market insight
SouthBay Market Insight 2014_September
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 October 2014, based on data available at the end of September 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 Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $1,705,000 $1,710,000 0.3% $715 $944 32% 33 27 -18% 27 42 56% 57 58 2% 67 49 -27% 1.7 2.1 24% 57.9% 46.6% -20%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $2,152
$1,987 $1,705
$1,953 $1,717
$1,520
$1,850
$1,995
$1,890 $1,928 $1,900
$1,710
$1,395
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
2/14
14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$1,975,170
Average Sales Price (Closed)*
$2,299,000
Sold, 27
Listings for Sale
58
Active, 58
Pending, 42
Under Contract
42 Sold
27 *12 month average
market insight
Hermosa Beach Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $1,065,000 $1,095,000 3% $725 $745 3% 15 19 27% 18 17 -6% 42 34 -19% 40 50 25% 2.8 1.8 -36% 35.7% 55.9% 57%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $1,460
$1,300 $1,065
$1,430
$1,345 $1,230 $1,114
$1,101
$1,023
$1,113 $1,000
$1,095
$878
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$1,262,830
Average Sales Price (Closed)*
$1,517,080 Listings for Sale
34 Under Contract
Sold, 19 Active, 34
Pending, 17
17 Sold
19 *12 month average
market insight
Redondo Beach Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $763,000 $793,000 4% $455 $456 0.2% 88 76 -14% 54 83 54% 132 146 11% 41 48 17% 1.5 1.9 27% 66.7% 52.1% -22%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $763
$750
$780 $715
$770
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$756
2/14
$820
$788 $730
$875
$845
$793
$719
14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$842,000
Average Sales Price (Closed)*
$899,250
Sold, 76
Listings for Sale
Active, 146
146
Under Contract
Pending, 83
83
Sold
76
*12 month average
market insight
El Segundo Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $755,000 $522,000 -31% $474 $508 7% 14 8 -43% 11 8 -27% 16 20 25% 27 60 122% 1.1 2.5 127% 87.5% 40% -54%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $949
$755
$803 $719
$743
$800
$854
$872
$845 $723
$775 $694 $522
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$837,830
Average Sales Price (Closed)*
$849,330
Sold 8
Listings for Sale
20
Active 20 Pending 8
Under Contract
8 Sold
8 *12 month average
market insight
Torrance Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $539,000 $547,000 1% $383 $381 -1% 109 104 -5% 94 126 34% 179 226 26% 39 63 62% 1.6 2.2 38% 60.9% 46% -24%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $600
$570 $555
$555
$550
$545
$539 $515
$530
$523
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$547 $535
$512
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep
Key September Stats
Median Sales Price*
$589,670
Average Sales Price (Closed)*
$619,920
Sold 104
Listings for Sale
226 Under Contract
Active 226
Pending 126
126 Sold
104 *12 month average
market insight
Hawthorne Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $445,000 $490,000 10% $300 $387 29% 30 29 -3% 29 38 31% 61 70 15% 41 45 10% 2 2.4 20% 49.2% 41.4% -16%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $528
$445
$428
$459 $399
$444 $400
$473 $435
$465
$475
$490
$349
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$482,500
Average Sales Price (Closed)*
$500,250
Sold 29
Listings for Sale
70
Active 70 Pending 38
Under Contract
38 Sold
32 *12 month average
market insight
Lawndale Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 Sept. 2014 % Change $435,000 $485,000 11% $294 $303 3% 11 13 18% 5 12 140% 24 18 -25% 61 51 -16% 2.2 1.4 -36% 45.8% 72.2% 58%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $488
$435
$422 $388 $335
$365
$395
$366
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$485
$423
$415 $381
$335
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul 14-Aug 14-Sep
Key September Stats
Median Sales Price*
$436,080
Average Sales Price (Closed)*
$430,170
Sold 13
Listings for Sale
Active 18
18 Under Contract
Pending 12
12 Sold
13 *12 month average
market insight
Lomita Year Over Year
Sept. 2013 Sept. 2014 % Change $430,000 $570,000 33% $331 $360 9% 5 9 80% 11 17 55% 23 28 22% 24 38 58% 4.6 3.1 -33% 21.7% 32.1% 48%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (closed sales)
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $560 $517
$502 $430
$430
$551
$475 $400
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
$550
$570
$478
$447 $381
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep
Key September Stats
Median Sales Price*
$524,250
Average Sales Price (Closed)*
$521,670
Sold 9
Listings for Sale
28
Active 28 Pending 17
Under Contract
17 Sold
9 *12 month average
market insight
Gardena Year Over Year
Sept. 2013 Sept. 2014 % Change $355,000 $365,000 3% $256 $285 11% 44 33 -25%
Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales
42
42
--
Properties for Sale
83
79
Days on Market (Sold Homes)
44
59
Monthly Supply of Inventory
1.9
2.4
Absorption Rate (closed sales)
53%
41.8%
-5% 34% 26% -21%
Sept. 2013 to Sept. 2014 Yearly Median Price Tracking (in $,000) $415
$405 $395 $385
$382 $375
$371 $355
$360
$375 $365
$365 $356
13-Sep 13-Oct 13-Nov 13-Dec 14-Jan
2/14
14-Mar 14-Apr 14-May 14-Jun
14-Jul
14-Aug 14-Sep
Key September Stats
Median Sales Price*
$408,670
Average Sales Price (Closed)*
$401,670
Sold 33
Listings for Sale
Active 79
79 Under Contract
Pending 42
42 Sold
33 *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