Shorewood SouthBay Market Insight Report 2014 August

SouthBayMarket Insight2014_August

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 September 2014, based on data available at the end of August 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 Aug. 2013 Aug. 2014 % Change

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

Median Price $1,685,000 $1,900,000 13%

Average Price Per Sq. Foot $710 $909 28%

Properties Sold 40 39 -3%

Properties Pending Sales 33 34 3%

Properties for Sale 55 68 24%

Days on Market (Sold Homes) 38 37 -3%

Monthly Supply of Inventory 1.4 1.7 21%

Absorption Rate (closed sales) 72.7% 57.4% -21%

Manhattan Beach

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

$1,685 $1,705 $1,520

$1,987

$1,395

$2,152 $1,953

$1,717 $1,850

$1,995 $1,890 $1,928 $1,900

Key August Stats

Median Sales Price*

Average Sales Price (Closed)*

Listings for Sale

Under Contract

Sold

market insight

*12 month average

$1,973,080

$2,275,670

68

34

39

Active, 68

Pending, 34

Sold, 39



Median Price $1,208,000 $1,430,000 13%




Properties for Sale 37 35 -5%



Absorption Rate (closed sales) 81.1% 48.6% -40

herMosa Beach


$1,208

$1,065

$1,300

$1,114 $1,023

$878

$1,345

$1,101

$1,460

$1,230 $1,113

$1,000

$1,430

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$1,272,250

$1,548,670

35

21

17

Active, 35

Pending, 21

Sold, 17



Median Price $795,000 $845,000 6%



Properties Pending Sales 89 80 -10%


Days on Market (Sold Homes) 39 46 18%



redondo Beach


$795 $763 $750

$715 $780 $770 $756

$788 $730 $719

$820 $875

$845

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$842,170

$896,670

141

80

85

Active, 141

Pending, 80

Sold, 85



Median Price $719,000 $912,000 27%








el segundo


$719 $755

$803

$719 $743 $800

$854

$723

$845 $775

$694

$872 $912

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$851,170

$862,250

18

25

10

Active 18

Pending 25

Sold 10



Median Price $551,000 $600,000 9%








torrance


$551

$539

$555

$515

$555

$523

$512

$545

$530

$550

$570

$532

$600

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$589,750

$620,580

225

120

116

Active 225

Pending 120

Sold 116



Median Price $459,000 $528,000 15%




Properties for Sale 42 36 -17%



Absorption Rate (closed sales) 74.5% 41% -45%

hawthorne


$459 $445

$349

$428 $399

$459

$400 $444

$473 $435

$465 $475

$528

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$479,920

$496,000

78

30

32

Active 78

Pending 30

Sold 32



Median Price $365,000 $381,000 4%







Absorption Rate (closed sales) 70% 22.7% -68%

lawndale


$365

$435

$388

$335 $365 $366

$422

$335

$395

$488

$423 $415 $381

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$426,080

$424,670

22

16

5

Active 22

Pending 16

Sold 5



Median Price $440,000 $550,000 25%


Properties Sold 11 13 18%




Monthly Supply of Inventory 2.5 2.5 --

Absorption Rate (closed sales) 39.3% 39.4% 0%

loMIta


$440 $430

$560

$430

$502

$400

$475 $447

$517

$381

$478

$551 $550

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$513,420

$510,750

33

10

13

Active 33Pending 10

Sold 13



Median Price $354,000 $388,000 10%



Properties Pending Sales 36 32 -11%





gardena


$354 $355 $360

$371

$356

$365

$375

$395

$382

$405

$375

$415

$388

Key August Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$408,000

$400,830

76

32

30

Active 76

Pending 32

Sold 30

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

Documents

Shorewood SouthBay Market Insight Report 2014 August