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