Shorewood Market Insight Report - May, 2016

Page 1

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


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