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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
2013_December
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 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 awaiting sale.
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 through 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 CONTRACTThe 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 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.
Year Over Year Dec. 2012 Dec. 2013 % Change
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
Median Price $1,385,000 $1,598,000 15%
Average Price Per Sq. Foot $525 $610 16%
Properties Sold 16 16 -0-
Properties Pending Sales 6 11 83%
Properties for Sale 27 26 -4%
Days on Market (Sold Homes) 80 108 35%
Monthly Supply of Inventory 1.7 1.6 -6%
Absorption Rate (closed sales) 59.3% 61.5% 4%
Palos Verdes estates
Dec. 2012
Jan. 2013
Feb. 2013
Mar. 2013
Apr. 2013
May 2013
Jun. 2013
May. 2013
Aug. 2013
Sept. 2013
Oct. 2013
Nov. 2013
Dec. 2013
$80
$1,035
$2,025 $1,750 $1,753
$1,599 $1,590 $1,299
$1,695 $1,490 $1,464 $1,500 $1,598
Key December Stats
Median Sales Price
Average Sales Price (Closed)
Listings for Sale
Under Contract
Sold
market insight
$1,598,000
$1,906,000
26
11
16
Active26
Pending11
Sold 16
Year Over Year Dec. 2012 Dec. 2013 % Change
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
Median Price $951,000 $996,000 5%
Average Price Per Sq. Foot $446 $458 3%
Properties Sold 38 33 -13%
Properties Pending Sales 28 28 -0-
Properties for Sale 77 76 -1%
Days on Market (Sold Homes) 71 103 45%
Monthly Supply of Inventory 2 2.3 15%
Absorption Rate (closed sales) 49.4% 43.4% -12%
rancho Palos Verdes
Dec. 2012
Jan. 2013
Feb. 2013
Mar. 2013
Apr. 2013
May 2013
Jun. 2013
May. 2013
Aug. 2013
Sept. 2013
Oct. 2013
Nov. 2013
Dec. 2013
$951 $925 $885 $891 $968 $911
$1,080 $1,110 $1,065 $1,075 $934
$1,035 $996
Key December Stats
Median Sales Price
Average Sales Price (Closed)
Listings for Sale
Under Contract
Sold
market insight
$996,000
$1,163,000
76
33
28
Active76Pending
28
Sold 33
Year Over Year Dec. 2012 Dec. 2013 % Change
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
Median Price $2,925,000 $2,175,000 -26%
Average Price Per Sq. Foot $662 $650 -2%
Properties Sold 2 2 -0-
Properties Pending Sales 3 1 -67%
Properties for Sale 13 10 -23%
Days on Market (Sold Homes) 174 129 -26%
Monthly Supply of Inventory 6.5 5 -23%
Absorption Rate (closed sales) 15.4% 20% 30%
rollIng hIlls
Dec. 2012
Jan. 2013
Feb. 2013
Mar. 2013
Apr. 2013
May 2013
Jun. 2013
May. 2013
Aug. 2013
Sept. 2013
Oct. 2013
Nov. 2013
Dec. 2013
$2,925 $2,900
$-
$2,423
$1,355 $2,100
$2,750
$4,088
$5,200
$1,481
$2,525
$-
$2,175
Key December Stats
Median Sales Price
Average Sales Price (Closed)
Listings for Sale
Under Contract
Sold
market insight
$2,175,000
$2,175,000
10
1
2
Active, 10
Pending, 1
Sold, 2
Year Over Year Dec. 2012 Dec. 2013 % Change
Dec. 2012 to Dec. 2013 Yearly Median Price Tracking (in $,000)
Median Price $1,113,000 $817,000 -27%
Average Price Per Sq. Foot $450 $478 6%
Properties Sold 12 8 -33%
Properties Pending Sales 8 2 -75%
Properties for Sale 16 19 19%
Days on Market (Sold Homes) 101 79 -22%
Monthly Supply of Inventory 1.3 2.4 85%
Absorption Rate (closed sales) 75% 42.1% -44%
rollIng hIlls estates
Dec. 2012
Jan. 2013
Feb. 2013
Mar. 2013
Apr. 2013
May 2013
Jun. 2013
May. 2013
Aug. 2013
Sept. 2013
Oct. 2013
Nov. 2013
Dec. 2013
$1,113 $1,130 $1,089 $1,020 $865 $880 $815
$1,215
$1,022 $1,101 $1,043
$1,300
$817
Key December Stats
Median Sales Price
Average Sales Price (Closed)
Listings for Sale
Under Contract
Sold
market insight
$817,000
$890,000
19
2
8
Active, 19
Sold, 8
Pending, 2
copyright 2013 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
