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Designed to give you a quick, complete overview of both current and past market conditions, this Palos Verdes Market Insight report covers Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates.
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PalosVerdesMarket Insight
2015_June
Manhattan Beach - Training Center Manhattan Beach Manhattan Beach 917 Manhattan Beach Blvd. 3300 Highland Avenue 916 Manhattan Avenue 310.545.8401 310.546.7661 310.549.5000
www.Shorewood.com
Hermosa Beach Redondo Beach El Segundo Palos Verdes Estates 950 Artesia Blvd. 1009 Torrance Blvd. 431 Main Street 16 Malaga Cove Plaza 310.376.8871 310.516.8464 310.522.4900 310.698.1555
InsIght guIdanceDesigned to give you a quick, complete overview of both current and past market conditions, this Palos Verdes Market Insight report covers Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills and Rolling Hills Estates. Palos Verdes Peninsula number are too small for meaningful tracking data.
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.
MEDIAN PRICE:Not to be confused with Average Price, Median Price is the price of the property that falls in the middle of the total number of properties for sale in that particular micro-market. Extremely high and extremely low prices do not affect the median the way they do the average.
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.
DAYS ON MARKET (CLOSED SALES):The average number of days that properties were on the market, from date of initial listing to date they entered escrow.
MONTHS SUPPLY OF INVENTORY:The number of months it would take for all the current homes for sale in that micro-market to sell if no new
listings were added. 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. Four to five months’ supply is average. A smaller number means there are more buyers than sellers; a larger number means more sellers than buyers.
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:The Average Median Price for the Last 12 Months is sales data from 12 months ending in the identified month
LEGALAll reports are published June 2015, based on data available at the end of May 2015. 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.
Year Over Year May 2014 May 2015 % Change
May 2014 to May 2015 Yearly Median Price Tracking (in $,000)
Median Price $1,440 $1,545 7%
Average Price Per Sq. Foot 630 683 8%
Properties Sold 11 18 64%
Properties Pending Sales 14 21 50%
Properties for Sale 51 49 -4%
Days on Market (Sold Homes) 45 57 27%
Monthly Supply of Inventory 4.6 2.7 -41%
Absorption Rate (closed sales) 21.6 36.7 70%
Palos Verdes estates
2014May
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May
$1,440 $1,408
$1,675 $1,725
$3,000
$1,160
$1,860
$1,400 $1,480 $1,550 $1,600
$1,898
$1,545
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$1,811,750
$2,393,750
49
21
18
2014May
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May
$1,440 $1,408
$1,675 $1,725
$3,000
$1,160
$1,860
$1,400 $1,480 $1,550 $1,600
$1,898
$1,545
Active 49
Pending 21
Sold 18
Year Over Year May 2014 May 2015 % Change
May 2014 to May 2015 Yearly Median Price Tracking (in $,000)
Median Price $1,025 $1,100 7.32%
Average Price Per Sq. Foot 504 514 2%
Properties Sold 39 47 21%
Properties Pending Sales 45 70 56%
Properties for Sale 106 108 2%
Days on Market (Sold Homes) 63 67 6%
Monthly Supply of Inventory 2.7 2.3 -15%
Absorption Rate (closed sales) 36.8 43.5 18%
rancho Palos Verdes
2014May
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May
$1,025
$1,220
$1,059 $1,088 $1,058 $1,100 $1,011
$1,175
$930 $1,018 $1,058 $1,075 $1,100
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$1,159,750
$1,310,000
108
70
47
Active 108
Pending 70
Sold 47
Year Over Year May 2014 May 2015 % Change
May 2014 to May 2015 Yearly Median Price Tracking (in $,000)
Median Price $2,439 $3,465 42%
Average Price Per Sq. Foot 603 770 28%
Properties Sold 1 3 200%
Properties Pending Sales 3 3 0%
Properties for Sale 22 14 -36%
Days on Market (Sold Homes) 59 179 203%
Monthly Supply of Inventory 22 4.7 -79%
Absorption Rate (closed sales) 4.5 21.4 376%
rollIng hIlls
2014May
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May
$2,439
$5,725
$2,785 $2,681
$3,300
$-
$3,148 $2,845
$3,113
$3,658 $3,400
$2,600
$3,465
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$3,263,250
$3,411,000
14
3
3
Active 14
Pending 3
Sold 3
Year Over Year May 2014 May 2015 % Change
May 2014 to May 2015 Yearly Median Price Tracking (in $,000)
Median Price $1,300 $1,421 9.31%
Average Price Per Sq. Foot 522 574 10%
Properties Sold 19 8 -58%
Properties Pending Sales 10 12 20%
Properties for Sale 29 23 -21%
Days on Market (Sold Homes) 49 26 -47%
Monthly Supply of Inventory 1.5 2.9 93%
Absorption Rate (closed sales) 65.5 34.8 -46.9%
rollIng hIlls estates
2014May
14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 15-Apr 2015May
$1,300
$1,071 $1,053 $1,017 $1,115
$1,050 $1,180
$900 $925
$1,280
$760
$1,320 $1,421
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month rolling average
$1,199,333
$1,335,667
23
12
8
Active 23
Pending 12
Sold 8
Copyright 2013-2015 Shorewood Realtors
Manhattan Beach - Training Center917 Manhattan Beach Blvd.
310.545.8401
Manhattan Beach3300 Highland Avenue
310.546.7661
Manhattan Beach916 Manhattan Avenue
310.549.5000
Hermosa Beach950 Artesia Blvd.
310.376.8871
Redondo Beach1009 Torrance Blvd.
310.516.8464
El Segundo431 Main Street
310.522.4900
Palos Verdes Estates16 Malaga Cove Plaza
310.698.1555
www.Shorewood.com
market insight
