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market insight

SouthBay Market Insight 2014_April


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 May 2014, based on data available at the end of April 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

April 2013 April 2014 % Change $1,725,000 $1,850,000 7% $773 $852 10%

Median Price Average Price Per Sq. Foot Properties Sold

45

45

--

Properties Pending Sales

51

40

Properties for Sale

51

66

Days on Market (Sold Homes)

42

33

Monthly Supply of Inventory

1.1

1.5

Absorption Rate (closed sales)

88.2%

68.2%

-22% 29% -21% 36% -23%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000)

$1,725

$2,152

$1,987

$1,908 $1,610 $1,540

$1,685 $1,705

13-Apr 13-May 13-Jun 13-Jul 13-Aug

9/13

$1,953 $1,717

$1,520

$1,850

$1,395

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$1,895,580

Average Sales Price (Closed)*

$2,175,500

Sold 45

Listings for Sale

Active 66

66 Under Contract

Pending 40

40 Sold

45 *12 month average

market insight


Hermosa Beach 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)

April 2013 April 2014 % Change $1,140,000 $1,425,000 25% $625 $783 25% 19 31 63% 21 20 -5% 35 39 11% 51 49 -4% 1.8 1.3 -28% 54.3% 79.5% 46%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $1,250 $1,140

$1,101

$1,160

$1,300

$1,208 $1,065

$1,425

$1,390 $1,114

$1,101

$1,023 $878

13-Apr 13-May 13-Jun

13-Jul 13-Aug

9/13

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$1,262,920

Average Sales Price (Closed)*

$1,449,170 Listings for Sale

39

Active, 39 Sold, 31

Under Contract

Pending, 20

20 Sold

31 *12 month average

market insight


Redondo Beach Year Over Year

April 2013 April 2014 % Change $706,000 $730,000 3% $417 $456 9% 78 87 12% 88 99 13% 98 115 17% 38 47 24%

Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes) Monthly Supply of Inventory

1.3

1.3

--

Absorption Rate (closed sales)

79.6%

75.7%

-5%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $795

$795

$787

$780

$778

$770

$763

$760 $750

$745

$730 $715 $706

13-Apr 13-May 13-Jun 13-Jul 13-Aug

9/13

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$822,830

Average Sales Price (Closed)*

$878,330 Listings for Sale

Sold, 87 Active, 115

115 Under Contract

99

Pending, 99

Sold

87 *12 month average

market insight


El Segundo 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)

April 2013 April 2014 % Change $830,000 $845,000 2% $463 $487 5% 13 9 -31% 17 11 -35% 10 12 20% 101 75 -26% 0.8 1.3 63% 130% 75% -42%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $830

$865

$775

13-Apr 13-May 13-Jun

$773

$719

13-Jul 13-Aug

$755

9/13

$803

$800 $719

$743

$854

$845 $723

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$850,330

Average Sales Price (Closed)*

$864,670

Sold 9 Active 12

Listings for Sale

12 Under Contract

Pending 11

11 Sold

9 *12 month average

market insight


Torrance 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)

April 2013 April 2014 % Change $543,000 $530,000 -2% $362 $385 6% 130 97 -25% 123 126 2% 120 159 33% 40 34 -15% 0.9 1.6 78% 108.3% 61% -44%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $608

$555

$562 $551

$543

$555

$550

$545

$539 $515

13-Apr 13-May 13-Jun

13-Jul

13-Aug

9/13

$530

$523

13-Oct 13-Nov 13-Dec 14-Jan

$512

14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$590,670

Average Sales Price (Closed)*

$610,920 Listings for Sale

Sold 97 Active 159

159 Under Contract

126

Pending 126

Sold

97 *12 month average

market insight


Hawthorne Year Over Year

April 2013 April 2014 % Change $338,000 $473,000 40% $256 $341 33% 26 25 -4% 39 33 -15% 44 56 27% 98 91 -7% 1.7 2.2 29% 59.1% 44.6% -25%

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)

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $459 $397

$395

$372

13-Jul 13-Aug

$428

$399

$444

$473

$400

$349

$338

13-Apr 13-May 13-Jun

$459

$445

9/13

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$446,500

Average Sales Price (Closed)*

$465,830

Sold 25

Listings for Sale

56 Under Contract

Active 56

Pending 33

33 Sold

25 *12 month average

market insight


Lawndale Year Over Year Median Price Average Price Per Sq. Foot Properties Sold Properties Pending Sales Properties for Sale Days on Market (Sold Homes)

April 2013 April 2014 % Change $316,000 $394,000 25% $248 $330 33% 7 9 29% 16 9 -44% 14 18 29% 48 57 19%

Monthly Supply of Inventory

2

2

--

Absorption Rate (closed sales)

50%

50%

--

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $435

$402 $365 $316

$310

13-Apr 13-May 13-Jun

$394 $350

$320

13-Jul 13-Aug

$422 $388

9/13

$365

$366 $335

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$397,330

Average Sales Price (Closed)*

$394,080 Listings for Sale

Sold 9

18 Under Contract

Active 18

Pending 9

9 Sold

9 *12 month average

market insight


Lomita 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)

April 2013 April 2014 % Change $466,000 $517,000 11% $283 $300 6% 8 15 88% 12 11 -8% 9 28 211% 37 64 73% 1.1 1.9 73% 88.9% 53.6% -40%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $560

$466

$484

$440

$423

13-Apr 13-May 13-Jun

13-Jul

$517

$502

$479

13-Aug

$430

9/13

$430

$475

$447

$400

13-Oct 13-Nov 13-Dec 14-Jan

14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$504,420

Average Sales Price (Closed)*

$502,080

Sold 15

Listings for Sale

Active 28

28 Under Contract

Pending 11

11 Sold

15 *12 month average

market insight


Gardena 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)

April 2013 April 2014 % Change $323,000 $393,000 22% $234 $285 22% 40 34 -15% 50 39 -22% 48 70 46% 64 46 -28% 1.2 2.1 75% 83.3% 48.6% -42%

April 2013 to April 2014 Yearly Median Price Tracking (in $,000) $323

$347

$358

13-Apr 13-May 13-Jun

$340

13-Jul

$354

13-Aug

$355

9/13

$360

$371

$356

$365

$375

$393

$393

13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr


Key April Stats

Median Sales Price*

$390,830

Average Sales Price (Closed)*

$390,920

Sold 34

Listings for Sale

Active 70

70 Under Contract

Pending 39

39 Sold

34 *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 2014 Shorewood Realtors


Jennifer Walter Market Insight April 2014