Teles intelligence
micro market report south bay APRIL 2012 | SINGLE FAMILY HOMES REPORT
April 2012
Market Trends Act As Strategic Tail Winds Pushing Market Upwards
Our research team recently published a Q1 Report on the market trends that point to the relative strategic timing to sell a home since the market downturn in late 2007/early 2008. The three major trends that we discussed were:
1. Supply Compression: A major decline in homes on market available for sale 2. Demand Expansion: Increase in buyer demand to buy homes 3. Interest Rates Environment: All-time low interest rates
The data tells us that without question, that now is the best time to sell a home since the recent market crisis of 2007/2008. How can we further analyze this? Broad market indicators are good sign posts, especially when several key indicators are pointing in a similar direction. The next step in the process is attached in our micro market analysis. With the macro market indicators acting as tail winds, it is time to analyze the landscape in your micro market environment.
We encourage you to review the Q1 Research Report on market trends and this issue of the micro market report, and if you are thinking of buying or selling a home to contact your real estate professional to discuss the trends in your market.
All the Best!
S harr an S ri vats aa
Diverse Solutions. At Riviera Financial, the business of real estate finance is about much more than loans. It is about offering diverse and competitive products; advising borrowers to make informed choices to support and protect their security; and providing extraordinarily thorough customer care. Our customers expect and deserve the highest level of service and performance in all of their borrowing activities. When it comes to dedicated, comprehensive real estate finance, Riviera Financial delivers.
Get diverse solutions at rivierafinancial.com or contact a loan professional by calling 424.203.1850
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Reading the Report
“Each Micro Market area contains an analysis of current conditions and past trends. In order to take the most away from this report, it is important to understand how to read each micro market.
The Data presents statistical information about past and current conditions, comparing the previous year’s month to the current month. Each statistic is compiled from sales data during the month of the respective year. It is then analyzed by Percent Change, which is calculated by taking Current Value minus Past Value and then divided by Past Value.
The Numbers is a compilation of important take-away statistics for each area to gain a quick understanding of market conditions. Median Sales Price and Days on Market are 12 month averages for the period ending in the current month. The values for Properties for Sale and Shadow Inventory are presented in both text and graphical form to show the relationship of Shadow to Active Inventory.
The Yearly Trend presents the Median Sales Prices for each month during the past year in graphical format to easily visualize the changes and help identify any trends in sales for that micro market.
Median Price:
Days of market (Pending Sale):
A value that separates the upper half
The number of days that properties
of prices from the lower half of prices.
currently in escrow were on the market.
It can be interpreted like an average, however the extreme prices (high and
Month’s Supply of Inventory:
low) don’t hold undue influence.
The number of months it would take to sell all the properties listed for sale at
Average Price per Square Foot:
the current pace of sales and if no new
The price of each property divided by
listings entered the market.
their respective square footage then averaged across all properties sold in
Percent Under Contract:
the area for a given time period.
The ratio of properties for sale to properties pending sale.
Properties Sold:
The number of property transactions
Average Median Price for Last 12:
that closed and transferred ownership.
The Average Median Price for the Last 12 Months is sales data from 12 months
Properties Pending Sale:
ending in the identified month
The number of properties that entered escrow in preparation for sale.
Shadow Inventory:
Properties in Pre-Foreclosure, Bank Properties For Sale:
Owned or Auction as identified by
The number of properties on the
ForeclosureRadar.com
market and seeking buyers.
los ang
south bay
san fern
South Bay Macro Market
Palos Verdes
Redondo Beach
Manhattan Beach
Rancho Palos Verdes
Rolling Hills
Micro Market Report : April 2012
telesintelligence.com
geles
orange county
nando
san gabriel Rolling Hills Estates
Torrance
San Pedro
April 2012 : Micro Market Report
South Bay Macro Market DATA *
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$863,631
$925,361
7.1%
Average Price per Square Foot ...........................
$434
$415
-4.3%
Properties Sold .......................................................
141
513
263.8%
Properties Pending Sale .......................................
157
240
52.9%
Properties For Sale ................................................
1027
789
-23.2%
Days on Market (Pending Sale) ...........................
91
55
-39.5%
Month’s Supply of Inventory ................................
7.3
1.5
-78.9%
Percent Under Contract ........................................
15.3%
30.4%
99.0%
Average Median Price for Last 12 Months ........
$1,123,750
$1,141,099
1.5%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar for all areas in South Bay Mirco Market Report. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
S A L E S
$925
$863
(in hundred thousands)
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
Manhattan Beach DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$1,522,500
$1,701,250
11.7%
Average Price per Square Foot ...........................
$755
$664
-12.1%
Properties Sold .......................................................
22
38
72.7%
Properties Pending Sale .......................................
30
41
36.7%
Properties For Sale ................................................
170
107
-37.1%
Days on Market (Pending Sale) ...........................
77
34
-55.8%
Month’s Supply of Inventory ................................
7.7
2.8
-63.6%
Percent Under Contract ........................................
17.6%
38.3%
117.1%
Average Median Price for Last 12 Months ........
$1,516,000
$1,501,423
-1.0%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
S A L E S
(in hundred thousands)
$1.701
$1.522
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$1,501,423
PROPERTIES FOR SALE
107
DAYS ON MARKET**
76
SHADOW INVENTORY
29
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Palos Verdes DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$980,000
$1,063,000
8.5%
Average Price per Square Foot ...........................
$633
$480
-24.2%
Properties Sold .......................................................
16
32
100.0%
Properties Pending Sale .......................................
19
35
84.2%
Properties For Sale ................................................
105
164
56.2%
Days on Market (Pending Sale) ...........................
89
59
-33.7%
Month’s Supply of Inventory ................................
6.6
5.1
-21.9%
Percent Under Contract ........................................
18.1%
21.3%
17.9%
Average Median Price for Last 12 Months ........
$982,000
$974,038
-0.8%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
S A L E S
(in hundred thousands)
$1.063
$980
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$974,038
PROPERTIES FOR SALE
164
DAYS ON MARKET**
97
SHADOW INVENTORY
30
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Rancho Palos Verdes DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$980,000
$1,015,000
3.6%
Average Price per Square Foot ...........................
$425
$454
6.8%
Properties Sold .......................................................
18
27
50.0%
Properties Pending Sale .......................................
32
30
-6.3%
Properties For Sale ................................................
192
128
-33.3%
Days on Market (Pending Sale) ...........................
107
64
-40.2%
Month’s Supply of Inventory ................................
10.7
4.7
-55.6%
Percent Under Contract ........................................
16.7%
23.4%
40.6%
Average Median Price for Last 12 Months ........
$956,000
$939,427
-1.8%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
S A L E S
(in hundred thousands)
$1.015
$980
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$939,427
PROPERTIES FOR SALE
128
DAYS ON MARKET**
99
SHADOW INVENTORY
64
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Redondo Beach DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$690,750
$670,000
-3.0%
Average Price per Square Foot ...........................
$445
$455
2.2%
Properties Sold .......................................................
22
16
-27.3%
Properties Pending Sale .......................................
22
35
59.1%
Properties For Sale ................................................
138
102
-26.1%
Days on Market (Pending Sale) ...........................
50
45
-10.0%
Month’s Supply of Inventory ................................
6.3
6.4
1.6%
Percent Under Contract ........................................
15.9%
34.3%
115.2%
Average Median Price for Last 12 Months ........
$726,000
$707,335
-2.6%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$670
S A L E S
$690
(in hundred thousands)
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$707,335
PROPERTIES FOR SALE
102
DAYS ON MARKET**
72
SHADOW INVENTORY
76
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Rolling Hil s DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$0
$1,925,000
N/A
Average Price per Square Foot ...........................
$0
$663
N/A
Properties Sold .......................................................
0
4
N/A
Properties Pending Sale .......................................
2
2
0.0%
Properties For Sale ................................................
23
22
-4.3%
Days on Market (Pending Sale) ...........................
274
85
-69.0%
Month’s Supply of Inventory ................................
N/A
5.5
N/A
Percent Under Contract ........................................
8.7%
9.1%
4.5%
Average Median Price for Last 12 Months ........
$2,588,000
$2,911,500
11.1%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
$1.925 $0 APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
M E D I A N
S A L E S
(in hundred thousands)
P R I C E
yearly trend
telesintelligence.com
the numbers median sales price**
$2,911,500
PROPERTIES FOR SALE
22
DAYS ON MARKET**
135
SHADOW INVENTORY
15
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Rolling Hil s Estates DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$1,680,000
$1,122,500
-33.2%
Average Price per Square Foot ...........................
$588
$434
-26.2%
Properties Sold .......................................................
1
8
700.0%
Properties Pending Sale .......................................
3
9
200.0%
Properties For Sale ................................................
35
33
-5.7%
Days on Market (Pending Sale) ...........................
53
44
-17.0%
Month’s Supply of Inventory ................................
35.0
4.1
-88.2%
Percent Under Contract ........................................
8.6%
27.3%
218.2%
Average Median Price for Last 12 Months ........
$1,174,000
$1,152,004
-1.9%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$1.122
S A L E S
$1.680
(in hundred thousands)
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$1,152,004
PROPERTIES FOR SALE
33
DAYS ON MARKET**
79
SHADOW INVENTORY
8
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
San Pedro DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$445,800
$349,000
-21.7%
Average Price per Square Foot ...........................
$276
$268
-2.9%
Properties Sold .......................................................
19
21
10.5%
Properties Pending Sale .......................................
22
37
68.2%
Properties For Sale ................................................
170
102
-40.0%
Days on Market (Pending Sale) ...........................
80
97
21.3%
Month’s Supply of Inventory ................................
8.9
4.9
-45.7%
Percent Under Contract ........................................
12.9%
36.3%
180.3%
Average Median Price for Last 12 Months ........
$463,000
$415,523
-11.4%
*Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$349
S A L E S
$445
(in hundred thousands)
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$415,523
PROPERTIES FOR SALE
102
DAYS ON MARKET**
91
SHADOW INVENTORY
136
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
Torrance DATA
APR 2011
APR 2012
% CHANGE
Median Price ..........................................................
$610,000
$482,500
-20.9%
Average Price per Square Foot ...........................
$351
$321
-8.5%
Properties Sold .......................................................
43
367
753.5%
Properties Pending Sale .......................................
27
51
88.9%
Properties For Sale ................................................
194
131
-32.5%
Days on Market (Pending Sale) ...........................
85
65
-23.5%
Month’s Supply of Inventory ................................
4.5
0.4
-92.1%
Percent Under Contract ........................................
13.9%
38.9%
179.7%
Average Median Price for Last 12 Months ........
$585,000
$527,538
-10.9%
Average Median Price for Last 3 Months .......... *Information obtained from Broker Metrics, The MLS and Foreclosure Radar. Statistics are subject to change due to individual real estate company reporting disciplines.
M E D I A N
$482
S A L E S
$610
(in hundred thousands)
P R I C E
yearly trend
APR
MAY
JUN
JUL
Micro Market Report : April 2012
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
telesintelligence.com
the numbers median sales price**
$527,538
PROPERTIES FOR SALE
131
DAYS ON MARKET**
68
SHADOW INVENTORY
298
**12 month average
acti v e listin g s
s h ad o w in v ent o r y
Teles intelligence where data meets reason
April 2012 : Micro Market Report
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References
CONTACTS:
Laron Turley Director of Research, Teles Intelligence laron.turley@telesproperties.com Steve Shull Chief Strategist, Teles Intelligence steve.shull@telesproperties.com Sharran Srivatsaa Chief Executive Officer, Teles Intelligence sharran.srivatsaa@telesproperties.com
location:
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Phone:
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Teles intelligence APRIL 2012 | LOS ANGELES | ORANGE COUNTY | SAN FERNANDO | SAN GABRIEL | SOUTH BAY Š2012 Teles Properties, Inc. Teles Properties is a registered trademark.