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
$630
$582
Properties Sold
10
12
Properties Pending Sales
14
17
Properties for Sale
42
43
Days on Market (Sold Homes)
55
37
Monthly Supply of Inventory
4.2
3.6
Absorption Rate (closed sales)
23.8%
27.9%
Average Price Per Square Foot
10% -8% 20% 21% 2% -33% -14% 17%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) $2,025 $1,750 $1,753 $1,328 $1,400 $1,385
$1,695
$1,599 $1,590 $1,299
$1,490 $1,464
$1,035
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Palos Verdes Estates Key October Stats Median Sales Price
$1,464,000
Average Sales Price (Closed)
$1,484,000
Listings for Sale
43 Under Contract
17
Sold 12 Pending 17
Sold
12
market insight
Active 43
Rancho Palos Verdes Year Over Year
Oct. 2012 Oct. 2013 % Change
Median Price
$872,000
$934,000
$411
$452
Properties Sold
38
34
Properties Pending Sales
50
33
Properties for Sale
94
111
Days on Market (Sold Homes)
85
57
Monthly Supply of Inventory
2.5
3.3
Absorption Rate (closed sales)
40.4%
30.6%
Average Price Per Square Foot
7% 10% -11% -34% 18% -33% 32% -24%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)
$872
$869
$951
$925
$885
$891
$968
$1,080 $1,110 $1,060 $1,095 $911
$934
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Rancho Palos Verdes Key October Stats
Median Sales Price
$934,000
Average Sales Price (Closed)
$965,000
Listings for Sale
111
Sold 34 Pending 33
Under Contract
33 Sold
34
market insight
Active 111
Rolling Hills Year Over Year
Oct. 2012 Oct. 2013 % Change
Median Price
$2,870,000
$2,525,000
$816
$834
-12% 2%
Properties Sold
3
3
-
Properties Pending Sales
1
2
Properties for Sale
16
15
Days on Market (Sold Homes)
107
142
Monthly Supply of Inventory
5.3
5
Absorption Rate (closed sales)
18.8%
20%
100% -6% 33% -6% 6%
Average Price Per Square Foot
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) $5,200 $4,088 $2,925 $2,900
$2,870
$2,750
$2,423 $1,355
$-
$2,525
$2,100 $1,481
$-
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Rolling Hills Key October Stats
Median Sales Price
$2,525,000
Sold 3
Average Sales Price (Closed)
$3,150,000
Listings for Sale
Pending 2
15
Active
Under Contract
15
2 Sold
3
market insight
Rolling Hills Estates Year Over Year Median Price Average Price Per Square Foot
Oct. 2012 Oct. 2013 % Change $1,235,000 $1,043,000 -16% $436 $486 11%
Properties Sold
15
10
Properties Pending Sales
16
6
Properties for Sale
25
27
Days on Market (Sold Homes)
79
68
Monthly Supply of Inventory
1.7
2.7
Absorption Rate (closed sales)
60%
37%
-33% -63% 8% -14% 59% -38%
Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) $1,235
$1,150 $1,113 $1,130
$1,089
$1,215 $1,022
$1,020 $865
$880
$1,101
$1,043
$815
Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2013 2013
Rolling Hills Estates Key October Stats Median Sales Price
$1,043,000
Average Sales Price (Closed)
$1,319,000
Listings for Sale
Sold 10
27 Under Contract
6
Pending 6
Sold
10
market insight
Active 27