Palos verdes market insight oct 2013vs2

market insight

PalosVerdes Market Insight 2013_October

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 awaiting sale.

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 November 2013, based on data available at the end of October 2013. 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 through if no new

Palos Verdes Estates Year Over Year

OCT 2012

OCT 2013

% CHANGE

Median Price

$1,328,000

$1,464,000

10%

$630

$582

-8%

Properties Sold

10

12

20%

Properties Pending Sales

14

17

21%

Properties for Sale

42

43

2%

Days on Market (Sold Homes)

55

37

-33%

Monthly Supply of Inventory

4.2

3.6

-14%

Absorption Rate (closed sales)

23.8%

27.9%

17%

Average Price Per Square Foot

2500

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 2025

2000 1750

1753 1599

1500

1328

1400

1695

1590

1385

1490

1464

1299 1035

1000

500

0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013

JUL 2013 AUG 2013 SEP 2013 OCT 2013

Key September Stats MEDIAN SALES PRICE

$1,464,000

AVERAGE SALES PRICE (Closed)

$1,484,000

LISTINGS FOR SALE

43

UNDER CONTRACT

17

SOLD

12

Active

Under Contract

market insight

Sold

Rancho Palos Verdes Year Over Year

OCT 2012

OCT 2013

% CHANGE

$872,000

$934,000

7%

$411

$452

10%

Properties Sold

38

34

-11%

Properties Pending Sales

50

33

-34%

Properties for Sale

94

111

18%

Days on Market (Sold Homes)

85

57

-33%

Monthly Supply of Inventory

2.5

3.3

32%

Absorption Rate (closed sales)

40.4%

30.6%

-24%

Median Price Average Price Per Square Foot

1200

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1080

1000

951 872

869

925

968 885

891

911

1110

1060

1095

934

800

600

400

200

0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013

JUL 2013 AUG 2013 SEP 2013 OCT 2013

Key October Stats MEDIAN SALES PRICE

$934,000

AVERAGE SALES PRICE (Closed)

$965,000

LISTINGS FOR SALE

111

UNDER CONTRACT

33

SOLD

34

Active

Under Contract

market insight

Sold

Rolling Hills Year Over Year

OCT 2012

OCT 2013

% CHANGE

Median Price

$2,870,000

$2,525,000

-12%

$816

$834

2%

Properties Sold

3

3

-

Properties Pending Sales

1

2

100%

Properties for Sale

16

15

-6%

Days on Market (Sold Homes)

107

142

33%

Monthly Supply of Inventory

5.3

5

-6%

Absorption Rate (closed sales)

18.8%

20%

6%

Average Price Per Square Foot

6000

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 5200

5000 4088 4000

3000

2925

2870

2900

2750

2525

2423 2100 2000 1355

1481

1000

0

0

0

OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013

JUL 2013 AUG 2013 SEP 2013 OCT 2013

Key October Stats MEDIAN SALES PRICE

$2,525,000

AVERAGE SALES PRICE (Closed)

$3,150,000

LISTINGS FOR SALE

15

UNDER CONTRACT

2

SOLD

3

Active

Under Contract

market insight

Sold

Rolling Hills Estates Year Over Year

OCT 2012

OCT 2013

% CHANGE

Median Price

$1,235,000

$1,043,000

-16%

$436

$486

11%

Properties Sold

15

10

-33%

Properties Pending Sales

16

6

-63%

Properties for Sale

25

27

8%

Days on Market (Sold Homes)

79

68

-14%

Monthly Supply of Inventory

1.7

2.7

59%

Absorption Rate (closed sales)

60%

37%

-38%

Average Price Per Square Foot

1400

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1235

1200

1215 1150

1113

1130

1101

1089 1022

1020

1043

1000 865

880 815

800

600

400

200

0 OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013

JUL 2013 AUG 2013 SEP 2013 OCT 2013

Key October Stats MEDIAN SALES PRICE

$1,043,000

AVERAGE SALES PRICE (Closed)

$1,319,000

LISTINGS FOR SALE

27

UNDER CONTRACT

6

SOLD

10

Active

Under Contract

market insight

Sold

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 Shorewood Realtors