Market Insight Reports Palos Verdes 2015 May

market insight

PalosVerdes Market Insight 2015_May

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.

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 May 2015, based on data available at the end of April 2015. 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 if no new

Palos Verdes Estates Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$1,408

$1,898

35%

Average Price Per Sq. Foot

591

588

-1%

Properties Sold

18

18

0%

Properties Pending Sales

12

22

83%

Properties for Sale

47

38

-19%

Days on Market (Sold Homes)

51

91

78%

Monthly Supply of Inventory

2.6

2.1

-19%

Absorption Rate (closed sales)

38.3

47.4

24%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $3,000

$1,675 $1,408

$1,440

$1,898

$1,860

$1,725

$1,408

$1,400

$1,480

$1,550

$1,600

$1,160

2014 Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$1,800,333

Average Sales Price (Closed)*

$2,374,667

Sold 18

Listings for Sale

Active 38

38 Under Contract

Pending 22

22 Sold

18 *12 month rolling average

market insight

Rancho Palos Verdes Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$889

$1,075

20.92%

Average Price Per Sq. Foot

489

592

21%

Properties Sold

40

47

18%

Properties Pending Sales

33

56

70%

Properties for Sale

96

114

19%

Days on Market (Sold Homes)

63

66

5%

Monthly Supply of Inventory

2.4

2.4

0%

Absorption Rate (closed sales)

41.7

41.2

-1%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,220 $1,025

$1,059

$1,088

$1,058

$1,100

$1,175 $1,011

$889

2014 Apr

14-May 14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov 14-Dec

$930

15-Jan

$1,018

$1,058

15-Feb 15-Mar

$1,075

2015 Apr

Key April Stats

Median Sales Price*

$1,142,167

Average Sales Price (Closed)*

$1,300,250

Sold 47

Listings for Sale

114

Under Contract

Active 114 Pending 56

56

Sold

47

*12 month rolling average

market insight

Rolling Hills Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$2,925

$2,600

-11%

683

736

8%

Properties Sold

3

3

0%

Properties Pending Sales

0

6

--

Properties for Sale

19

13

-32%

Days on Market (Sold Homes)

141

97

-31%

Monthly Supply of Inventory

6.3

4.3

-32%

Absorption Rate (closed sales)

15.8

23.1

46%

Average Price Per Sq. Foot

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $5,725

$3,658

$3,300

$2,925

$2,785

$2,439

$3,148

$2,681

$2,845

$3,113

$3,400 $2,600

$-

2014 Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$3,218,250

Sold 3

Average Sales Price (Closed)*

$3,384,417 Listings for Sale

13 Under Contract

Active 13 Pending 6

6

Sold

3

*12 month rolling average

market insight

Rolling Hills Estates Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$1,135

$1,320

16.30%

475

515

8%

Properties Sold

8

13

63%

Properties Pending Sales

18

17

-6%

Properties for Sale

24

19

-21%

Days on Market (Sold Homes)

43

55

28%

Monthly Supply of Inventory

3

1.5

-50%

Absorption Rate (closed sales)

33.3

68.4

105.4%

Average Price Per Sq. Foot

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,300 $1,135

$1,320

$1,280 $1,071

$1,053

$1,115 $1,017

$1,180 $1,050 $900

$925 $760

2014 Apr

14-May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

2015 Apr

Key April Stats

Median Sales Price*

$1,175,500

Average Sales Price (Closed)*

$1,306,667

Sold 13 Active 19

Listings for Sale

19

Under Contract

17

Pending 17

Sold

13

*12 month rolling average

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

Copyright 2013-2015 Shorewood Realtors