market insight
SouthBay Market Insight 2014_December
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 December 2014, based on data available at the end of November 2014. 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
Nov. 2013 Nov. 2014 % Change
Median Price
$1,987
$2,200
10.7%
Average Price Per Sq. Foot
852
1230
44%
Properties Sold
30
35
17%
Properties Pending Sales
30
32
7%
Properties for Sale
33
42
27%
Days on Market (Sold Homes)
82
65
-21%
Monthly Supply of Inventory
1.1
1.2
9%
Absorption Rate (closed sales)
90.9
83.3
-8%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $2,152
$1,987
$1,953 $1,717
$1,850
$1,995
$1,890 $1,928 $1,948
$2,108
$2,200
$1,710
$1,395
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$2,069,420
Average Sales Price (Closed)*
$2,466,580 Listings for Sale
Active, 42 Sold, 35
42 Under Contract
Pending, 32
32 Sold
35 *12 month average
market insight
Hermosa Beach Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$1,114
$1,437
29%
Average Price Per Sq. Foot
863
854
-1%
Properties Sold
20
12
-40%
Properties Pending Sales
20
18
-10%
Properties for Sale
33
30
-9%
Days on Market (Sold Homes)
68
50
-26%
Monthly Supply of Inventory
1.7
2.5
47%
Absorption Rate (closed sales)
60.6
40
-34%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $1,480
$1,460
$1,437
$1,345
$1,268
$1,230 $1,114
$1,101
$1,023
$1,113 $1,000
$1,095
$878
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$1,295,330
Average Sales Price (Closed)*
$1,501,830
Sold, 12
Listings for Sale
30
Pending, 18
Under Contract
18 Sold
12 *12 month average
market insight
Active, 30
Redondo Beach Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$715
$785
10%
Average Price Per Sq. Foot
431
471
9.28%
Properties Sold
55
63
15%
Properties Pending Sales
58
82
41%
Properties for Sale
119
88
-26%
Days on Market (Sold Homes)
49
60
22%
Monthly Supply of Inventory
2.2
1.4
-36%
Absorption Rate (closed sales)
46.2
71.6
55%
Nov. 2013 to Nov. 2014 Yearly Median$875 Price Tracking (in $,000) $780 $715
$770
$756
$820
$788 $730
$845
$793
$821
$785
$719
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$849,750
Average Sales Price (Closed)*
$915,080
Sold, 63 Active, 88
Listings for Sale
88
Under Contract
Pending, 82
82
Sold
63
*12 month average
market insight
El Segundo Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$719
$838
17%
Average Price Per Sq. Foot
460
557
21%
Properties Sold
11
6
-45%
Properties Pending Sales
8
13
63%
Properties for Sale
13
15
15%
Days on Market (Sold Homes)
29
28
-3%
Monthly Supply of Inventory
1.2
2.5
108%
Absorption Rate (closed sales)
84.6
40
-53%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $949 $719
$743
$800
$854
$872
$845 $723
$808
$775
$838
$694 $522
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$845,170
Average Sales Price (Closed)*
$878,670
Sold 6
Listings for Sale
15
Active 15
Pending 13
Under Contract
13 Sold
6 *12 month average
market insight
Torrance Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$515
$585
14%
Average Price Per Sq. Foot
359
397
11%
Properties Sold
96
91
-5%
Properties Pending Sales
106
100
-6%
Properties for Sale
146
189
29%
Days on Market (Sold Homes)
62
52
-16%
Monthly Supply of Inventory
1.5
2.1
40%
Absorption Rate (closed sales)
65.8
48.1
-27%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $600
$589
$585
$570 $555
$550
$545
$515
$530
$523
13-Nov 13-Dec 14-Jan
$544 $535
$512
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$596,080
Average Sales Price (Closed)*
$621,830
Sold 91
Listings for Sale
189 Under Contract
Active 189
Pending 100
100 Sold
91 *12 month average
market insight
Hawthorne Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$428
$426
0%
Average Price Per Sq. Foot
309
322
4%
Properties Sold
22
28
27%
Properties Pending Sales
30
27
-10%
Properties for Sale
66
69
5%
Days on Market (Sold Homes)
49
57
16%
Monthly Supply of Inventory
3
2.5
-17%
Absorption Rate (closed sales)
33.3
40.6
22%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $528 $428
$459 $399
$444 $400
$473 $435
$465
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
$475
$490
$458
$426
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$490,000
Average Sales Price (Closed)*
$506,750
Sold 28
Listings for Sale
69
Active 69 Pending 27
Under Contract
27 Sold
28 *12 month average
market insight
Lawndale Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$335
$447
33%
Average Price Per Sq. Foot
309
399
29%
Properties Sold
6
10
67%
Properties Pending Sales
7
14
100%
Properties for Sale
28
24
-14%
Days on Market (Sold Homes)
31
60
94%
Monthly Supply of Inventory
4.7
2.4
-49%
Absorption Rate (closed sales)
21.4
41.7
95%
Nov. 2013 to Nov. 2014 Yearly$488 Median Price Tracking (in $,000) $422 $335
$365
$395
$366
$423
$451 $417
$415
$447
$383
$335
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$436,830
Average Sales Price (Closed)*
$430,580
Sold 10
Listings for Sale
24
Under Contract
Active 24 Pending 14
14
Sold
10
*12 month average
market insight
Lomita Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$430
$500
-7%
Average Price Per Sq. Foot
352
292
11%
Properties Sold
12
11
78%
Properties Pending Sales
7
6
114%
Properties for Sale
22
17
0%
Days on Market (Sold Homes)
61
93
18%
Monthly Supply of Inventory
1.8
1.5
-45%
Absorption Rate (closed sales)
54.5
64.7
78%
Nov. 2013 to Nov. 2014 Yearly Median Price Tracking (in $,000) $517
$502 $430
$551
$475 $400
13-Nov 13-Dec 14-Jan
$478
$447
$550
$570
$520
$500
$381
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$526,750
Average Sales Price (Closed)*
$531,170 Listings for Sale
Sold 16
Active 18
17 Under Contract
Pending 15
6 Sold
11 *12 month average
market insight
Gardena Year Over Year
Nov. 2013 Nov. 2014 % Change
Median Price
$371
$388
5%
Average Price Per Sq. Foot
277
281
1%
Properties Sold
38
31
-18%
Properties Pending Sales
38
41
8%
Properties for Sale
74
54
-27%
Days on Market (Sold Homes)
49
64
31%
Monthly Supply of Inventory
1.9
1.7
-11%
Absorption Rate (closed sales)
51.4
57.4
12%
Nov. 2013 to Nov. 2014 Yearly Median $416 Price Tracking (in $,000) $405
$399
$395
$375
$371
$388
$383
$382 $375
$365
$365
$356
13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov
Key November Stats
Median Sales Price*
$414,580
Average Sales Price (Closed)*
$407,670
Sold 31
Listings for Sale
Active 54
54 Under Contract
Pending 41
41 Sold
31 *12 month 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 2014 Shorewood Realtors