Shorewood SouthBay Market Insight Report 2015_January

market insight

SouthBay Market Insight 2015_January

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 January 2015, based on data available at the end of December 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

Dec. 2013 Dec. 2014 % Change

Median Price

$1,395

$1,700

21.9%

Average Price Per Sq. Foot

779

838

8%

Properties Sold

28

39

39%

Properties Pending Sales

11

18

64%

Properties for Sale

25

35

40%

Days on Market (Sold Homes)

42

44

5%

Monthly Supply of Inventory

0.9

0.9

0%

Absorption Rate (closed sales)

112

111.4

-1%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $2,152 $1,953 $1,717

$1,850

$1,995

$1,890 $1,928 $1,948

$2,100 $1,710

$2,200 $1,700

$1,395

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$2,044.83

Average Sales Price (Closed)*

$2,461.00

Listings for Sale

Active, 35 Sold, 39

35

Under Contract

18

Pending, 18

Sold

39

*12 month average

market insight

Hermosa Beach Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$1,023

$1,553

52%

Average Price Per Sq. Foot

588

771

31%

Properties Sold

16

16

0%

Properties Pending Sales

6

15

150%

Properties for Sale

26

18

-31%

Days on Market (Sold Homes)

41

64

56%

Monthly Supply of Inventory

1.6

1.1

-31%

Absorption Rate (closed sales)

61.5

88.9

45%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $1,553

$1,480

$1,460

$1,437

$1,345

$1,268

$1,230 $1,101

$1,023

$1,113 $1,000

$1,095

$878

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$1,331,920

Average Sales Price (Closed)* Active, 18

$1,483,080 Listings for Sale

Sold, 16

18 Under Contract

Pending, 15

15 Sold

16 *12 month average

market insight

Redondo Beach Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$780

$768

-2%

Average Price Per Sq. Foot

454

483

6.39%

Properties Sold

77

84

9%

Properties Pending Sales

49

57

16%

Properties for Sale

87

76

-13%

Days on Market (Sold Homes)

55

65

18%

Monthly Supply of Inventory

1.1

0.9

-18%

Absorption Rate (closed sales)

88.5

110.5

25%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $780

$770

$756

$820

$788 $730

$719

$875

$845

$793

$813

$778

$768

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$852,917

Average Sales Price (Closed)*

$922,750

Listings for Sale

Active, 76

Sold, 84

76

Under Contract

Pending, 57

57

Sold

84

*12 month average

market insight

El Segundo Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$743

$792

7%

Average Price Per Sq. Foot

417

459

10%

Properties Sold

12

19

58%

Properties Pending Sales

7

16

129%

Properties for Sale

11

12

9%

Days on Market (Sold Homes)

66

101

53%

Monthly Supply of Inventory

0.9

0.6

-33%

Absorption Rate (closed sales)

109.1

158.3

45%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $949

$743

$800

$854

$872

$845 $723

$808

$775

$838

$792

$694 $522

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$851,250

Average Sales Price (Closed)*

$886,667 Listings for Sale

Active 12 Sold 19

12

Pending 16

Under Contract

16

Sold

19

*12 month average

market insight

Torrance Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$555

$585

5%

Average Price Per Sq. Foot

375

393

5%

Properties Sold

112

92

-18%

Properties Pending Sales

75

88

17%

Properties for Sale

121

164

36%

Days on Market (Sold Homes)

58

62

7%

Monthly Supply of Inventory

1.1

1.8

64%

Absorption Rate (closed sales)

92.6

56.1

-39%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $600

$589

$581

$585

$570 $555

$550

$545 $530

$523

$544 $535

$512

13-Dec 14-Jan

14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$601,583

Average Sales Price (Closed)*

$628,667

Sold 92

Listings for Sale

Active 164

164 Under Contract

Pending 88

88 Sold

92 *12 month average

market insight

Hawthorne Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$399

$516

29%

Average Price Per Sq. Foot

307

364

19%

Properties Sold

27

33

22%

Properties Pending Sales

21

28

33%

Properties for Sale

73

66

-10%

Days on Market (Sold Homes)

50

49

-2%

Monthly Supply of Inventory

2.7

2

-26%

Absorption Rate (closed sales)

37

50

35%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $528 $459 $399

$444 $400

$473 $435

$465

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

$475

$516

$495 $440

$419

14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$495,667

Average Sales Price (Closed)*

$513,750

Sold 33

Listings for Sale

66

Under Contract

Active 66 Pending 28

28

Sold

33

*12 month average

market insight

Lawndale Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$365

$413

13%

Average Price Per Sq. Foot

281

326

16%

Properties Sold

6

16

167%

Properties Pending Sales

5

11

120%

Properties for Sale

29

19

-34%

Days on Market (Sold Homes)

86

63

-27%

Monthly Supply of Inventory

4.8

1.2

-75%

Absorption Rate (closed sales)

20.7

84.2

307%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $488 $422 $365

$395

$366

$423

$451 $417

$415 $383

$447 $413

$335

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$443,333

Average Sales Price (Closed)*

$434,167

Listings for Sale

Sold 16

Active 19

19

Under Contract

Pending 11

11

Sold

16

*12 month average

market insight

Lomita Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$502

$485

-3%

Average Price Per Sq. Foot

261

298

14%

Properties Sold

2

10

400%

Properties Pending Sales

6

7

17%

Properties for Sale

20

19

-5%

Days on Market (Sold Homes)

71

79

11%

Monthly Supply of Inventory

10

1.9

-81%

Absorption Rate (closed sales)

10

52.6

426%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $551

$517

$502

$475 $400

13-Dec 14-Jan

$478

$447

$550

$570 $520

$500

$485

$381

14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$531,333

Average Sales Price (Closed)*

$540,417

Sold 10

Listings for Sale

Active 19

19 Under Contract

Pending 7

7 Sold

10 *12 month average

market insight

Gardena Year Over Year

Dec. 2013 Dec. 2014 % Change

Median Price

$356

$385

8%

Average Price Per Sq. Foot

256

286

12%

Properties Sold

39

35

-10%

Properties Pending Sales

29

31

7%

Properties for Sale

72

62

-14%

Days on Market (Sold Homes)

49

57

16%

Monthly Supply of Inventory

1.8

1.8

0%

Absorption Rate (closed sales)

54.2

56.5

4%

Dec. 2013 to Dec. 2014 Yearly Median Price Tracking (in $,000) $416

$405 $395

$395

$375

$384

$383

$382

$385

$375

$365

$365

$356

13-Dec 14-Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun

14-Jul

14-Aug 14-Sep 14-Oct 14-Nov 14-Dec

Key December Stats

Median Sales Price*

$415,083

Average Sales Price (Closed)*

$405,333

Sold 35

Listings for Sale

Active 62

62 Under Contract

Pending 31

31 Sold

35 *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 2013-2015 Shorewood Realtors