M A R K E T I N S I G H T R E P O R T P U B L I S H E D
M AY,
2 0 1 6
Designed to give you a quick, complete overview of both current and past market conditions, this South Bay Market Insight report covers select regions in the South Bay and Greater Los Angeles regions.
M A R K E T I N S I G H T R E P O R T S B Y S H O R E W O O D R E A L T O R S
First , we resea rc h Yea r O ver Yea r st ati sti cs , co m p i l ed f rom ca ref u lly colle c te d sa les d at a . Percent c h a nge —w h ic h wa s ca l cu l ated by s u bt ra cti ng pa st val ue f ro m curre nt va lue, a n d d i v i d i ng t h at p ro d u ct by pa st va l u e —g ives yo u a q uic k sn a psh ot of h ow ea ch m i cro - m a r ket h a s i m p roved or wo rsen e d ove r th e pa st yea r fo r t h at pa r ti cu l a r m et r i c. Yea rl y Me dia n P rice g ra p h t ra cks t h e m ed i a n p r i ce of p ro p er ties fo r ea c h month ove r th e pa st yea r. Th e m ed i a n p r i ce i s n ot th e sa me a s ave ra ge price ; it i s t h e p r i ce of t h e p ro p er t y t h at fa l l s in t he middle of th e tot a l n u m b er of p ro p er ti es fo r s a l e i n t h at pa rticu la r mic ro - ma rket . Key St ats se c tion illustrates Med i a n S a l es P r i ce, Avera ge S al es Price of Close d S a les, Listi ng s fo r S a l e, L i sti ng s Un d er Co nt ract , a nd Prope rties S old. On t he n ext pa ge you w i l l fi n d a n ex p l a n ati o n of h ow ea ch val ue wa s d ete rmin e d.
O F F I C E
L O C A T I O N S
16 Ma la ga Cove Pla za
4 31 Ma in St reet
33 00 Hi gh la n d Ave
Pa los Ve rdes Estates, CA 9 0274
El S eg u n d o, CA 9 024 5
Ma n h a t ta n Be a c h , CA 9026 6
310.698.15 5 5
31 0. 322 .49 0 0
310. 5 4 6.75 61
9 1 6 Ma nha tta n Ave nu e
2141 Rosecra n s Avenue, Ste. 116 0
1 009 Tor ra n ce Bou leva rd
Ma n h a t ta n B e a ch, CA 9 026 6
El S eg u n d o, CA 9 024 5
Re d on d o Bea c h , CA 9027 7
310. 3 49. 3 00 0
31 0. 3 49. 3 0 00
310. 316.8 4 6 4
D E S C R I P T I O N S O F K E Y M A R K E T I N D I C A T O R S
MEDIAN PRICE: Not to be confused with Average Price, Median Price is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market. Extremely high and extremely low prices do not affect the median the way they do the average. 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. DAYS ON MARKET (CLOSED SALES): The average number of days that properties were on the market, from date of initial listing to date they entered escrow. MONTHS SUPPLY OF INVENTORY: The number of months it would take for all the current homes for sale in that micro-market to sell if no new listings were added. This is calculated by dividing the total number of homes for sale in a particular month by the number of homes that sold in that month. Four to five months’ supply is average. A smaller number means there are more buyers than sellers; a larger number means more sellers than buyers. 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: The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month LEGAL All reports are published May 2016, based on data available at the end of April 2016. 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.
April, 2016
MANHATTAN BEACH Median Sales Price*
$2,098,154
Average Sales Price (Closed)*
$2,447,846
Listings for Sale
101
Under Contract
42
Sold
32
Year Over Year
April 2015
Median Price (in $,000)
April 2016
% Change
2100
2150
2.38%
972
951
-2.16%
31
32
3.23%
36
42
16.67%
54
101
87.04%
47
41
-12.77%
1.7
3.2
88.24%
57.4
31.7
-44.77%
Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 537 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
420
455
497
496
Feb-16
Mar-16
467
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
Jan-16
Apr-16
April, 2016
HERMOSA BEACH Median Sales Price*
$1,456,154
Average Sales Price (Closed)*
$1,806,692
Listings for Sale
51
Under Contract
24
Sold
20
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
1405
1508
7.33%
1241
817
-34.17%
30
20
-33.33%
21
24
14.29%
35
51
45.71%
46
64
39.13%
1.2
2.6
116.67%
85.7
39.2
-54.26%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
SOUTH REDONDO Median Sales Price*
$976,385
Average Sales Price (Closed)*
$1,080,538
Listings for Sale
55
Under Contract
51
Sold
38
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
1053
1050
-0.28%
544
590
8.46%
38
38
0.00%
45
51
13.33%
59
55
-6.78%
30
45
50.00%
1.6
1.4
-12.50%
64.4
69.1
7.30%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
447
450
355
449
454
475
537
420
455
497
496
467
April, 2016
NORTH REDONDO Median Sales Price*
$839,615
Average Sales Price (Closed)*
$859,538
Listings for Sale
29
Under Contract
54
Sold
53
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
816
885
8.46%
456
488
7.02%
47
53
12.77%
52
54
3.85%
56
29
-48.21%
47
44
-6.38%
1.2
0.5
-58.33%
83.9
182.8
117.88%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
447
450
355
449
454
475
537
420
455
497
496
467
April, 2016
WEST TORRANCE Median Sales Price*
$690,308
Average Sales Price (Closed)*
$683,000
Listings for Sale
27
Under Contract
40
Sold
29
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
699
735
5.15%
427
465
8.90%
39
29
-25.64%
32
40
25.00%
35
27
-22.86%
36
48
33.33%
0.9
0.9
0.00%
111.4
107.4
-3.59%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
SOUTH TORRANCE Median Sales Price*
$690,308
Average Sales Price (Closed)*
$683,000
Listings for Sale
27
Under Contract
40
Sold
29
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
699
735
5.15%
427
465
8.90%
39
29
-25.64%
32
40
25.00%
35
27
-22.86%
36
48
33.33%
0.9
0.9
0.00%
111.4
107.4
-3.59%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
447
450
355
449
454
475
537 420
455
497
496
467
April, 2016
PALOS VERDES Median Sales Price*
$1,113,308
Average Sales Price (Closed)*
$1,254,692
Listings for Sale
109
Under Contract
60
Sold
46
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
1083
1025
-5.36%
590
507
-14.07%
48
46
-4.17%
46
60
30.43%
118
109
-7.63%
67
66
-1.49%
2.5
2.4
-4.00%
40.7
42.2
3.69%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
ROLLING HILLS Median Sales Price*
$1,456,154
Average Sales Price (Closed)*
$1,806,692
Listings for Sale
51
Under Contract
24
Sold
20
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
1405
1508
7.33%
1241
817
-34.17%
30
20
-33.33%
21
24
14.29%
35
51
45.71%
46
64
39.13%
1.2
2.6
116.67%
85.7
39.2
-54.26%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
PALOS VERDES ESTATES Median Sales Price*
$1,719,308
Average Sales Price (Closed)*
$2,020,846
Listings for Sale
58
Under Contract
23
Sold
11
Year Over Year
April 2015
Median Price (in $,000)
April 2016
% Change
1870
1740
-6.95%
583
641
9.95%
17
11
-35.29%
18
23
27.78%
38
58
52.63%
91
53
-41.76%
2.2
5.3
140.91%
44.7
19
-57.49%
Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
EL SEGUNDO Median Sales Price*
$1,004,308
Average Sales Price (Closed)*
$1,053,923
Listings for Sale
18
Under Contract
18
Sold
14
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
788
973
23.48%
567
618
8.99%
14
14
0.00%
14
18
28.57%
10
18
80.00%
56
54
-3.57%
0.7
1.3
85.71%
140
77.8
-44.43%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16
April, 2016
HAWTHORNE Median Sales Price*
$511,308
Average Sales Price (Closed)*
$524,462
Listings for Sale
40
Under Contract
43
Sold
38
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
500
586
17.20%
341
420
23.17%
34
38
11.76%
45
43
-4.44%
43
40
-6.98%
54
44
-18.52%
1.3
1.1
-15.38%
79.1
95
20.10%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
447
450
355
449
454
475
537
420
455
497
496
467
April, 2016
LAWNDALE Median Sales Price*
$454,769
Average Sales Price (Closed)*
$447,231
Listings for Sale
17
Under Contract
15
Sold
16
Year Over Year
April 2015
Median Price (in $,000) Average Price Per Sq. Foot Properties Sold Properties Pending Sale Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory Absorption Rate (Closed Sales)
April 2016
% Change
410
467
13.90%
322
352
9.32%
9
16
77.78%
12
15
25.00%
23
17
-26.09%
77
35
-54.55%
2.6
1.1
-57.69%
39.1
94.1
140.66%
12 MONTH MEDIAN PRICE TRACKING (IN $,000) 410
Apr-15
447
450
449
454
475
Aug-15
Sep-15
Oct-15
537 420
355
May-15
Jun-15
Jul-15
Nov-15
Dec-15
455
Jan-16
497
496
467
Feb-16
Mar-16
Apr-16