market insight
SouthBay Market Insight 2014_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 February 2014, based on data available at the end of January 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
Jan. 2013
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)
Jan. 2014 % Change $1,457,000 $2,152,000 48% $977 $767 -21% 22 15 -32% 34 29 -15% 43 28 -35% 137 37 -73% 2 1.9 -5% 51.2% 53.6% 5%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
$1,553
$1,457 $1,162
$1,725
$1,908
$2,152
$1,987 $1,610 $1,540 $1,685 $1,705 $1,520
$1,395
Key January Stats
Median Sales Price*
$1,783,250
Average Sales Price (Closed)*
$2,048,590
Sold 15
Listings for Sale
Active 28
28 Under Contract
29
Pending 29
Sold
15 *12 month average
market insight
Hermosa Beach Year Over Year
Jan. 2013
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)
Jan. 2014 % Change $1,061,000 $878,000 -17% $549 $644 17% 8 12 50% 18 16 -11% 33 26 -21% 74 58 -22% 4.1 2.2 -46% 24.2% 46.2% 91%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $1,061 $901
$1,000
$1,140 $1,101
$1,250
$1,160 $1,208
$1,300 $1,065
$1,114
$1,023
$878
Key January Stats
Median Sales Price*
$1,183,420
Average Sales Price (Closed)*
$1,394,420
Sold 12
Listings for Sale
Active 26
26 Under Contract
16
Pending 16
Sold
12 *12 month average
market insight
Redondo Beach Year Over Year
Jan. 2013
Median Price
$700,000
Average Price Per Sq. Foot
$366
Properties Sold
51
Properties Pending Sales
59
Properties for Sale
65
Days on Market (Sold Homes)
85
Monthly Supply of Inventory
1.3
Absorption Rate (closed sales)
78.5%
Jan. 2014 % Change $770,000 10% $505 38% 55 8% 69 17% 102 57% 50 -41% 1.9 46% 53.9% -31%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $795 $756
$700
$745 $704
$706
$778
$795 $763
$780 $750 $715
$770
Key January Stats
Median Sales Price*
$813,080
Average Sales Price (Closed)*
$863,170
Sold, 55
Listings for Sale
Active, 102
102 Under Contract
69
Pending, 69
Sold
55 *12 month average
market insight
El Segundo Year Over Year
Jan. 2013
Median Price
$793,000
Average Price Per Sq. Foot
$398
Properties Sold
6
Properties Pending Sales
14
Properties for Sale
14
Days on Market (Sold Homes)
63
Monthly Supply of Inventory
2.3
Absorption Rate (closed sales)
42.9%
Jan. 2014 % Change $800,000 1% $524 32% 7 17% 3 -79% 17 21% 71 13% 2.4 4% 41.2% -4%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $793
$721
$738
$830
$865
$775
$773
$719
$755
$803
$719
$743
$800
Key January Stats
Median Sales Price*
$836,170
Average Sales Price (Closed)*
$872,420
Sold 7
Listings for Sale
17 Under Contract
Pending 3
3 Sold
7 *12 month average
market insight
Active 17
Torrance Year Over Year
Jan. 2013
Median Price
$475,000
Average Price Per Sq. Foot
$319
Properties Sold
76
Properties Pending Sales
93
Properties for Sale
93
Days on Market (Sold Homes)
60
Monthly Supply of Inventory
1.2
Absorption Rate (closed sales)
81.7%
Jan. 2014 % Change $523,000 10% $368 15% 81 7% 101 9% 130 40% 55 -8% 1.6 33% 62.3% -24%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
$475
$480
$478
$543
$555
$562
$608
$551
$539
$550
$515
$555
$523
Key January Stats
Median Sales Price*
$577,830
Average Sales Price (Closed)*
$594,670 Listings for Sale
Sold 81 Active 130
130 Under Contract
101
Pending 101
Sold
81 *12 month average
market insight
Hawthorne Year Over Year
Jan. 2013
Median Price
$328,000
Average Price Per Sq. Foot
$258
Properties Sold
29
Properties Pending Sales
39
Properties for Sale
45
Days on Market (Sold Homes)
86
Monthly Supply of Inventory
1.6
Absorption Rate (closed sales)
64.4%
Jan. 2014 % Change $459,000 40% $307 19% 29 -3% 31 -8% 73 62% 44 -49% 2.6 63% 38.4% -40%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $459 $328
$349
$370
$397 $338
$395
$372
$445
$428 $349
$459 $399
Key January Stats
Median Sales Price*
$424,000
Average Sales Price (Closed)*
$441,330 Listings for Sale
Sold 28
73 Under Contract
31
Active 73 Pending 31
Sold
28 *12 month average
market insight
Lawndale Year Over Year
Jan. 2013
Median Price
$353,000
Average Price Per Sq. Foot
$254
Properties Sold
16
Properties Pending Sales
13
Properties for Sale
10
Days on Market (Sold Homes)
51
Monthly Supply of Inventory
0.6
Absorption Rate (closed sales)
160%
Jan. 2014 % Change $366,000 4% $261 3% 8 -50% 14 8% 19 90% 37 -27% 2.4 300% 42.7% -74%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $435
$402
$353 $300
$315
$316
$310
$320
$365
$388
$350
$365
$366
Key January Stats
Median Sales Price*
$382,080
Average Sales Price (Closed)*
$374,330 Listings for Sale
Sold 8
19 Under Contract
14
Active 19
Pending 14
Sold
8 *12 month average
market insight
Lomita Year Over Year
Jan. 2013
Median Price
$451,000
Average Price Per Sq. Foot
$285
Properties Sold
11
Properties Pending Sales
9
Properties for Sale
9
Days on Market (Sold Homes)
87
Monthly Supply of Inventory
0.8
Absorption Rate (closed sales)
122.2%
Jan. 2014 % Change $396,000 -12% $360 26% 8 -27% 10 11% 24 167% 49 -44% 3 275% 33.3% -73%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $560 $451
$394
$412
$466
$484
$423
$479
$440
$430
$502 $430
$396
Key January Stats
Median Sales Price*
$488,920
Average Sales Price (Closed)*
$494,500
Sold 8
Listings for Sale
24 Under Contract
Pending 10
10 Sold
8 *12 month average
market insight
Active 24
Gardena Year Over Year
Jan. 2013
Median Price
$300,000
Average Price Per Sq. Foot
$220
Jan. 2014 % Change $365,000 22% $284 29% 26 -30%
Properties Sold
37
Properties Pending Sales
40
40
--
Properties for Sale
55
58
Days on Market (Sold Homes)
65
39
Monthly Supply of Inventory
1.5
2.2
Absorption Rate (closed sales)
67.3%
44.8%
5% -40% 47% -33%
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000) $300
$310
$328
$323
$347
$358
$340
$354
$355
$360
$375
$356
$365
Key January Stats
Median Sales Price*
$372,580
Average Sales Price (Closed)*
$368,580 Listings for Sale
Sold 26 Sold 81 Active 130
58 Under Contract
40
Active 58
Pending 40 101 Pending
Sold
26 *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 Shorewood Realtors