Vol. III April 2017
The SouthBay Market Intelligence Report
Designed to give you the facts & trends overview of the most relevant market activities as they unfold in the South Bay real estate community. This report covers Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Torrance, Hawthorne, Gardena, Lawndale and Lomita.
JOE BUCK REALTORÂŽ 310.995.1195 joebuck@southbayresidential.com CalBRE # 01995305
725 Local Agents • 17 Offices • Luxury Residential Commercial Investment Division • International Children’s Miracle Network of Hospitals Supporter #27 RIS Media Top 500 Power Broker BEVERLY HILLS 9454 Wilshire Blvd. Suite 600 Beverly Hills, CA 90212 Phone: 310.205.0050 WEST LOS ANGELES 10931 W. Pico Blvd. Los Angeles, CA 90064 Phone: 310.202.8141 SANTA MONICA 620 Santa Monica Blvd. Suite B Santa Monica, CA 90401 Phone: 310.264.2225 MARINA DEL REY / VENICE 124 Washington Blvd. Marina Del Rey, CA 90292 Phone: 310.577.5300 EL SEGUNDO 402 Main Street El Segundo, CA 90245 Phone: 310.322.1425 MANHATTAN BEACH 1040 Manhattan Beach Blvd. Manhattan Beach, CA 90266 Phone: 310.376.2225 MANHATTAN BEACH DOWNTOWN 1401 Highland Avenue Manhattan Beach, CA 90266 Phone: 310.937.5700 HERMOSA BEACH 2601 Pacific Coast Hwy. #101 Hermosa Beach, CA 90254 Phone: 310.937.3200
SOUTH BAY 23740 Hawthorne Blvd. 2nd Floor Torrance, CA 90505 Phone: 310.378.9889 REDONDO BEACH 1720 S. Elena Avenue Redondo Beach, CA 90277 Phone: 310.378.7747 MALAGA COVE 63 Malaga Cove Plaza Palos Verdes Estates, CA 90274 Phone: 310.378.9494 SAN PEDRO COASTLINE 1416 W 25th Street San Pedro, CA 90732 Phone: 310.831.0150 MIRALESTE 5 Miraleste Plaza Rancho Palos Verdes, CA 90275 Phone: 310.831.0222 SILVER SPUR 450 Silver Spur Road Rancho Palos Verdes, CA 90275 Phone: 310.544.9999 Silicon BEACH 7131 W. Manchester Ave. Los Angeles, CA 90045
Photography courtesy of Brian Holm | AvenueEye.com | 424.262.7723
SouthBay Market Intelligence RE/MAX Estate Properties tracks key data points in significant cities and areas throughout the SouthBay. This Market Intelligence Report monitors
El Segundo
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.
Gardena Hawthorne
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.
Hermosa Beach Lawndale Lomita Manhattan Beach
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.
Redondo Beach
Absorption rate (closed sales):
Torrance
Report Notes:
This is the rate at which properties sell. It is the number of properties sold divided by the total number of properties for sale.
Reports published in April 2017 are based on data available at the end of March 2017. 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.
Photography courtesy of Brian Holm, AvenueEye.com
El Segundo March Stats
$1,100,000
Median Sold Price
Year Over Year
Mar. Mar. 2016 2017
Median Price
$1,188
$1,100
-7%
$616
$646
5%
Average Price Per Sq. Foot
$1,097,000 Average Sold Price
24 Listings for Sale
Properties for Sale
17
24 41%
Properties Pending Sales
10
7 -30%
Properties Sold
6
5 -17%
Days on Market (Sold Homes)
55
11 -80%
Monthly Supply of Inventory
2.8
4.8 71%
Absorption Rate (closed sales)
35.3
20.8 -41%
$1,600
7 Listings Pending
% Change
Avg. & Median Price by Month
$3,500 $1,400 $3,000 $1,200
$1,097
$1,100
$2,593 $2,500 $1,000
5 Listings Sold
11 Days On Market
$2,000 $800 $1,655 $600 $1,500
$400 $1,000 $200 $500 $$-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
Gardena March Stats Year Over Year
Mar. Mar. 2016 2017
% Change
Median Price
$449
$465
4%
Average Price Per Sq. Foot
$332
$327
-2%
Properties for Sale
50
31 -38%
Properties Pending Sales
47
46 -2%
Properties Sold
38
52 37%
Days on Market (Sold Homes)
53
39 -26%
Monthly Supply of Inventory
1.3
0.6 -54%
Absorption Rate (closed sales)
76
167.7 121%
$465,000
Median Sold Price
$470,000
Average Sold Price
31 Listings for Sale
Avg. & Median Price by Month
46
$3,500 $600 $470
$3,000
$500
$465
$2,593
Listings Pending
$2,500 $400
$2,000 $1,655
$300
$1,500
52 Listings Sold
$200
$1,000 $100
$500
$- $-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
39 Days On Market
Hawthorne March Stats
$585,000
Median Sold Price
$594,000 Average Sold Price
50 Listings for Sale
Year Over Year
Listings Pending
% Change
Median Price
$523
$585
12%
Average Price Per Sq. Foot
$374
$447
20%
Properties for Sale
41
50 22%
Properties Pending Sales
44
47 7%
Properties Sold
30
38 27%
Days on Market (Sold Homes)
35
39 11%
Monthly Supply of Inventory
1.4
1.3 -7%
Absorption Rate (closed sales)
73.2 76 4%
$800
47
Mar. Mar. 2016 2017
Avg. & Median Price by Month
$3,500
$700 $594
$3,000
$585
$600
$2,593 $2,500
$500
38 Listings Sold
39 Days On Market
$2,000 $400 $1,655 $1,500 $300 $200 $1,000 $100 $500 $-
$-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
Hermosa Beach March Stats Year Over Year
Mar. Mar. 2016 2017
% Change
Median Price
$1,265
$1,585
25%
Average Price Per Sq. Foot
$1,000
$1,071
7%
Properties for Sale
36
46 28%
Properties Pending Sales
21
18 -14%
Properties Sold
16
14 -13%
Days on Market (Sold Homes)
45
77 71%
Monthly Supply of Inventory
2.3
3.3 43%
Absorption Rate (closed sales) 44.4
30.4 -32%
$3,000
Avg. & Median Price by Month
$1,585,000 Median Sold Price
$2,855,000 Average Sold Price
46 Listings for Sale
$2,855
18
$3,500 $2,500
$3,000 $2,593
$2,000 $2,500
Listings Pending
$1,585
$2,000
$1,500
$1,655
$1,500
14 Listings Sold
$1,000
$1,000 $500
$500 $- $-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
77 Days On Market
Lawndale March Stats
$475,000
Median Sold Price
$492,000
Average Sold Price
16 Listings for Sale
Year Over Year
Listings Pending
% Change
Median Price
$496
$475
-4%
Average Price Per Sq. Foot
$333
$469
41%
Properties for Sale
14
16 14%
Properties Pending Sales
18
15 -17%
Properties Sold
8
7 -13%
Days on Market (Sold Homes)
60
17 -72%
Monthly Supply of Inventory
1.8
2.3 28%
Absorption Rate (closed sales)
57.1
43.8 -23%
$600
15
Mar. Mar. 2016 2017
Avg. & Median Price by Month
$492
$3,500 $475
$500
$3,000 $2,593
$400 $2,500
7
$2,000 $300
Listings Sold
$200
$1,655
$1,500
$1,000 $100
17 Days On Market
$500 $$-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
Lomita March Stats Year Over Year
Mar. Mar. 2016 2017
% Change
Median Price
$488
$530
9%
Average Price Per Sq. Foot
$385
$387
1%
Properties for Sale
21
12 -43%
Properties Pending Sales
15
16 7%
Properties Sold
10
14 40%
Days on Market (Sold Homes)
54
58 7%
Monthly Supply of Inventory
2.1
0.9 -57%
Absorption Rate (closed sales)
47.6
116.7 145%
$700
$530,000
Median Sold Price
$559,000 Average Sold Price
12 Listings for Sale
Avg. & Median Price by Month
$3,500
$559
$600
$530
$3,000 $500
$2,593
16 Listings Pending
$2,500 $400
$2,000 $1,655
$300
$1,500
14 Listings Sold
$200
$1,000
$100
$500
$- $-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
58 Days On Market
Manhattan Beach March Stats
$2,695,000
Median Sold Price
$3,539,000 Average Sold Price
105 Listings for Sale
Year Over Year
Mar. Mar. 2016 2017
% Change
Median Price
$2,481
$2,695
9%
Average Price Per Sq. Foot
$1,045
$1,124
8%
Properties for Sale
100 105 5%
Properties Pending Sales
45
58 29%
Properties Sold
34
34 0%
Days on Market (Sold Homes)
65
64 -2%
Monthly Supply of Inventory
2.9 3.1 7%
Absorption Rate (closed sales)
34
32.4 -5%
Avg. & Median Price by Month
58 Listings Pending
$3,500
$4,000
$3,539
$3,000 $3,500 $2,593
$3,000
$2,500
$2,695
$2,500
34
$2,000
Listings Sold
$1,500
$1,655
$2,000
$1,500
$1,000
$1,000
64 Days On Market
$500 $500 $-
$-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
Redondo Beach March Stats Year Over Year
Mar. Mar. 2016 2017
% Change
Median Price
$915
$994
9%
Average Price Per Sq. Foot
$526
$564
7%
Properties for Sale
71
85 20%
Properties Pending Sales
95
84 -12%
Properties Sold
73
70 -4%
Days on Market (Sold Homes)
43
33 -23%
Monthly Supply of Inventory
1
1.2 20%
Absorption Rate (closed sales) 102.8
$1,200
82.4 -20%
$994,000
Median Sold Price
$1,036,000 Average Sold Price
85 Listings for Sale
Avg. & Median Price by Month $1,036
$3,500
$994
$1,000
$3,000 $2,593
$800
84 Listings Pending
$2,500
$2,000 $600 $1,655 $1,500
70 Listings Sold
$400
$1,000 $200
$500
$-
$Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
33 Days On Market
Torrance March Stats
$728,000
Median Sold Price
$783,000
Average Sold Price
92 Listings for Sale
Year Over Year
Listings Pending
% Change
Median Price
$678
$728
7%
Average Price Per Sq. Foot
$444
$507
14%
Properties for Sale
131
Properties Pending Sales
104 105 1%
Properties Sold
94
84 -11%
Days on Market (Sold Homes)
49
34 -31%
Monthly Supply of Inventory
1.4
1.1 -21%
Absorption Rate (closed sales)
71.8 91.3 27%
$1,000
105
Mar. Mar. 2016 2017
92 -30%
Avg. & Median Price by Month
$3,500
$900 $783
$800 $3,000
$728
$2,593
$700
$2,500 $600
84 Listings Sold
$2,000
$500
$1,655
$400 $1,500 $300
$1,000 $200
34 Days On Market
$500
$100
$-$-
Mar. Apr. May Jun. July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 2016 2016 2016 2016 2016 2016 2016 2016 2016 2016 2017 2017 2017
Median
Average
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© 2015-17 RE/MAX Estate Properties
JOE BUCK REALTOR® 310.995.1195 joebuck@southbayresidential.com CalBRE # 01995305