Market insight reports southbay 2015 may

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market insight

SouthBay 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 South Bay Market Insight report covers Manhattan Beach, Hermosa Beach, Redondo Beach, El Segundo, Torrance, Hawthorne, Gardena, Lawndale and Lomita. 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.


were added. This is calculated by dividing Not to be confused with Average Price, the total number of homes for sale in Median Price is the price of the property a particular month by the number of that falls in the middle of the total 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. 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 listings


Manhattan Beach Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$1,850

$2,100

13.5%

Average Price Per Sq. Foot

852

972

14%

Properties Sold

45

31

-31%

Properties Pending Sales

39

36

-8%

Properties for Sale

66

54

-18%

Days on Market (Sold Homes)

33

47

42%

Monthly Supply of Inventory

1.5

1.7

13%

Absorption Rate (closed sales)

68.2

57.4

-16%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,850

2014 Apr

$1,995

$1,890

$1,928

$2,100

$1,948

$2,200

$1,710

14-May

14-Jun

14-Jul

14-Aug

14-Sep

$2,100 $1,700

14-Oct

14-Nov

14-Dec

$1,635

15-Jan

$1,750

15-Feb

$1,690

15-Mar

2015 Apr


Key April Stats

Median Sales Price*

$2,041,333

Average Sales Price (Closed)*

Sold, 31

$2,401,250

Active, 54

Listings for Sale

54

Under Contract

63

Pending, 36

Sold

31

*12 month rolling average

market insight


Hermosa Beach Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$1,460

$1,450

-1%

Average Price Per Sq. Foot

780

1250

60%

Properties Sold

32

29

-9%

Properties Pending Sales

20

23

15%

Properties for Sale

39

35

-10%

Days on Market (Sold Homes)

49

46

-6%

Monthly Supply of Inventory

1.2

1.2

0%

Absorption Rate (closed sales)

82.1

82.9

1%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $1,480

$1,460 $1,230

2014 Apr

$1,437 $1,268

$1,113

14-May 14-Jun

$1,000

$1,553

$1,640 $1,450

$1,450 $1,310

$1,095

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*

$1,457,167

Average Sales Price (Closed)*

$1,757,167 Listings for Sale

Active, 35 Sold, 29

35 Under Contract

23

Pending, 23

Sold

29 *12 month rolling average

market insight


Redondo Beach Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$730

$846

16%

Average Price Per Sq. Foot

456

498

9.21%

Properties Sold

87

85

-2%

Properties Pending Sales

97

112

15%

Properties for Sale

115

115

0%

Days on Market (Sold Homes)

47

39

-17%

Monthly Supply of Inventory

1.3

1.4

8%

Absorption Rate (closed sales)

75.7

73.9

-2%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $820 $730

$719

$875

$845

$877

$793

$813

$778

$765

$800

$814

$846

2014 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 2015 Apr Apr


Key April Stats

Median Sales Price*

$872,917

Average Sales Price (Closed)*

$947,167

Sold, 85 Active, 115

Listings for Sale

115

Under Contract

112

Pending, 112

Sold

85

*12 month rolling average

market insight


El Segundo Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$845

$810

-4%

Average Price Per Sq. Foot

487

580

19%

Properties Sold

9

13

44%

Properties Pending Sales

8

14

75%

Properties for Sale

12

10

-17%

Days on Market (Sold Homes)

75

38

-49%

Monthly Supply of Inventory

1.3

0.8

-38%

Absorption Rate (closed sales)

75

130

73%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $949

$872

$845

$808

$775

$838

$817 $735

$694

$814

$755

$810

$522

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*

$852,833

Average Sales Price (Closed)*

$902,667 Listings for Sale

Sold 13

Active 10

10

Under Contract

Pending 14

14

Sold

13

*12 month rolling average

market insight


Torrance Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$530

$600

13%

Average Price Per Sq. Foot

385

394

2%

Properties Sold

97

133

37%

Properties Pending Sales

118

149

26%

Properties for Sale

159

159

0%

Days on Market (Sold Homes)

34

50

47%

Monthly Supply of Inventory

1.6

1.2

-25%

Absorption Rate (closed sales)

61

83.6

37%

Apr. 2014 to Apr. 2015 Yearly Median Price$618 Tracking (in $,000) $600

$600 $589

$581

$585

$570 $550 $535

$530

2014 Apr

14-May 14-Jun

14-Jul

$544

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan

$547 $535

15-Feb 15-Mar

2015 Apr


Key April Stats

Median Sales Price*

$615,333

Average Sales Price (Closed)*

$641,583

Sold 133

Listings for Sale

159 Under Contract

Pending 149

149 Sold

133 *12 month rolling average

market insight

Active 159


Hawthorne Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$473

$500

6%

Average Price Per Sq. Foot

341

336

-1%

Properties Sold

25

32

28%

Properties Pending Sales

31

54

74%

Properties for Sale

56

43

-23%

Days on Market (Sold Homes)

91

56

-38%

Monthly Supply of Inventory

2.2

1.3

-41%

Absorption Rate (closed sales)

44.6

74.4

67%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $618 $528 $473

$435

$465

$475

$516

$495 $440

$419

$500

$455 $365

2014 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar Apr

2015 Apr


Key April Stats

Median Sales Price*

$515,333

Average Sales Price (Closed)*

$529,500

Sold 32

Listings for Sale

43

Under Contract

54

Pending 54

Sold

32

*12 month rolling average

market insight

Active 43


Lawndale Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$395

$410

4%

Average Price Per Sq. Foot

311

322

4%

Properties Sold

10

9

-10%

Properties Pending Sales

9

18

100%

Properties for Sale

18

23

28%

Days on Market (Sold Homes)

75

77

3%

Monthly Supply of Inventory

1.8

2.6

44%

Absorption Rate (closed sales)

55.6

39.1

-30%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $515

$488 $395

2014 Apr

$423

14-May 14-Jun

$415

$451 $383

$417

$447

$415

$425

$447

14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

$410

2015 Apr


Key April Stats

Median Sales Price*

$469,250

Average Sales Price (Closed)*

$461,083

Sold 9

Listings for Sale

Active 23

23

Under Contract

Pending 18

18

Sold

9

*12 month rolling average

market insight


Lomita Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$517

$509

-2%

Average Price Per Sq. Foot

300

345

15%

Properties Sold

15

13

-13%

Properties Pending Sales

10

20

100%

Properties for Sale

28

21

-25%

Days on Market (Sold Homes)

64

67

5%

Monthly Supply of Inventory

1.9

1.6

-16%

Absorption Rate (closed sales)

53.6

61.9

15%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $551

$517

$478

14-May 14-Jun

$570

$561 $520

$500

$509

$485 $420

$381

2014 Apr

$550

$365

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*

$533,917

Average Sales Price (Closed)*

$544,333

Sold 13 Active 21

Listings for Sale

21 Under Contract

Pending 20

20 Sold

13 *12 month rolling average

market insight


Gardena Year Over Year

Apr. 2014 Apr. 2015 % Change

Median Price

$382

$413

8%

Average Price Per Sq. Foot

282

279

-1%

Properties Sold

36

38

6%

Properties Pending Sales

32

54

69%

Properties for Sale

70

50

-29%

Days on Market (Sold Homes)

45

45

0%

Monthly Supply of Inventory

1.9

1.3

-32%

Absorption Rate (closed sales)

51.4

76

48%

Apr. 2014 to Apr. 2015 Yearly Median Price Tracking (in $,000) $420

$416

$413

$405

$400

$395 $384

$383

$382

$400

$387

$375 $365

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*

$427,083

Average Sales Price (Closed)*

$415,500

Sold 38 Active 50

Listings for Sale

50 Under Contract

Pending 54

54 Sold

38 *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


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