Page 1

market insight

SouthBay Market Insight 2014_March


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 April 2014, based on data available at the end of March 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 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)

Mar. 2013 Mar. 2014 % Change $1,553,000 $1,717,000 11% $646 $896 39% 42 33 -21% 56 49 -13% 39 49 26% 54 44 -19% 0.9 1.5 67% 108% 67.3% -38%

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

$1,553

$1,725

$1,908

$2,152

$1,987 $1,610 $1,540 $1,685 $1,705 $1,520

$1,395

$1,953

$1,717


Key March Stats

Median Sales Price*

$1,870,830

Average Sales Price (Closed)*

$2,129,330

Sold 33

Listings for Sale

Active 49

49 Under Contract

49

Pending 49

Sold

33 *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)

Mar. 2013 Mar. 2014 % Change $1,000,000 $1,101,000 10% $611 $658 8% 16 11 -31% 21 24 14% 41 36 -12% 90 43 -52% 2.6 3.3 27% 39% 30.6% -22%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $1,000

$1,140 $1,101

$1,250

$1,160 $1,208

$1,390

$1,300 $1,065

$1,114

$1,023

$1,101 $878


Key March Stats

Median Sales Price*

$1,227,500

Average Sales Price (Closed)*

$1,391,000

Sold, 11

Listings for Sale

36 Under Contract

Pending, 24

24 Sold

11 *12 month average

market insight

Active, 36


Redondo Beach Year Over Year

Mar. 2013 Mar. 2014 % Change $704,000 $787,000 12%

Median Price Average Price Per Sq. Foot

$440

$440

-

Properties Sold

81

83

Properties Pending Sales

83

91

Properties for Sale

74

115

Days on Market (Sold Homes)

62

50

Monthly Supply of Inventory

0.9

1.4

Absorption Rate (closed sales)

109.5%

72.2%

2% 10% 55% -19% 56% -34%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $795 $745 $704

$706

$778

$795 $763

$780 $750 $715

$770

$787 $760


Key March Stats

Median Sales Price*

$820,670

Average Sales Price (Closed)*

$875,417 Listings for Sale

Sold, 83 Active, 115

115 Under Contract

91

Pending, 91

Sold

83 *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)

Mar. 2013 Mar. 2014 % Change $738,000 $723,000 -2% $423 $526 24% 12 8 -33% 10 13 30% 14 12 -14% 81 23 -72% 1.2 1.5 25% 85.7% 66.7% -22%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $738

$830

$865

$775

$773

$719

$755

$803

$719

$743

$800

$854 $723


Key March Stats

Median Sales Price*

$841,420

Average Sales Price (Closed)*

$854,420

Sold 8 Active 12

Listings for Sale

12 Under Contract

13

Pending 13

Sold

8 *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) $562

Mar. 2013 Mar. 2014 % Change $478,000 $545,000 14% $345 $383 11% 106 95 -10% 125 114 -9% 86 157 83% 71 39 -45% 0.8 1.7 113% 123.3% 60.5% -51%

$608

$555 $551 $539 $550 $545 $543to$555 Mar. 2013 Mar. 2014 Yearly Median Price Tracking (in $,000) $523 $512 $515 $478


Key March Stats

Median Sales Price*

$586,330

Average Sales Price (Closed)*

$604,420 Listings for Sale

Sold 95

157

Active 157

Under Contract

114

Pending 114

Sold

95 *12 month average

market insight


Hawthorne 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)

Mar. 2013 Mar. 2014 % Change $370,000 $440,000 19% $239 $324 36% 32 26 -19% 30 38 27% 42 67 60% 59 50 -15% 1.3 2.6 100% 76.2% 38.8% -49%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $459

$397

$370

$395

$372

13-Jul

$428

$399

$440 $400

$349

$338

13-Mar 13-Apr 13-May 13-Jun

$459

$445

8/13

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


Key March Stats

Median Sales Price*

$437,580

Average Sales Price (Closed)*

$457,830

Sold 26

Listings for Sale

67 Under Contract

38

Active 67 Pending 38

Sold

26 *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) Monthly Supply of Inventory Absorption Rate (closed sales)

Mar. 2013 Mar. 2014 % Change $315,000 $335,000 6% $221 $322 46% 19 7 -63% 12 7 -42% 12 15 25% 75 57 -24% 0.6 2.1 250% 158.3% 46.7% -70%

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

$402 $365 $315

$316

$310

13-Mar 13-Apr 13-May 13-Jun

$320

13-Jul

8/13

$422 $388 $350

$365

$366 $335

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


Key March Stats

Median Sales Price*

$390,750

Average Sales Price (Closed)*

$386,670

Sold 7

Listings for Sale

15 Under Contract

7

Active 15 Pending 7

Sold

7 *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)

Mar. 2013 Mar. 2014 % Change $412,000 $447,000 8% $255 $314 23% 9 14 56% 9 16 78% 9 21 133% 46 62 35% 1 1.5 50% 100% 66.7% -33%

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

$466 $412

$484

$502

$479 $440

$423

13-Mar 13-Apr 13-May 13-Jun

13-Jul

8/13

$430

$430

$475

$447

$400

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

14-Feb 14-Mar


Key March Stats

Median Sales Price*

$495,670

Average Sales Price (Closed)*

$499,580 Listings for Sale

Sold 14 Active 21

21 Under Contract

16

Pending 16

Sold

14 *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)

Mar. 2013 Mar. 2014 % Change $310,000 $375,000 21% $213 $222 4% 39 25 -36% 50 42 -16% 57 63 11% 74 63 -15% 1.5 2.5 67% 68.4% 39.7% -42%

Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000) $328

$323

$347

$358

13-Mar 13-Apr 13-May 13-Jun

$340

13-Jul

$354

8/13

$355

$360

$371

$356

$365

$375

$393

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


Key March Stats

Median Sales Price*

$385,420

Average Sales Price (Closed)*

$378,830

Sold 40

Listings for Sale

Active 70

70 Under Contract

Pending 40

40 Sold

40 *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


South Bay (Los Angeles) Market Insight for March 2014 Jennifer Walter Shorewood Realtors  

Check out how the Real Estate Market performed in the South Bay for March 2014

Advertisement
Read more
Read more
Similar to
Popular now
Just for you