Shar Farrokhsiar Market Intelligence Report Palos Verdes

Vol. 7 | February 2021

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 • 12 Offices • Luxury Residential Commercial Investment Division • International DRE# 01879720

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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 February 2021 are based on data available at the end of January 2021. 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 JANUARY STATS Key Facts:

$4,655,000

Median Sold Price

$1,789,000

Average Sold Price

27

Listings Pending

Listings Sold

48

Days On Market

Change

$2,815

$4,655

65%

Average Price Per Sq. Foot

$663

$709

7%

Properties for Sale

42

27 -36%

Properties Pending Sales

7

12 71%

Properties Sold

8

13 63%

Days on Market (Sold Homes)

79

48 -39%

Monthly Supply of Inventory

5.3

2.1 -60%

Absorption Rate (Closed Sales) 19

48.1 153%

AVERAGE & MEDIAN PRICE $4,655

$5,000 $3,500 $4,500 $3,000 $4,000

13

2021

Median Price (in $1,000)

Listings for Sale

12

JANUARY %

JANUARY

`

2020

$1,789 $2,593

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

$1,655

$1,500 $2,000 $1,500 $1,000 $1,000 $500 $500 $$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

Rancho Palos Verdes JANUARY STATS Key Facts:

$2,299,000 Median Sold Price

$1,518,000

Average Sold Price

42

Listings Pending

2020

JANUARY %

2021

Change

Median Price (in $1,000)

$1,693

$2,299

36%

Average Price Per Sq. Foot

$544

$656

21%

Properties for Sale

86

42 -51%

Properties Pending Sales

33

46 39%

Properties Sold

32

34 6%

Days on Market (Sold Homes)

58

27 -53%

Monthly Supply of Inventory

2.7

1.2 -56%

Absorption Rate (Closed Sales) 37.2

Listings for Sale

46

JANUARY

81 118%

AVERAGE & MEDIAN PRICE $2,299

$2,500 $3,500 $1,518 $3,000 $2,000

34

Listings Sold

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

27

Days On Market

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

$$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

Rolling Hills JANUARY STATS Key Facts:

JANUARY

`

2020 Median Price (in $1,000)

$5,600,000

Median Sold Price

$4,658,000

Average Sold Price

8

Average Price Per Sq. Foot

Listings Pending

2021

Change

$4,799

$5,600

17%

$915

$788

-14%

Properties for Sale

17

8 -53%

Properties Pending Sales

1

4 300%

Properties Sold

1

5 400%

Days on Market (Sold Homes)

44

90 105%

Monthly Supply of Inventory

17

1.6 -91%

Absorption Rate (Closed Sales) 5.9

Listings for Sale

4

Listings Sold

$8,000 $3,500 $7,000

$4,658

Days On Market

$5,600 $2,593

$2,500 $5,000 $2,000 $4,000

90

62.5 959%

AVERAGE & MEDIAN PRICE

$3,000 $6,000

5

JANUARY %

$1,655

$1,500 $3,000 $1,000 $2,000 $500 $1,000 $$-

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

Rolling Hills Estates JANUARY STATS Key Facts:

$1,650,000 Median Sold Price

$1,597,000

Average Sold Price

15

Listings Pending

2020

Listings Sold

Days On Market

Change

$1,650

-6%

Average Price Per Sq. Foot

$579

$611

6%

Properties for Sale

38

15 -61%

Properties Pending Sales

23

29 26%

Properties Sold

24

20 -17%

Days on Market (Sold Homes)

47

38 -19%

Monthly Supply of Inventory

1.6

0.8 -50%

Absorption Rate (Closed Sales) 63.2 133.3 111%

AVERAGE & MEDIAN PRICE $2,000 $3,500 $1,800

$1,597 $1,650 $2,593

$1,400 $2,500 $1,200 $2,000 $1,000

38

2021

$1,750

$3,000 $1,600

20

JANUARY %

Median Price (in $1,000)

Listings for Sale

29

JANUARY

$1,655

$1,500 $800 $600 $1,000 $400 $500 $200 $$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

San Pedro JANUARY STATS Key Facts:

$679,000

Median Sold Price

$746,000

Average Sold Price

33

JANUARY

`

2020

Listings Pending

Listings Sold

$679

3%

Average Price Per Sq. Foot

$403

$483

20%

Properties for Sale

53

33 -38%

Properties Pending Sales

48

52 8%

Properties Sold

39

50 28%

Days on Market (Sold Homes)

45

20 -56%

Monthly Supply of Inventory

1.4

0.7 -50%

Absorption Rate (Closed Sales) 73.6

151.5 106%

AVERAGE & MEDIAN PRICE $3,500 $800

$746 $679 $2,593

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

$1,655

$400

20

Days On Market

Change

$659

$3,000 $700

50

2021

Median Price (in $1,000)

Listings for Sale

52

JANUARY %

$1,500 $300 $1,000 $200 $500 $100 $-$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

Wilmington JANUARY STATS Key Facts:

$530,000 Median Sold Price

$495,000

Average Sold Price

10

Listings Pending

2020

Listings Sold

2021

Change

$470

$530

13%

Average Price Per Sq. Foot

$387

$424

10%

Properties for Sale

17

10 -41%

Properties Pending Sales

11

13 18%

Properties Sold

12

8 -33%

Days on Market (Sold Homes)

44

23 -48%

Monthly Supply of Inventory

1.4

1.3 -7%

Absorption Rate (Closed Sales) 70.6 80 13%

AVERAGE & MEDIAN PRICE $700 $3,500

$495

$600 $3,000

8

JANUARY %

Median Price (in $1,000)

Listings for Sale

13

JANUARY

$530 $2,593

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

$1,655

23

Days On Market

$300 $1,500

$200 $1,000

$500 $100 $-$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

Harbor City JANUARY STATS Key Facts:

$700,000

Median Sold Price

$615,000

Average Sold Price

7

JANUARY

`

2020

Listings Pending

2021

Change

Median Price (in $1,000)

$684

$700

2%

Average Price Per Sq. Foot

$379

$401

6%

Properties for Sale

13

7 -46%

Properties Pending Sales

11

13 18%

Properties Sold

14

20 43%

Days on Market (Sold Homes)

30

18 -40%

Monthly Supply of Inventory

0.9

0.4 -56%

Absorption Rate (Closed Sales) 107.7 285.7 165%

Listings for Sale

13

JANUARY %

AVERAGE & MEDIAN PRICE $800 $615

$3,500 $700

$700

$3,000 $600

20

Listings Sold

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

18

Days On Market

$1,655

$1,500 $300 $1,000 $200 $500 $100 $$Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 Median

Average

WE A R E T HE COA ST RE/MAX Estate Properties 600+ Local Agents • 12 Offices Luxury Residential • International Commercial Division BEVERLY HILLS 9454 Wilshire Blvd., Suite 600 Beverly Hills, CA 90212 310.205.0050 EL SEGUNDO 402 Main Street El Segundo, CA 90245 310.322.1425 PALOS VERDES - MALAGA COVE 63 Malaga Cove Plaza Palos Verdes Estates, CA 90274 310.378.9494

REDONDO BEACH 1720 S. Elena Avenue Redondo Beach, CA 90277 310.378.7747

MANHATTAN BEACH 1040 Manhattan Beach Blvd.

Manhattan Beach, CA 90266 310.376.2225

PALOS VERDES - SILVER SPUR 450 Silver Spur Road Rancho Palos Verdes, CA 90275 310.544.9999

MANHATTAN BEACH / DOWNTOWN 1401 Highland Avenue Manhattan Beach, CA 90266 310.937.5700

TORRANCE 23740 Hawthorne Blvd.

Torrance, CA 90505 310.378.9889

MARINA DEL REY / VENICE 124 Washington Blvd.

Marina Del Rey, CA 90292 310.577.5300

WEST LOS ANGELES 10500 W. Pico Blvd.

Los Angeles, CA 90064 310.559.5570

PALOS VERDES - MIRALESTE 5 Miraleste Plaza Rancho Palos Verdes, CA 90275 310.831.0222

WESTCHESTER / SILICON BEACH 7131 W. Manchester Avenue Los Angeles, CA 90045 310.802.6000

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S har

Far ro kh siar

mobile

(310) 200-7939

SharFarrokhsiar@gmail.com DRE# 00944640

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450 Silver Spur Road | Rolling Hills Estates, CA 90274