. Foot
$411
$466
13%
Properties for Sale
62
32 -48%
Properties Pending Sales
38
24 -37%
Properties Sold
33
22 -33%
Days on Market (Sold Homes)
24
10 -58%
Monthly Supply of Inventory
1.9
1.5 -21%
Absorption Rate (Closed Sales) 53.2 68.8 29%
AVERAGE & MEDIAN PRICE $620 $3,500
$570
$600 $3,000
22
MAY 2020
Median Price (in $1,000)
Listings for Sale
24
MAY 2019
$585 $2,593
$580 $2,500 $560 $2,000
$1,655
$540 $1,500 $520 $1,000 $500 $500 $480 $-
Median
Average
Hawthorne MAY STATS Key Facts:
$694,000
Median Sold Price
$715,000
Average Sold Price
43
MAY MAY % 2019 2020 Change
Median Price (in $1,000)
$640
$694
8%
Average Price Per Sq. Foot
$487
$488
0%
Properties for Sale
53
43 -19%
Properties Pending Sales
39
31 -21%
Properties Sold
41
14 -66%
Days on Market (Sold Homes)
42
11 -74%
Monthly Supply of Inventory
1.3
3.1 138%
Absorption Rate (Closed Sales) 77.4
32.6 -58%
Listings for Sale
31
Listings Pending
AVERAGE & MEDIAN PRICE $3,500$900 $715
$800
$3,000
$694
$700
14
$2,593
$2,500$600
Listings Sold
$500
$2,000
$1,655
$400
11
Days On Market
$1,500
$300
$1,000$200 $100
$500 $-
$-
Median
Average
Hermosa Beach MAY STATS Key Facts:
$1,925,000 Median Sold Price
$2,608,000
Average Sold Price
56
MAY 2019
MAY 2020
% Change
Median Price (in $1,000)
$1,243
$1,925
55%
Average Price Per Sq. Foot
$1,208
$1,095
-9%
Properties for Sale
56
56 0%
Properties Pending Sales
18
26 44%
Properties Sold
12
10 -17%
Days on Market (Sold Homes)
49
26 -47%
Monthly Supply of Inventory
4.7
5.6 19%
Absorption Rate (Closed Sales) 21.4
17.9 -16%
Listings for Sale
26
Listings Pending
AVERAGE & MEDIAN PRICE $2,608
$3,000
$3,500 $2,500
$3,000
10
$1,925
$2,593
$2,000
$2,500
Listings Sold $1,500 $2,000
$1,655
26
Days On Market
$1,500
$1,000
$1,000 $500
$500 $-
$-
Median
Average
Lawndale MAY STATS Key Facts:
$572,000
Median Sold Price
$557,000
Average Sold Price
26
Median Price (in $1,000)
$672
$572
-15%
Average Price Per Sq. Foot
$414
$582
41%
Properties for Sale
16
26 63%
Properties Pending Sales
7
10 43%
Properties Sold
13
4 -69%
Days on Market (Sold Homes)
34
20 -41%
Monthly Supply of Inventory
1.2
6.5 442%
Absorption Rate (Closed Sales) 81.3
Listings for Sale
10
Listings Pending
MAY MAY % 2019 2020 Change
AVERAGE & MEDIAN PRICE $3,500
$800 $557
$3,000 $700
4
Listings Sold
15.4 -81%
$572 $2,593
$600
$2,500
$500
$2,000 $400
20
Days On Market
$1,655
$1,500
$300
$200 $1,000 $100
$500
$-
$-
Median
Average
Lomita MAY STATS Key Facts:
$700,000 Median Sold Price
$724,000
Average Sold Price
15
MAY 2019
MAY 2020
Median Price (in $1,000)
$685
$700
2%
Average Price Per Sq. Foot
$451
$433
-4%
Properties for Sale
21
15 -29%
Properties Pending Sales
17
9 -47%
Properties Sold
13
11 -15%
Days on Market (Sold Homes)
33
34 3%
Monthly Supply of Inventory
1.6
1.4 -13%
Absorption Rate (Closed Sales) 61.9 73.3 18%
Listings for Sale
9
Listings Pending
AVERAGE & MEDIAN PRICE $3,500 $900 $724
$800 $3,000
11
Listings Sold
% Change
$700
$2,593
$700
$2,500 $600
$2,000 $500 $1,655 $400
34
Days On Market
$1,500
$300
$1,000 $200 $100
$500
$-
$-
Median
Average
Manhattan Beach MAY STATS Key Facts:
$2,562,000 Median Sold Price
$2,642,000 Average Sold Price
131
MAY MAY % 2019 2020 Change
Median Price (in $1,000)
$2,499
$2,562
3%
Average Price Per Sq. Foot
$1,107
$1,078
-3%
Properties for Sale
128 131 2%
Properties Pending Sales
37
33 -11%
Properties Sold
45
20 -56%
Days on Market (Sold Homes)
44
36 -18%
Monthly Supply of Inventory
2.8
6.6 136%
Absorption Rate (Closed Sales) 35.2
15.3 -57%
Listings for Sale
33 Listings Pending
AVERAGE & MEDIAN PRICE $3,500 $4,000 $3,000 $3,500
20 Listings Sold
$2,642 $2,593 $2,562
$3,000 $2,500 $2,500 $2,000
$1,655
$2,000
36
Days On Market
$1,500 $1,500 $1,000 $1,000 $500 $500 $- $-
May Jun Jul Aug Sep 2019 2019 2019 2019 2019
Oct Nov Dec 2019 2019 2019
Median
Average
Jan Feb Mar Apr 2020 2020 2020 2020
May 2020
Redondo Beach MAY STATS Key Facts:
$1,028,000 Median Sold Price
$1,085,000
Average Sold Price
97
MAY 2019
MAY 2020
Median Price (in $1,000)
$1,073
$1,028
-4%
Average Price Per Sq. Foot
$626
$601
-4%
Properties for Sale
108
97 -10%
Properties Pending Sales
90
51 -43%
Properties Sold
80
46 -43%
Days on Market (Sold Homes)
32
20 -38%
Monthly Supply of Inventory
1.4
2.1 50%
Absorption Rate (Closed Sales) 74.1
Listings for Sale
51
Listings Pending
Listings Sold
$3,500 $1,600 $1,085 $2,593 $1,028
$1,200 $2,500 $1,000 $2,000 $800
20
Days On Market
47.4 -36%
AVERAGE & MEDIAN PRICE
$1,400 $3,000
46
% Change
$1,655
$1,500 $600 $1,000 $400 $200 $500 $$-
Median
Average
Torrance MAY STATS Key Facts:
$858,000
Median Sold Price
$917,000
Average Sold Price
118
Median Price (in $1,000)
$810
$858
6%
Average Price Per Sq. Foot
$538
$561
4%
Properties for Sale
136
118 -13%
Properties Pending Sales
109
90 -17%
Properties Sold
104
46 -56%
Days on Market (Sold Homes)
22
22 0%
Monthly Supply of Inventory
1.3
2.6 100%
Absorption Rate (Closed Sales) 76.5
Listings for Sale
90
Listings Pending
MAY MAY % 2019 2020 Change
39 -49%
AVERAGE & MEDIAN PRICE $1,000 $3,500 $917 $950 $3,000
46
$2,593 $2,500 $900
Listings Sold
$858
$2,000 $850
22
Days On Market
$1,655
$1,500 $800 $1,000 $750 $500 $700 $-
Median
Average
Carson MAY STATS Key Facts:
$520,000 Median Sold Price
$524,000
Average Sold Price
24
MAY 2019
MAY 2020
Median Price (in $1,000)
$505
$520
3%
Average Price Per Sq. Foot
$364
$380
4%
Properties for Sale
48
24 -50%
Properties Pending Sales
39
28 -28%
Properties Sold
43
29 -33%
Days on Market (Sold Homes)
30
12 -60%
Monthly Supply of Inventory
1.1
0.8 -27%
Absorption Rate (Closed Sales) 89.6 120.8 35%
Listings for Sale
28
Listings Pending
AVERAGE & MEDIAN PRICE $600 $3,500 $580 $3,000
29
Listings Sold
12
Days On Market
% Change
$524 $2,593
$560 $2,500 $540 $2,000
$1,655 $520
$520 $1,500 $500 $1,000 $480 $500 $460 $-
Median
Average
RE/MAX Estate Properties • 600+ Local Agents • 13 Offices • Luxury Residential International • Commercial Division BEVERLY HILLS 9454 Wilshire Blvd. Suite 600 Beverly Hills, CA 90212
SOUTH BAY 23740 Hawthorne Blvd., 2nd Flr Torrance, CA 90505
WEST LOS ANGELES 10931 W. Pico Blvd. Los Angeles, CA 90064
REDONDO BEACH 1720 S. Elena Avenue Redondo Beach, CA 90277
MARINA DEL REY / VENICE 124 Washington Blvd. Marina Del Rey, CA 90292
MALAGA COVE 63 Malaga Cove Plaza Palos Verdes Estates, CA 90274
SILICON BEACH 7131 W. Manchester Ave. Los Angeles, CA 90045
SILVER SPUR 450 Silver Spur Road Rancho Palos Verdes, CA 90274
EL SEGUNDO 402 Main Street El Segundo, CA 90245
MIRALESTE 5 Miraleste Plaza Rancho Palos Verdes, CA 90275
MANHATTAN BEACH-DOWNTOWN 1401 Highland Avenue Manhattan Beach, CA 90266
SAN PEDRO COASTLINE 1416 W 25th Street San Pedro, CA 90732
MANHATTAN BEACH 1040 Manhattan Beach Blvd. Manhattan Beach, CA 90266
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© 2015-19 RE/MAX Estate Properties
Daryl Palmer
RE/MAX Hall of Fame | CRS | Lic# 01986622
310-502-4240
Daryl@DarylPalmer.com Helping you find your way home...since 1986 w w w . S o u t h B a y F i n e P r o p e r t i e s . c o m