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
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