market insight
PalosVerdes Market Insight 2014_February
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 Palos Verdes Market Insight report covers Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates. Palos Verdes Peninsula number are too small for meaningful tracking data. 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.
listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of 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 the than sellers; a larger number means more 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. *12 month average 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
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 March 2014, based on data available at the end of February 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.
Palos Verdes Estates 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)
Feb. 2013 Feb. 2014 % Change $2,025,000 $1,425,000 -30% $557 $625 12% 11 9 -18% 10 12 20% 26 38 46% 118 67 -43% 2.4 4.2 75% 42.3% 23.7% -44%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $2,025 $1,750 $1,753
$1,695
$1,599 $1,590 $1,299
$1,490 $1,464 $1,500
$1,598
$1,710 $1,425
Key February Stats
Median Sales Price*
$1,741,500
Average Sales Price (Closed)*
$1,928,167 Listings for Sale
38
Sold 9
Pending 12 Active 38
Under Contract
12 Sold
9 *12 month average
market insight
Rancho Palos Verdes 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)
Feb. 2013 Feb. 2014 % Change $885,000 $915,000 3% $396 $424 7% 30 22 -27% 43 31 -28% 81 87 7% 132 69 -48% 2.7 4 48% 37% 25.3% -32%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $885 $891
$968
$1,080 $1,110 $1,065 $1,075 $911
$934
$1,060
$996
$1,100 $915
Key February Stats
Median Sales Price*
$1,082,500
Average Sales Price (Closed)*
$1,192,170
Sold 22
Listings for Sale
87
Pending 31 Active 87
Under Contract
31 Sold
22 *12 month average
market insight
Rolling Hills Year Over Year
Feb. 2013 Feb. 2014 % Change
Median Price
$-*
$-*
--
Average Price Per Sq. Foot
$-*
$-*
--
Properties Sold
0
0
--
Properties Pending Sales
0
3
--
Properties for Sale
13
16
ďƒ™23%
Days on Market (Sold Homes)
--
--
--
Monthly Supply of Inventory
13
16
ďƒ™23%
Absorption Rate (closed sales)
--
--
--
* Zero closed sales
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $5,200
$5,000
$4,088 $2,423
$2,100 $1,355
$-
$2,750
$2,525
$2,175
$1,481 $-
$-
Key February Stats
Median Sales Price*
$2,424,750
Sold 0
Average Sales Price (Closed)*
Pending 3
$2,511,920 Listings for Sale
13 Under Contract
Active 16
3 Sold
0 *12 month average
market insight
Rolling Hills Estates 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)
Feb. 2013 Feb. 2014 % Change $1,089,000 $1,085,000 -0.37% $409 $483 18% 7 6 -14% 15 9 -40% 17 20 18% 83 162 95% 2.4 3.3 38% 41.2% 30% -27%
Feb. 2013 to Feb. 2014 Yearly Median Price Tracking (in $,000) $1,089
$1,300
$1,215 $1,020 $865
$880
$1,022 $815
$1,101 $1,043
$1,085 $783 $368
Key February Stats
Median Sales Price*
$1,048,830
Average Sales Price (Closed)*
$1,136,580
Sold 6
Listings for Sale
20
Pending 9
Under Contract
9
Sold
6
*12 month average
market insight
Active 20
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
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