Vol. 6 | June 2020

Market Intelligence Report Palos Verdes and Harbor Cities Edition Delivering the facts and trends of the most relevant market activities as they unfold in the PV and surrounding real estate communities

RE/MAX Estate Properties 600+ Local Agents • 13 Offices • Luxury Residential Commercial Investment Division • International Lic # 00450665, 00402754, 01879720

Violette Beshay

(3 1 0 ) 2 8 3 – 6 8 6 1 V i ol et t eB esh ay @ y a h oo. c om D RE# 01718679

Palos Verdes and Harbor Cities Market Intelligence RE/MAX Estate Properties tracks key data points in significant cities and areas throughout the Palos Verdes and Harbor Cities Palos Verdes Estates........................................................3 Rancho Palos Verdes........................................................4 Rolling Hills.......................................................................5 Rolling Hills Estates .........................................................6 San Pedro.........................................................................7 Wilmington.......................................................................8 Harbor City .......................................................................9

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.

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.

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.

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.

PROPERTIES PENDING SALE:

The number of properties placed in escrow during any given month.

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 2020 are based on data available at the end of May 2020. 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.

Palos Verdes Estates MAY STATS Key Facts:

$2,500,000

Median Sold Price

$2,500,000

Average Sold Price

MAY MAY % 2019 2020 Change

Median Price (in $1,000)

$1,988

$2,500

26%

Average Price Per Sq. Foot

$802

$545

-32%

Properties for Sale

55 -38%

Properties Pending Sales

15 -25%

Properties Sold

1 -93%

Days on Market (Sold Homes)

62 29%

Monthly Supply of Inventory

6.4

55 759%

Absorption Rate (Closed Sales) 15.7

1.8 -89%

Listings for Sale

Listings Pending

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

$2,500 $2,500

$2,500 $3,000

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

Listings Sold $2,000 $1,500

Days On Market

$1,655

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

Median

Average

Rancho Palos Verdes MAY STATS Key Facts:

$1,302,000 Median Sold Price

$1,492,000

Average Sold Price

MAY 2019

MAY 2020

Median Price (in $1,000)

$1,478

$1,302

-12%

Average Price Per Sq. Foot

$590

$567

-4%

Properties for Sale

128

78 -39%

Properties Pending Sales

43 -22%

Properties Sold

26 -48%

Days on Market (Sold Homes)

71 69%

Monthly Supply of Inventory

2.6

3 15%

Absorption Rate (Closed Sales) 39.1

Listings for Sale

Listings Pending

Listings Sold

Days On Market

33.3 -15%

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

$1,492

$1,600 $3,000 $1,400

% Change

$1,302 $2,593

$2,500 $1,200 $1,000 $2,000 $1,655

$800 $1,500 $600 $1,000 $400 $200 $500 $$-

Median

Average

Rolling Hills MAY STATS Key Facts:

$3,395,000

Median Sold Price

$3,395,000

Average Sold Price

MAY MAY % 2019 2020 Change

Median Price (in $1,000)

$3,800

$3,395

-11%

$1,101

$1,087

-1%

Average Price Per Sq. Foot Properties for Sale

10 -41%

Properties Pending Sales

1 -50%

Properties Sold

1 0%

Days on Market (Sold Homes)

317

37 -88%

Monthly Supply of Inventory

10 -41%

Absorption Rate (Closed Sales) 5.9

Listings for Sale

Listings Pending

10 69%

AVERAGE & MEDIAN PRICE $4,500

$3,395

$3,500 $4,000

$3,395

$3,000 $3,500

Listings Sold

$2,593

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

$1,655

$2,000

Days On Market

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

Median

Average

Rolling Hills Estates MAY STATS Key Facts:

$1,400,000 Median Sold Price

$1,556,000

Average Sold Price

MAY 2019

MAY 2020

Median Price (in $1,000)

$1,360

$1,400

Average Price Per Sq. Foot

$584

$614

Properties for Sale

62 -5%

Properties Pending Sales

17 -50%

Properties Sold

13 -54%

Days on Market (Sold Homes)

15 -21%

Monthly Supply of Inventory

2.3

4.8 109%

Absorption Rate (Closed Sales) 43.1

Listings for Sale

Listings Pending

Listings Sold

$1,800 $3,500

$1,556

$1,600 $1,400 $2,593 $2,500 $1,200 $1,000 $2,000 $1,655

$800

Days On Market

21 -51%

AVERAGE & MEDIAN PRICE

$3,000 $1,400

% Change

$1,500 $600 $1,000 $400 $200 $500 $$-

Median

Average

San Pedro MAY STATS Key Facts:

$590,000

Median Sold Price

$631,000

Average Sold Price

MAY MAY % 2019 2020 Change

Median Price (in $1,000)

$594

$590

-1%

Average Price Per Sq. Foot

$423

$402

-5%

Properties for Sale

73 -17%

Properties Pending Sales

46 -28%

Properties Sold

36 -38%

Days on Market (Sold Homes)

50 43%

Monthly Supply of Inventory

1.5

2 33%

Absorption Rate (Closed Sales) 65.9

Listings for Sale

Listings Pending

AVERAGE & MEDIAN PRICE $3,500 $800 $631

$700 $3,000

Listings Sold

49.3 -25%

$590 $2,593

$600 $2,500 $500 $2,000 $400

Days On Market

$1,655

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

Median

Average

Wilmington MAY STATS Key Facts:

$439,000 Median Sold Price

$472,000

Average Sold Price

MAY 2019

MAY 2020

Median Price (in $1,000)

$500

$439

-12%

Average Price Per Sq. Foot

$357

$382

Properties for Sale

15 -12%

Properties Pending Sales

8 -20%

Properties Sold

6 -33%

Days on Market (Sold Homes)

35 0%

Monthly Supply of Inventory

1.9

2.5 32%

Absorption Rate (Closed Sales) 52.9

40 -24%

Listings for Sale

Listings Pending

AVERAGE & MEDIAN PRICE $3,500 $600

$3,000

Listings Sold

% Change

$472

$500

$2,593

$2,500

$439

$400

$2,000 $1,655

$300

Days On Market

$1,500 $200

$1,000 $100

$500 $-

Median

Average

Harbor City MAY STATS Key Facts:

$645,000

Median Sold Price

$616,000

Average Sold Price

MAY MAY % 2019 2020 Change

Median Price (in $1,000)

$485

$645

33%

Average Price Per Sq. Foot

$382

$352

-8%

Properties for Sale

20 -29%

Properties Pending Sales

13 30%

Properties Sold

8 -62%

Days on Market (Sold Homes)

15 -53%

Monthly Supply of Inventory

1.3

2.5 92%

Absorption Rate (Closed Sales) 75

40 -47%

Listings for Sale

Listings Pending

AVERAGE & MEDIAN PRICE $800 $616

$3,500 $700

$645

$3,000 $600

Listings Sold

$2,593 $2,500 $500 $2,000 $400 $1,655

Days On Market

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

Median

Average

RE/MAX Estate Properties • 600+ Local Agents • 13 Offices • Luxury Residential International • Commercial Division BEVERLY HILLS 9454 Wilshire Blvd. Suite 600 Beverly Hills, CA 90212

SOUTH BAY 23740 Hawthorne Blvd., 2nd Flr Torrance, CA 90505

WEST LOS ANGELES 10931 W. Pico Blvd. Los Angeles, CA 90064

REDONDO BEACH 1720 S. Elena Avenue Redondo Beach, CA 90277

MARINA DEL REY / VENICE 124 Washington Blvd. Marina Del Rey, CA 90292

MALAGA COVE 63 Malaga Cove Plaza Palos Verdes Estates, CA 90274

SILICON BEACH 7131 W. Manchester Ave. Los Angeles, CA 90045

SILVER SPUR 450 Silver Spur Road Rancho Palos Verdes, CA 90274

EL SEGUNDO 402 Main Street El Segundo, CA 90245

MIRALESTE 5 Miraleste Plaza Rancho Palos Verdes, CA 90275

MANHATTAN BEACH-DOWNTOWN 1401 Highland Avenue Manhattan Beach, CA 90266

SAN PEDRO COASTLINE 1416 W 25th Street San Pedro, CA 90732

MANHATTAN BEACH 1040 Manhattan Beach Blvd. Manhattan Beach, CA 90266