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market insight

SouthBay Market Insight 2013_October


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 and Torrance. 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.


listings were added. This is calculated by Not to be confused with Average Price, dividing the total number of homes for Median Price is the price of the property sale in a particular month by the number that falls in the middle of the total of 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 the than sellers; a larger number means more 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 awaiting sale. 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 November 2013, based on data available at the end of October 2013. 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 through if no new


Manhattan Beach Year Over Year

OCT 2012

OCT 2013

% CHANGE

Median Price

$1,213,000

$1,468,000

-25%

$759

$836

10%

Properties Sold

32

28

-13%

Properties Pending Sales

45

28

-28%

Properties for Sale

63

47

-25%

Days on Market (Sold Homes)

90

45

-50%

Monthly Supply of Inventory

2

1.7

-15%

Absorption Rate (closed sales)

71.4%

59.6%

-17%

Average Price Per Square Foot

$2,500

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)

$2,000

$1,908 $1,725

$1,500

$1,363 $1,213

$1,249

OCT 2012

NOV 2012

$1,610

$1,553

$1,457

$1,685

$1,705

$1,540

$1,468

$1,162

$1,000

$500

$DEC 2012

JAN 2013

FEB 2013

MAR 2013

APR 2013

MAY 2013

JUN 2013

JUL 2013

AUG 2013

SEP 2013

OCT 2013


Key October Stats MEDIAN SALES PRICE

$1,468,000

AVERAGE SALES PRICE (Closed)

$1,702,000

LISTINGS FOR SALE

47

UNDER CONTRACT

28

SOLD

28

Active

market insight

Under Contract

Sold


Hermosa Beach Year Over Year

1400

OCT 2012

OCT 2013

% CHANGE

Median Price

$895

$1,300,000

45%

Average Price Per Square Foot

$560

$695

24%

Properties Sold

16

22

38%

Properties Pending Sales

22

26

18%

Properties for Sale

43

42

-25%

Days on Market (Sold Homes)

69

40

-2%

Monthly Supply of Inventory

2.7

1.9

-30%

Absorption Rate (closed sales)

37.2%

52.4%

41%

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 1300

1250 1200

1140 1061 895

890

OCT 2012

NOV 2012

1101

1065

1000

988

1000

1160

1208

901

800

600

400

200

0 DEC 2012

JAN 2013

FEB 2013

MAR 2013

APR 2013

MAY 2013

JUN 2013

JUL 2013

AUG 2013

SEP 2013

OCT 2013


Key October Stats MEDIAN SALES PRICE

$1,300,000

AVERAGE SALES PRICE (sold)

$1,408,000

LISTINGS FOR SALE

42

UNDER CONTRACT

26

SOLD

22

Active

Under Contract

market insight

Sold


Redondo Beach Year Over Year

OCT 2012

OCT 2013

% CHANGE

$720,000

$750,000

4%

$375

$442

18%

Properties Sold

86

71

-17%

Properties Pending Sales

93

88

-5%

Properties for Sale

99

130

31%

Days on Market (Sold Homes)

69

48

-30%

Monthly Supply of Inventory

1.2

1.8

50%

Absorption Rate (closed sales)

93.9%

67.7%

-37%

Median Price Average Price Per Square Foot

820 800 780

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)

797

795 778

756

760

756 745

750

740 720

720 700

700

704

706

MAR 2013

APR 2013

680 660 640 OCT 2012

JAN 2013

FEB 2013

MAY 2013

JUN 2013

JUL 2013

AUG 2013

SEP 2013

OCT 2013


Key October Stats MEDIAN SALES PRICE

$750,000

AVERAGE SALES PRICE (sold)

$788,000

LISTINGS FOR SALE

130

UNDER CONTRACT

88

SOLD

71

Active

market insight

Under Contract

Sold


El Segundo Year Over Year

OCT 2012

OCT 2013

% CHANGE

$660,000

$803,000

22%

$401

$502

25%

Properties Sold

9

8

-11%

Properties Pending Sales

12

13

8%

Properties for Sale

19

16

-21.9%

Days on Market (Sold Homes)

73

67

-16%

Monthly Supply of Inventory

1.6

1.2

-25%

Absorption Rate (closed sales)

63.2%

81.3%

29%

Median Price Average Price Per Square Foot

1000

Sept. 2012 to Sept. 2013 Yearly Median Price Tracking (in $,000)

900 793

800 700

830 721

738

FEB 2013

MAR 2013

865 775

803

773 719

755

660

600 500 400 300 200 100 0 OCT 2012

JAN 2013

APR 2013

MAY 2013

JUN 2013

JUL 2013

AUG 2013

SEP 2013

OCT 2013


Key September Stats MEDIAN SALES PRICE

$803,000

AVERAGE SALES PRICE (Closed)

$792,000

LISTINGS FOR SALE

16

UNDER CONTRACT

13

SOLD

8

Active

Under Contract

market insight

Sold


Torrance Year Over Year

OCT 2012

OCT 2013

% CHANGE

$475,000

$553,000

16%

Average Price Per Square Foot

$325

$364

12%

Properties Sold

115

96

-17%

Properties Pending Sales

130

124

-5%

Properties for Sale

127

172

35%

Days on Market (Sold Homes)

60

45

-25%

Monthly Supply of Inventory

1.1

1.8

64%

Absorption Rate (closed sales)

102.4%

72.1

-30%

Median Price

700

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000) 608

600 543 500

475

475

480

478

OCT 2012

JAN 2013

FEB 2013

MAR 2013

555

562

MAY 2013

JUN 2013

551

540

AUG 2013

SEP 2013

553

400

300

200

100

0 APR 2013

JUL 2013

OCT 2013


Key October Stats MEDIAN SALES PRICE

$553,000

AVERAGE SALES PRICE (Closed)

$590,000

LISTINGS FOR SALE

172

UNDER CONTRACT

124

SOLD

96

Active

Under Contract

market insight

Sold


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 Shorewood Realtors


South bay market insight oct 2013vs2