Shorewood Palos Verdes Market Insight Report

Page 1

market insight

PalosVerdes Market Insight 2015_June


www.Shorewood.com

Manhattan Beach - Training Center 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 June 2015, based on data available at the end of May 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

May 2014 May 2015 % Change

Median Price

$1,440

$1,545

7%

Average Price Per Sq. Foot

630

683

8%

Properties Sold

11

18

64%

Properties Pending Sales

14

21

50%

Properties for Sale

51

49

-4%

Days on Market (Sold Homes)

45

57

27%

Monthly Supply of Inventory

4.6

2.7

-41%

Absorption Rate (closed sales)

21.6

36.7

70%

May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $3,000

$1,675 $1,440

$1,898

$1,860

$1,725

$1,408

$1,400

$1,480

$1,550

$1,600

$1,545

$1,160

2014 May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

15-Apr

2015 May


Key May Stats

Median Sales Price*

$1,811,750

Average Sales Price (Closed)*

$2,393,750

Sold 18

Listings for Sale

49

Active 49 Pending 21

Under Contract

21 Sold

18 *12 month rolling average

market insight


Rancho Palos Verdes Year Over Year

May 2014 May 2015 % Change

Median Price

$1,025

$1,100

7.32%

Average Price Per Sq. Foot

504

514

2%

Properties Sold

39

47

21%

Properties Pending Sales

45

70

56%

Properties for Sale

106

108

2%

Days on Market (Sold Homes)

63

67

6%

Monthly Supply of Inventory

2.7

2.3

-15%

Absorption Rate (closed sales)

36.8

43.5

18%

May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,220 $1,059

$1,025

2014 May

14-Jun

14-Jul

$1,088

14-Aug

$1,058

14-Sep

$1,100

14-Oct

$1,175 $1,011

14-Nov 14-Dec

$930

15-Jan

$1,018

$1,058

$1,075

15-Feb 15-Mar 15-Apr

$1,100

2015 May


Key May Stats

Median Sales Price*

$1,159,750

Average Sales Price (Closed)*

$1,310,000

Sold 47

Listings for Sale

Active 108

108

Under Contract

Pending 70

70

Sold

47

*12 month rolling average

market insight


Rolling Hills Year Over Year

May 2014 May 2015 % Change

Median Price

$2,439

$3,465

42%

603

770

28%

Properties Sold

1

3

200%

Properties Pending Sales

3

3

0%

Properties for Sale

22

14

-36%

Days on Market (Sold Homes)

59

179

203%

Monthly Supply of Inventory

22

4.7

-79%

Absorption Rate (closed sales)

4.5

21.4

376%

Average Price Per Sq. Foot

May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $5,725

$3,658

$3,300 $2,785

$2,439

$3,148

$2,681

$2,845

$3,113

$3,465

$3,400 $2,600

$-

2014 May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

15-Apr

2015 May


Key May Stats

Median Sales Price*

$3,263,250

Sold 3

Average Sales Price (Closed)*

$3,411,000 Listings for Sale

Pending 3

14

Active 14

Under Contract

3

Sold

3

*12 month rolling average

market insight


Rolling Hills Estates Year Over Year

May 2014 May 2015 % Change

Median Price

$1,300

$1,421

9.31%

Average Price Per Sq. Foot

522

574

10%

Properties Sold

19

8

-58%

Properties Pending Sales

10

12

20%

Properties for Sale

29

23

-21%

Days on Market (Sold Homes)

49

26

-47%

Monthly Supply of Inventory

1.5

2.9

93%

Absorption Rate (closed sales)

65.5

34.8

-46.9%

May 2014 to May 2015 Yearly Median Price Tracking (in $,000) $1,300 $1,071

$1,053

$1,017

$1,115

$1,320

$1,280

$1,180

$1,421

$1,050 $900

$925 $760

2014 May

14-Jun

14-Jul

14-Aug

14-Sep

14-Oct

14-Nov

14-Dec

15-Jan

15-Feb

15-Mar

15-Apr

2015 May


Key May Stats

Median Sales Price*

$1,199,333

Average Sales Price (Closed)*

$1,335,667

Sold 8

Listings for Sale

23

Active 23 Pending 12

Under Contract

12

Sold

8

*12 month rolling average

market insight



market insight

Manhattan Beach - Training Center 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


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.