Page 1

The Palos Verdes-SouthBay Market Intelligence Report

A M O N T H LY P U B L I CAT I O N BY D AV I D K E L L E R - L I C . 0 0 851 4 37


Insights on David Keller A Five Star Experience

In the words of his clients and associates The words of David’s clients speak volumes; It is their thoughts that compose a mosaic of David’s life and career. So, without further ado… "David Keller has over three decades of experience and knowledge.” To that extent, “his knowledge of the community and the real estate market are invaluable,” which gives him an, "upper hand on the real estate market,” deeming him a, “store-house of knowledge.” A Top-Producing seasoned agent and an Executive leader, managing over 100+ agents, those with whom he works describe his professionalism and drive as “unparalleled.” “He earns his business by doing what’s right for his clients every step of the way,” and as such, “David is not and never will be about just the sale.” Beyond his value-driven demeanor, his grit gets the job done and makes his clients lifelong customers—"I would work with David again and again”— and even impresses those clients on the other side of the transaction: "I met David when he represented the seller on a RE transaction that I purchased with a now retired agent. I was so impressed with David that I decided to work with David on my RE needs ever since!” To that end, "We could not be more pleased, and we strongly recommend David to anyone considering buying or selling a home in the South Bay,” "I have been proud to have David represent my interests and without hesitation recommend him to others,” "I highly recommend Dave whether its listing your home or looking for a home in the Beach cities of L.A.”

Note: Extensive referrals available upon request.


WHERE DO YOU WANT TO LIVE? LET’S CHAT 310.707.8706 | DAVID@DAVIDBKELLER.COM


THE HOME BUYER’S GUIDE TO GETTING

MORTGAGE READY

Don’t wait until you’re ready to move to start preparing financially to buy a home. If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage. Follow these three steps to begin laying the foundation for your future home purchase today!

STEP 1: CHECK YOUR CREDIT SCORE It’s a good idea to review your credit report and score yourself before you’re ready to apply for a mortgage. If you have a low score, you will need time to raise it. And sometimes fraudulent activity or erroneous information will appear on your report, which can take months to correct. The credit score most lenders use is your FICO score. Base FICO scores range from 300 to 850. A higher FICO score will help you qualify for a lower mortgage interest rate, which will save you money.1 Your FICO score is a weighted score developed by the Fair Isaac Corporation that takes into account your payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).1 By federal law, you are entitled to one free copy of your credit report every 12 months. Request your free credit report at www.annualcreditreport.com.

Minimum Score Requirements To qualify for the lowest interest rates available, you usually need a FICO score of 760 or higher. Most lenders require a score of at least 620 to qualify for a conventional mortgage.2 If your FICO score is less than 620, you may be able to qualify for a non-conventional mortgage. However, you should expect to pay higher interest rates and fees. For example, you may be able to secure an FHA loan (one issued by a private lender but insured by the Federal Housing Administration) with a credit score as low as 500.


STEP 2: SAVE UP FOR A DOWN PAYMENT AND CLOSING COSTS

STEP 3: ESTIMATE YOUR HOME PURCHASING POWER

When you purchase a home, you typically pay for a portion of it in cash (down payment) and take out a loan to cover the remaining balance (mortgage).

It’s important to have a sense of how much you can reasonably afford—and how much you’ll be able to borrow— to see if homeownership is within reach.

Generally speaking, the higher your down payment, the more money you will save on interest and fees. For example, on a conventional loan, you will be required to purchase private mortgage insurance (PMI) if your down payment is less than 20 percent. PMI is insurance that compensates your lender if you default on your loan.3

To get started, visit the National Association of Realtors’ free Home Affordability Calculator at www.realtor.com/ mortgage/tools/affordability-calculator.

For a conventional mortgage with PMI, most lenders will accept a minimum down payment of five percent of the purchase price. FHA loans only require a 3.5 percent down payment if your credit score is 580 or higher.3 There are a variety of other government-sponsored programs created to assist home buyers. Consult a mortgage lender about what options are available to you.

This handy tool will help you determine your home purchasing power. It also offers a monthly mortgage breakdown that projects what you would pay each month in principal and interest, property taxes, and home insurance. Once you have a sense of your purchasing power, it’s time to find out which neighborhoods and types of homes you can afford. The best way to determine this is to contact a licensed real estate agent. We help homeowners like you every day and can send you a comprehensive list of homes within your budget that meet your specific needs.

Closing costs—which can range between two to five percent of a home’s purchase price—should also be factored into your savings plan. These may include loan origination fees, appraisal fees and other fees associated with the purchase of your home.4 If you don’t have the funds to pay these outright at closing, you can often add them to your mortgage balance and pay them over time. However, you’ll be charged interest on the fees.

If there are homes within your price range and target neighborhoods that meet your criteria—congratulations! It’s time to begin your home search.

Current Homeowners

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

If you’re a current homeowner, you may have equity in your home that you can use toward your down payment and closing costs on a new home. We can help you estimate your expected return after you sell your current home and pay back your existing mortgage. Contact us for a free evaluation!

START LAYING YOUR FOUNDATION TODAY

If not, you may need to continue saving up for a larger down payment … or adjust your search parameters to find homes that do fit within your budget. We can help you determine the right course for you.

Sources: 1. myFICO 2. Bankrate

3. Bankrate 4. Investopedia

It’s never too early to start preparing financially for a home

There are resources and options available that might make it possible for you to buy a home sooner than you think. We can help.

purchase. These three steps will set you on the path toward homeownership … and a secure financial future!

Want to find out if you’re ready to buy a house? Give us

And if you are ready to buy now but don’t have a perfect credit score or a big down payment, don’t get discouraged.

a call! We’ll help you review your options, connect you with one of our trusted mortgage lenders, and help you determine the ideal time to begin your new home search.


SouthBay-PV Market Intelligence RE/MAX Estate Properties tracks key data points in significant cities and areas throughout the SouthBay and Palos Verdes. El Segundo..............................................................8 Gardena..................................................................9 Hawthorne............................................................10 Hermosa Beach....................................................11 Lawndale..............................................................12 Lomita...................................................................13 Manhattan Beach.................................................14 Redondo Beach....................................................15 Torrance................................................................16 Palos Verdes Estates............................................17 Rancho Palos Verdes............................................18 Rolling Hills...........................................................19 Rolling Hills Estates..............................................20


Market Intelligence Glossary MEDIAN PRICE:

Median Price is the price of the property that falls in the middle of the total number of properties Sold in any given month.

MONTHS SUPPLY OF INVENTORY:

This is calculated by dividing the total number of homes for sale in a particular month by the number of homes that sold in that month.

AVERAGE PRICE PER SQUARE FOOT:

Found by taking the price of each property and dividing that by its PROPERTIES PENDING SALE: The number of properties placed in escrow during any given square footage, then finding the average for all properties Sold. month.

PROPERTIES FOR SALE: The number of properties that are for sale on the market.

PROPERTIES UNDER CONTRACT:

The number of properties with an accepted offer however they have not closed.

PROPERTIES SOLD: The number of properties that SOLD and transfered ownership.

DAYS ON MARKET (CLOSED SALES):

The average number of days that properties were on ACTIVE on the market.

ABSORPTION RATE (CLOSED SALES):

This is the rate at which properties sell. It is the number of properties sold divided by the total number of properties for sale.

REPORT NOTES:

Reports published in June 2018 are based on data available at the end of May 2018. All reports presented are based on data supplied by the CRMLS or TheMLS and Trendgraphix. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Information deemed reliable but not guaranteed.


El Segundo MAY STATS Key Facts:

$1,065,000 Median Sold Price

$1,061,000 Average Sold Price

18

Median Price

$880

$1,065

21%

Average Price Per Sq. Foot

$666

$725

9%

Properties for Sale

19

18 -5%

Properties Pending Sales

8

18 125%

Properties Sold

8

12 50%

Days on Market (Sold Homes)

32

24 -25%

Monthly Supply of Inventory

2.4

1.5 -38%

Absorption Rate (closed sales)

42.1

66.7 58%

Listings for Sale

18

Listings Pending

May May % 2017 2018 Change

AVERAGE & MEDIAN PRICE $3,500 $1,600

$1,400 $3,000

12

Listings Sold

24

Days On Market

$1,200 $2,500

$1,061

$2,593 $1,065

$1,000 $2,000 $1,655

$800 $1,500 $600 $1,000

$400 $500

$200 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Gardena MAY STATS Key Facts:

$579,000

Median Sold Price

$563,000

Average Sold Price

May May 2017 2018

Median Price

$510

$579

14%

Average Price Per Sq. Foot

$378

$397

5%

Properties for Sale

46

42 -9%

Properties Pending Sales

53

39 -26%

Properties Sold

47

37 -21%

Days on Market (Sold Homes)

32

19 -41%

1

1.1 10%

Monthly Supply of Inventory

42

Absorption Rate (closed sales)

Listings for Sale

39

Listings Pending

$3,500

$2,000

Days On Market

$700 $563 $579

$600

$2,593 $2,500

Listings Sold

19

102.2 88.1 -14%

AVERAGE & MEDIAN PRICE

$3,000

37

% Change

$1,500

$1,000

$500

$500

$400

$1,655

$300

$200

$100

$-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Hawthorne MAY STATS Key Facts:

$660,000 Median Sold Price

$701,000 Average Sold Price

44

May May % 2017 2018 Change

Median Price

$605

$660

9%

Average Price Per Sq. Foot

$453

$500

10%

Properties for Sale

46

44 -4%

Properties Pending Sales

41

39 -5%

Properties Sold

40

46 15%

Days on Market (Sold Homes)

25

26 4%

Monthly Supply of Inventory

1.2

1 -17%

Absorption Rate (closed sales)

87

Listings for Sale

39

Listings Pending

AVERAGE & MEDIAN PRICE $3,500$800

$3,000

46

104.5 20%

$2,500

Listings Sold $2,000

$701

$700

$660 $2,593

$600 $500

$1,655

$400

26

Days On Market

$1,500

$300 $1,000

$200 $500 $100 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Hermosa Beach MAY STATS Key Facts:

$1,680,000

Median Sold Price

$1,842,000

Average Sold Price

57

Listings Pending

% Change

Median Price

$1,738

$1,680

-3%

Average Price Per Sq. Foot

$1,311

$949

-28%

Properties for Sale

48

57 19%

Properties Pending Sales

25

24 -4%

Properties Sold

22

21 -5%

Days on Market (Sold Homes)

43

33 -23%

Monthly Supply of Inventory

2.2

2.7 23%

Absorption Rate (closed sales) 45.8

36.8 -20%

Listings for Sale

24

May May 2017 2018

AVERAGE & MEDIAN PRICE $3,500 $3,500

$3,000 $3,000

21

Listings Sold

33

Days On Market

$2,500 $2,500

$2,593

$1,842

$2,000 $2,000

$1,680 $1,655

$1,500 $1,500

$1,000 $1,000 $500 $500 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Lawndale MAY STATS Key Facts:

$635,000 Median Sold Price

$598,000 Average Sold Price

16

May May % 2017 2018 Change

Median Price

$508

$635

25%

Average Price Per Sq. Foot

$403

$394

-2%

Properties for Sale

22

16 -27%

Properties Pending Sales

7

13 86%

Properties Sold

13

13 0%

Days on Market (Sold Homes)

22

39 77%

Monthly Supply of Inventory

1.7

1.2 -29%

Absorption Rate (closed sales) 59.1

81.3 38%

Listings for Sale

13 Listings Pending

AVERAGE & MEDIAN PRICE $3,500 $700

$598 $635

$3,000 $600

13

Listings Sold

$2,593 $2,500 $500 $2,000 $400

39

Days On Market

$1,655

$1,500 $300 $1,000 $200 $500 $100 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Lomita MAY STATS Key Facts:

$512,000

Median Sold Price

$536,000

Average Sold Price

13

Listings Pending

% Change

Median Price

$547

$512

-6%

Average Price Per Sq. Foot

$360

$375

4%

Properties for Sale

20

13 -35%

Properties Pending Sales

17

14 -18%

Properties Sold

11

10 -9%

Days on Market (Sold Homes)

44

30 -32%

Monthly Supply of Inventory

1.8

1.3 -28%

Absorption Rate (closed sales)

55

76.9 40%

Listings for Sale

14

May May 2017 2018

AVERAGE & MEDIAN PRICE $3,500 $800 $3,000 $700

10 Listings Sold

30

Days On Market

$2,593

$536

$600 $2,500

$512 $500 $2,000 $1,655

$400 $1,500 $300 $1,000

$200 $500 $100 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Manhattan Beach MAY STATS Key Facts:

$2,774,000 Median Sold Price

$3,163,000 Average Sold Price

92

May May % 2017 2018 Change

Median Price

$2,150

$2,774

29%

Average Price Per Sq. Foot

$1,106

$1,060

-4%

Properties for Sale

102

92 -10%

Properties Pending Sales

53

50 -6%

Properties Sold

47

38 -19%

Days on Market (Sold Homes)

45

43 -4%

Monthly Supply of Inventory

2.2 2.4 9%

Absorption Rate (closed sales) 46.1

Listings for Sale

50 Listings Pending

AVERAGE & MEDIAN PRICE $3,500 $3,500

$3,163

$3,000 $3,000

38

Listings Sold

$2,774 $2,593

$2,500 $2,500 $2,000 $2,000

43

Days On Market

41.3 -10%

$1,655

$1,500 $1,500 $1,000 $1,000 $500 $500 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Redondo Beach MAY STATS Key Facts:

$1,123,000

Median Sold Price

$1,222,000

Average Sold Price

96

Listings Pending

$1,075

$1,123

4%

Average Price Per Sq. Foot

$584

$607

4%

Properties for Sale

90 96 7%

Properties Pending Sales

98

84 -14%

Properties Sold

78

68 -13%

Days on Market (Sold Homes)

29

20 -31%

Monthly Supply of Inventory

1.2

1.4 17%

Absorption Rate (closed sales) 86.7 70.8 -18%

AVERAGE & MEDIAN PRICE $3,500 $1,400

$1,222

$3,000 $1,200

68 Listings Sold

% Change

Median Price

Listings for Sale

84

May May 2017 2018

$1,123 $2,593

$2,500 $1,000 $2,000

$800

20

Days On Market

$1,655

$1,500

$600 $1,000

$400 $500

$200 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Torrance MAY STATS Key Facts:

$868,000 Median Sold Price

$925,000 Average Sold Price

131

May May % 2017 2018 Change

Median Price

$770

$868

13%

Average Price Per Sq. Foot

$488

$540

11%

Properties for Sale

97

131 35%

Properties Pending Sales

139

101 -27%

Properties Sold

96 98 2%

Days on Market (Sold Homes)

21

21 0%

Monthly Supply of Inventory

1

1.3 30%

99

74.8 -24%

Absorption Rate (closed sales)

Listings for Sale

101

Listings Pending

AVERAGE & MEDIAN PRICE $3,500$1,400 $3,000$1,200

98

Listings Sold

$2,593 $2,500 $1,000

$868 $2,000

21

Days On Market

$925

$1,500

$1,000

$500

$800

$1,655

$600

$400

$200

$-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Palos Verdes Estates MAY STATS Key Facts:

May May 2017 2018

Median Price

$1,693,000

Median Sold Price

$2,287,000

Average Sold Price

63

Average Price Per Sq. Foot

Listings Pending

$1,900

$1,693

-11%

$668

$824

23%

Properties for Sale

68

63 -7%

Properties Pending Sales

15

24 60%

Properties Sold

21

18 -14%

Days on Market (Sold Homes)

42

47 12%

Monthly Supply of Inventory

3.2 3.5 9%

Absorption Rate (closed sales) 30.9 28.6 -7%

Listings for Sale

24

% Change

AVERAGE & MEDIAN PRICE $3,000 $3,500

$2,287

$2,500 $3,000

18

$2,593

$2,000 $2,500

Listings Sold

$1,693 $2,000 $1,500

47

Days On Market

$1,655

$1,500

$1,000 $1,000

$500 $500

$-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Rancho Palos Verdes MAY STATS Key Facts:

$1,369,000 Median Sold Price

$1,455,000 Average Sold Price

93

May May % 2017 2018 Change

Median Price

$1,290

$1,369

6%

Average Price Per Sq. Foot

$566

$598

6%

Properties for Sale

105

93 -11%

Properties Pending Sales

65

63 -3%

Properties Sold

48

48 0%

Days on Market (Sold Homes)

35

37 6%

Monthly Supply of Inventory

2.2

1.9 -14%

Absorption Rate (closed sales) 45.7 51.6 13%

Listings for Sale

63

Listings Pending

AVERAGE & MEDIAN PRICE $3,500$1,600

$1,455 $1,369

$3,000$1,400

48

Listings Sold

$2,593

$1,200 $2,500 $1,000 $2,000

$1,655

$800

37

Days On Market

$1,500

$600 $1,000

$400 $500

$200 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Rolling Hills MAY STATS Key Facts:

May May 2017 2018

Median Price

$3,813,000

Median Sold Price

$3,813,000

Average Sold Price

37

Average Price Per Sq. Foot

Listings Pending

2

Listings Sold

$2,450

$3,813

56%

$834

$695

-17%

Properties for Sale

25

37 48%

Properties Pending Sales

3

2 -33%

Properties Sold

1

2 100%

Days on Market (Sold Homes)

102

86 -16%

Monthly Supply of Inventory

25

18.5 -26%

Absorption Rate (closed sales)

4

5.4 35%

Listings for Sale

2

% Change

AVERAGE & MEDIAN PRICE $4,500 $3,500

$3,813

$4,000 $3,000

$3,813

$3,500

$2,593

$2,500 $3,000 $2,000 $2,500

86

Days On Market

$1,655

$2,000 $1,500 $1,500 $1,000 $1,000 $500 $500 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


Rolling Hills Estates MAY STATS Key Facts:

$1,313,000 Median Sold Price

$1,573,000 Average Sold Price

24

May May % 2017 2018 Change

Median Price

$1,046

$1,313

26%

$543

$651

20%

Average Price Per Sq. Foot Properties for Sale

36

24 -33%

Properties Pending Sales

16

14 -13%

Properties Sold

20

8 -60%

Days on Market (Sold Homes)

22

26 18%

Monthly Supply of Inventory

1.8

3 67%

Absorption Rate (closed sales) 55.6

Listings for Sale

14 Listings Pending

AVERAGE & MEDIAN PRICE $1,800 $3,500 $1,600

$1,573

$3,000 $1,400

8 Listings Sold

33.3 -40%

$1,313 $2,593

$2,500 $1,200

$1,000 $2,000 $1,655

26

Days On Market

$1,500

$800 $600

$1,000

$400 $500

$200 $-

$May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May 2017 2017 2017 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 Median

Average


David Keller's South Bay & PV Market Intelligence Report  

Designed to give you the facts & trends overview of the most relevant market activities as they unfold in the South Bay real estate communit...

David Keller's South Bay & PV Market Intelligence Report  

Designed to give you the facts & trends overview of the most relevant market activities as they unfold in the South Bay real estate communit...