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
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