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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.
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SouthBayMarket Insight
2014_May
market insight
Manhattan Beach 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 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.
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 2014, based on data available at the end of May 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.
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,908,000 $1,995,000 5%
Average Price Per Sq. Foot $720 $802 11%
Properties Sold 50 43 -14%
Properties Pending Sales 37 57 54%
Properties for Sale 67 55 -18%
Days on Market (Sold Homes) 44 48 9%
Monthly Supply of Inventory 1.3 1.3 --
Absorption Rate (closed sales) 74.6% 78.2% 5%
Manhattan Beach
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$1,908
$1,610 $1,540 $1,685 $1,705
$1,520
$1,987
$1,395
$2,152 $1,953
$1,717 $1,850
$1,995
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,918,080
$2,191,670
55
57
43
Active, 55
Pending, 57
Sold, 43
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,101,000 $1,225,000 11%
Average Price Per Sq. Foot $579 $625 8%
Properties Sold 19 31 63%
Properties Pending Sales 26 19 -27%
Properties for Sale 39 39 --
Days on Market (Sold Homes) 49 60 22%
Monthly Supply of Inventory 1.5 .1 40%
Absorption Rate (closed sales) 66.7% 48.7% -27%
herMosa Beach
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$1,101
$1,250 $1,160 $1,208
$1,065
$1,300
$1,114 $1,023
$878
$1,345
$1,101
$1,460
$1,225
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,269,170
$1,458,500
39
21
19
Active, 39
Pending, 21
Sold, 19
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $745,000 $717,000 -4%
Average Price Per Sq. Foot $419 $483 15%
Properties Sold 93 72 -23%
Properties Pending Sales 109 89 -18%
Properties for Sale 100 134 34%
Days on Market (Sold Homes) 45 49 9%
Monthly Supply of Inventory 1.1 1.9 73%
Absorption Rate (closed sales) 93% 53.7% -42%
redondo Beach
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$745
$795
$778
$795
$763
$750
$715
$780 $770
$756
$788
$730
$717
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$823,50
$881,670
134
89
72
Active, 134
Pending, 89
Sold, 72
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $865,000 $793,000 -8%
Average Price Per Sq. Foot $473 $445 -6%
Properties Sold 9 14 56%
Properties Pending Sales 16 15 -6%
Properties for Sale 17 18 6%
Days on Market (Sold Homes) 27 38 41%
Monthly Supply of Inventory 1.9 1.3 -32%
Absorption Rate (closed sales) 52.9% 77.8% 47%
el segundo
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$865
$775 $773 $719
$755 $803
$719 $743 $800
$854
$723
$845 $793
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$847,250
$860,920
18
15
14
Active 18
Pending 15
Sold 14
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $555,000 $548,000 -1%
Average Price Per Sq. Foot $355 $378 6%
Properties Sold 127 120 -6%
Properties Pending Sales 120 101 -16%
Properties for Sale 117 212 81%
Days on Market (Sold Homes) 36 45 25%
Monthly Supply of Inventory 0.9 1.8 100%
Absorption Rate (closed sales) 108.5% 56.6% -48%
torrance
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$555 $562
$608
$551 $539
$550
$515
$555
$523 $512
$545
$530
$548
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$591,080
$612,330
212
101
120
Active 212
Pending 101
Sold 120
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $397,000 $435,000 10%
Average Price Per Sq. Foot $296 $315 6%
Properties Sold 42 33 -21%
Properties Pending Sales 43 28 -35%
Properties for Sale 34 74 27%
Days on Market (Sold Homes) 48 49 2%
Monthly Supply of Inventory 0.8 2.2 175%
Absorption Rate (closed sales) 123.5% 44.6% -64%
hawthorne
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$397 $395 $372
$459 $445
$349
$428 $399
$459
$400
$444 $473
$435
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$454,580
$472,000
74
28
33
Active 74
Pending 28
Sold 33
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $310,000 $488,000 57%
Average Price Per Sq. Foot $239 $279 17%
Properties Sold 16 6 -63%
Properties Pending Sales 15 9 -40%
Properties for Sale 15 23 53%
Days on Market (Sold Homes) 38 36 -5%
Monthly Supply of Inventory 0.9 3.8 322%
Absorption Rate (closed sales) 106.7% 26.1% -76%
lawndale
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$310
$402
$320
$365
$435
$388
$350 $365 $366
$422
$335
$394
$488
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$411,670
$405,250
23
9
6
Active 23Pending 9
Sold 6
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $484,000 $381,000 -21%
Average Price Per Sq. Foot $279 $368 32%
Properties Sold 6 8 33%
Properties Pending Sales 11 11 -8%
Properties for Sale 9 28 211%
Days on Market (Sold Homes) 37 64 73%
Monthly Supply of Inventory 1.1 1.9 73%
Absorption Rate (closed sales) 88.9% 53.6% -40%
loMIta
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$484
$423
$479 $440 $430
$560
$430
$502
$400
$475 $447
$517
$381
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$497,330
$498,330
30
17
8
Active 30Pending 17
Sold 8
Year Over Year May 2013 May 2014 % Change
May 2013 to May 2014 Yearly Median Price Tracking (in $,000)
Median Price $347,000 $405,000 17%
Average Price Per Sq. Foot $250 $294 18%
Properties Sold 48 31 -35%
Properties Pending Sales 48 42 -13%
Properties for Sale 43 78 81%
Days on Market (Sold Homes) 42 37 -12%
Monthly Supply of Inventory 0.9 2.5 178%
Absorption Rate (closed sales) 111.6% 39.7% -64%
gardena
13-May 13-Jun 13-Jul 13-Aug 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Fed 14-Mar 14-Apr 14-May
$347
$358
$340
$354 $355 $360
$371
$356
$365
$375
$393 $390
$405
Key May Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$397,420
$390,330
78
42
31
Active 78
Pending 42
Sold 31
copyright 2014 Shorewood Realtors
Manhattan Beach917 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
