market insight
SouthBay Market Insight 2015_January
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 January 2015, based on data available at the end of December 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
Dec. 2013 Dec. 2014 % Change
Median Price
$1,395
$1,700
21.9%
Average Price Per Sq. Foot
779
838
8%
Properties Sold
28
39
39%
Properties Pending Sales
11
18
64%
Properties for Sale
25
35
40%
Days on Market (Sold Homes)
42
44
5%
Monthly Supply of Inventory
0.9
0.9
0%
Absorption Rate (closed sales)
112
111.4
-1%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $2,152 $1,953 $1,717
$1,850
$1,995
$1,890 $1,928 $1,948
$2,100 $1,710
$2,200 $1,700
$1,395
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$2,044.83
Average Sales Price (Closed)*
$2,461.00
Listings for Sale
Active, 35 Sold, 39
35
Under Contract
18
Pending, 18
Sold
39
*12 month average
market insight
Hermosa Beach Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$1,023
$1,553
52%
Average Price Per Sq. Foot
588
771
31%
Properties Sold
16
16
0%
Properties Pending Sales
6
15
150%
Properties for Sale
26
18
-31%
Days on Market (Sold Homes)
41
64
56%
Monthly Supply of Inventory
1.6
1.1
-31%
Absorption Rate (closed sales)
61.5
88.9
45%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $1,553
$1,480
$1,460
$1,437
$1,345
$1,268
$1,230 $1,101
$1,023
$1,113 $1,000
$1,095
$878
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$1,331,920
Average Sales Price (Closed)* Active, 18
$1,483,080 Listings for Sale
Sold, 16
18 Under Contract
Pending, 15
15 Sold
16 *12 month average
market insight
Redondo Beach Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$780
$768
-2%
Average Price Per Sq. Foot
454
483
6.39%
Properties Sold
77
84
9%
Properties Pending Sales
49
57
16%
Properties for Sale
87
76
-13%
Days on Market (Sold Homes)
55
65
18%
Monthly Supply of Inventory
1.1
0.9
-18%
Absorption Rate (closed sales)
88.5
110.5
25%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $780
$770
$756
$820
$788 $730
$719
$875
$845
$793
$813
$778
$768
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$852,917
Average Sales Price (Closed)*
$922,750
Listings for Sale
Active, 76
Sold, 84
76
Under Contract
Pending, 57
57
Sold
84
*12 month average
market insight
El Segundo Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$743
$792
7%
Average Price Per Sq. Foot
417
459
10%
Properties Sold
12
19
58%
Properties Pending Sales
7
16
129%
Properties for Sale
11
12
9%
Days on Market (Sold Homes)
66
101
53%
Monthly Supply of Inventory
0.9
0.6
-33%
Absorption Rate (closed sales)
109.1
158.3
45%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $949
$743
$800
$854
$872
$845 $723
$808
$775
$838
$792
$694 $522
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$851,250
Average Sales Price (Closed)*
$886,667 Listings for Sale
Active 12 Sold 19
12
Pending 16
Under Contract
16
Sold
19
*12 month average
market insight
Torrance Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$555
$585
5%
Average Price Per Sq. Foot
375
393
5%
Properties Sold
112
92
-18%
Properties Pending Sales
75
88
17%
Properties for Sale
121
164
36%
Days on Market (Sold Homes)
58
62
7%
Monthly Supply of Inventory
1.1
1.8
64%
Absorption Rate (closed sales)
92.6
56.1
-39%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $600
$589
$581
$585
$570 $555
$550
$545 $530
$523
$544 $535
$512
13-Dec 14-Jan
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$601,583
Average Sales Price (Closed)*
$628,667
Sold 92
Listings for Sale
Active 164
164 Under Contract
Pending 88
88 Sold
92 *12 month average
market insight
Hawthorne Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$399
$516
29%
Average Price Per Sq. Foot
307
364
19%
Properties Sold
27
33
22%
Properties Pending Sales
21
28
33%
Properties for Sale
73
66
-10%
Days on Market (Sold Homes)
50
49
-2%
Monthly Supply of Inventory
2.7
2
-26%
Absorption Rate (closed sales)
37
50
35%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $528 $459 $399
$444 $400
$473 $435
$465
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
$475
$516
$495 $440
$419
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$495,667
Average Sales Price (Closed)*
$513,750
Sold 33
Listings for Sale
66
Under Contract
Active 66 Pending 28
28
Sold
33
*12 month average
market insight
Lawndale Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$365
$413
13%
Average Price Per Sq. Foot
281
326
16%
Properties Sold
6
16
167%
Properties Pending Sales
5
11
120%
Properties for Sale
29
19
-34%
Days on Market (Sold Homes)
86
63
-27%
Monthly Supply of Inventory
4.8
1.2
-75%
Absorption Rate (closed sales)
20.7
84.2
307%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $488 $422 $365
$395
$366
$423
$451 $417
$415 $383
$447 $413
$335
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$443,333
Average Sales Price (Closed)*
$434,167
Listings for Sale
Sold 16
Active 19
19
Under Contract
Pending 11
11
Sold
16
*12 month average
market insight
Lomita Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$502
$485
-3%
Average Price Per Sq. Foot
261
298
14%
Properties Sold
2
10
400%
Properties Pending Sales
6
7
17%
Properties for Sale
20
19
-5%
Days on Market (Sold Homes)
71
79
11%
Monthly Supply of Inventory
10
1.9
-81%
Absorption Rate (closed sales)
10
52.6
426%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $551
$517
$502
$475 $400
13-Dec 14-Jan
$478
$447
$550
$570 $520
$500
$485
$381
14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$531,333
Average Sales Price (Closed)*
$540,417
Sold 10
Listings for Sale
Active 19
19 Under Contract
Pending 7
7 Sold
10 *12 month average
market insight
Gardena Year Over Year
Dec. 2013 Dec. 2014 % Change
Median Price
$356
$385
8%
Average Price Per Sq. Foot
256
286
12%
Properties Sold
39
35
-10%
Properties Pending Sales
29
31
7%
Properties for Sale
72
62
-14%
Days on Market (Sold Homes)
49
57
16%
Monthly Supply of Inventory
1.8
1.8
0%
Absorption Rate (closed sales)
54.2
56.5
4%
Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $416
$405 $395
$395
$375
$384
$383
$382
$385
$375
$365
$365
$356
13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep 14-Oct 14-Nov 14-Dec
Key December Stats
Median Sales Price*
$415,083
Average Sales Price (Closed)*
$405,333
Sold 35
Listings for Sale
Active 62
62 Under Contract
Pending 31
31 Sold
35 *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 2013-2015 Shorewood Realtors