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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 and Torrance.
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SouthBayMarket Insight2014_January
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 February 2014, based on data available at the end of January 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 Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,457,000 $2,152,000 48%
Average Price Per Sq. Foot $977 $767 -21%
Properties Sold 22 15 -32%
Properties Pending Sales 34 29 -15%
Properties for Sale 43 28 -35%
Days on Market (Sold Homes) 137 37 -73%
Monthly Supply of Inventory 2 1.9 -5%
Absorption Rate (closed sales) 51.2% 53.6% 5%
Manhattan Beach
$1,457 $1,162
$1,553 $1,725
$1,908 $1,610 $1,540
$1,685 $1,705 $1,520
$1,987
$1,395
$2,152
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,783,250
$2,048,590
28
29
15
Active 28
Pending 29
Sold 15
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,061,000 $878,000 -17%
Average Price Per Sq. Foot $549 $644 17%
Properties Sold 8 12 50%
Properties Pending Sales 18 16 -11%
Properties for Sale 33 26 -21%
Days on Market (Sold Homes) 74 58 -22%
Monthly Supply of Inventory 4.1 2.2 -46%
Absorption Rate (closed sales) 24.2% 46.2% 91%
herMosa Beach
$1,061 $901
$1,000 $1,140 $1,101
$1,250 $1,160 $1,208
$1,065
$1,300 $1,114
$1,023 $878
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,183,420
$1,394,420
26
16
12
Active 26
Pending 16
Sold 12
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $700,000 $770,000 10%
Average Price Per Sq. Foot $366 $505 38%
Properties Sold 51 55 8%
Properties Pending Sales 59 69 17%
Properties for Sale 65 102 57%
Days on Market (Sold Homes) 85 50 -41%
Monthly Supply of Inventory 1.3 1.9 46%
Absorption Rate (closed sales) 78.5% 53.9% -31%
redondo Beach
$700
$756
$704 $706
$745
$795 $778
$795
$763 $750
$715
$780 $770
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$813,080
$863,170
102
69
55
Active, 102
Pending, 69
Sold, 55
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $793,000 $800,000 1%
Average Price Per Sq. Foot $398 $524 32%
Properties Sold 6 7 17%
Properties Pending Sales 14 3 -79%
Properties for Sale 14 17 21%
Days on Market (Sold Homes) 63 71 13%
Monthly Supply of Inventory 2.3 2.4 4%
Absorption Rate (closed sales) 42.9% 41.2% -4%
el segundo
$793 $721 $738
$830 $865 $775 $773
$719 $755 $803 $719 $743
$800
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$836,170
$872,420
17
3
7
Active 17Pending 3
Sold 7
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $475,000 $523,000 10%
Average Price Per Sq. Foot $319 $368 15%
Properties Sold 76 81 7%
Properties Pending Sales 93 101 9%
Properties for Sale 93 130 40%
Days on Market (Sold Homes) 60 55 -8%
Monthly Supply of Inventory 1.2 1.6 33%
Absorption Rate (closed sales) 81.7% 62.3% -24%
torrance
$475 $480 $478 $543 $555 $562
$608 $551 $539 $550 $515
$555 $523
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$577,830
$594,670
130
101
81
Active 130
Pending 101
Sold 81
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $328,000 $459,000 40%
Average Price Per Sq. Foot $258 $307 19%
Properties Sold 29 29 -3%
Properties Pending Sales 39 31 -8%
Properties for Sale 45 73 62%
Days on Market (Sold Homes) 86 44 -49%
Monthly Supply of Inventory 1.6 2.6 63%
Absorption Rate (closed sales) 64.4% 38.4% -40%
hawthorne
$328 $349 $370 $338
$397 $395 $372
$459 $445
$349
$428 $399
$459
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$424,000
$441,330
73
31
28
Active 73
Pending 31
Sold 28
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $353,000 $366,000 4%
Average Price Per Sq. Foot $254 $261 3%
Properties Sold 16 8 -50%
Properties Pending Sales 13 14 8%
Properties for Sale 10 19 90%
Days on Market (Sold Homes) 51 37 -27%
Monthly Supply of Inventory 0.6 2.4 300%
Absorption Rate (closed sales) 160% 42.7% -74%
lawndale
$353 $300 $315 $316 $310
$402
$320 $365
$435 $388
$350 $365 $366
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$382,080
$374,330
19
14
8
Active 19
Pending 14
Sold 8
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $451,000 $396,000 -12%
Average Price Per Sq. Foot $285 $360 26%
Properties Sold 11 8 -27%
Properties Pending Sales 9 10 11%
Properties for Sale 9 24 167%
Days on Market (Sold Homes) 87 49 -44%
Monthly Supply of Inventory 0.8 3 275%
Absorption Rate (closed sales) 122.2% 33.3% -73%
loMIta
$451 $394 $412
$466 $484 $423
$479 $440 $430
$560
$430 $502
$396
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$488,920
$494,500
24
10
8
Active 24Pending 10
Sold 8
Year Over Year Jan. 2013 Jan. 2014 % Change
Jan. 2013 to Jan. 2014 Yearly Median Price Tracking (in $,000)
Median Price $300,000 $365,000 22%
Average Price Per Sq. Foot $220 $284 29%
Properties Sold 37 26 -30%
Properties Pending Sales 40 40 --
Properties for Sale 55 58 5%
Days on Market (Sold Homes) 65 39 -40%
Monthly Supply of Inventory 1.5 2.2 47%
Absorption Rate (closed sales) 67.3% 44.8% -33%
gardena
$300 $310 $328 $323 $347 $358 $340 $354 $355 $360 $375 $356 $365
Key January Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$372,580
$368,580
58
40
26
Active 130
Pending 101
Sold 81
Active 58
Pending 40
Sold 26
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