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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 Insight2014_March
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 April 2014, based on data available at the end of March 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 Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,553,000 $1,717,000 11%
Average Price Per Sq. Foot $646 $896 39%
Properties Sold 42 33 -21%
Properties Pending Sales 56 49 -13%
Properties for Sale 39 49 26%
Days on Market (Sold Homes) 54 44 -19%
Monthly Supply of Inventory 0.9 1.5 67%
Absorption Rate (closed sales) 108% 67.3% -38%
Manhattan Beach
$1,553 $1,725
$1,908 $1,610 $1,540
$1,685 $1,705 $1,520
$1,987
$1,395
$2,152 $1,953
$1,717
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,870,830
$2,129,330
49
49
33
Active 49
Pending 49
Sold 33
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,000,000 $1,101,000 10%
Average Price Per Sq. Foot $611 $658 8%
Properties Sold 16 11 -31%
Properties Pending Sales 21 24 14%
Properties for Sale 41 36 -12%
Days on Market (Sold Homes) 90 43 -52%
Monthly Supply of Inventory 2.6 3.3 27%
Absorption Rate (closed sales) 39% 30.6% -22%
herMosa Beach
$1,000 $1,140 $1,101
$1,250 $1,160 $1,208
$1,065
$1,300 $1,114
$1,023 $878
$1,390
$1,101
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,227,500
$1,391,000
36
24
11
Active, 36Pending, 24
Sold, 11
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $704,000 $787,000 12%
Average Price Per Sq. Foot $440 $440 -
Properties Sold 81 83 2%
Properties Pending Sales 83 91 10%
Properties for Sale 74 115 55%
Days on Market (Sold Homes) 62 50 -19%
Monthly Supply of Inventory 0.9 1.4 56%
Absorption Rate (closed sales) 109.5% 72.2% -34%
redondo Beach
$704 $706
$745
$795 $778
$795
$763 $750
$715
$780 $770
$760
$787
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$820,670
$875,417
115
91
83
Active, 115
Pending, 91
Sold, 83
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $738,000 $723,000 -2%
Average Price Per Sq. Foot $423 $526 24%
Properties Sold 12 8 -33%
Properties Pending Sales 10 13 30%
Properties for Sale 14 12 -14%
Days on Market (Sold Homes) 81 23 -72%
Monthly Supply of Inventory 1.2 1.5 25%
Absorption Rate (closed sales) 85.7% 66.7% -22%
el segundo
$738 $830 $865
$775 $773 $719 $755 $803
$719 $743 $800
$854
$723
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$841,420
$854,420
12
13
8
Active 12
Pending 13
Sold 8
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $478,000 $545,000 14%
Average Price Per Sq. Foot $345 $383 11%
Properties Sold 106 95 -10%
Properties Pending Sales 125 114 -9%
Properties for Sale 86 157 83%
Days on Market (Sold Homes) 71 39 -45%
Monthly Supply of Inventory 0.8 1.7 113%
Absorption Rate (closed sales) 123.3% 60.5% -51%
torrance
$478
$543 $555 $562 $608
$551 $539 $550 $515
$555 $523 $512
$545
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$586,330
$604,420
157
114
95
Active 157
Pending 114
Sold 95
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $370,000 $440,000 19%
Average Price Per Sq. Foot $239 $324 36%
Properties Sold 32 26 -19%
Properties Pending Sales 30 38 27%
Properties for Sale 42 67 60%
Days on Market (Sold Homes) 59 50 -15%
Monthly Supply of Inventory 1.3 2.6 100%
Absorption Rate (closed sales) 76.2% 38.8% -49%
hawthorne
13-Mar 13-Apr 13-May 13-Jun 13-Jul 8/13 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
$370 $338
$397 $395 $372
$459 $445
$349
$428 $399
$459
$400
$440
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$437,580
$457,830
67
38
26
Active 67
Pending 38
Sold 26
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $315,000 $335,000 6%
Average Price Per Sq. Foot $221 $322 46%
Properties Sold 19 7 -63%
Properties Pending Sales 12 7 -42%
Properties for Sale 12 15 25%
Days on Market (Sold Homes) 75 57 -24%
Monthly Supply of Inventory 0.6 2.1 250%
Absorption Rate (closed sales) 158.3% 46.7% -70%
lawndale
13-Mar 13-Apr 13-May 13-Jun 13-Jul 8/13 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
$315 $316 $310
$402
$320
$365
$435
$388
$350 $365 $366
$422
$335
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$390,750
$386,670
15
7
7
Active 15
Pending 7
Sold 7
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $412,000 $447,000 8%
Average Price Per Sq. Foot $255 $314 23%
Properties Sold 9 14 56%
Properties Pending Sales 9 16 78%
Properties for Sale 9 21 133%
Days on Market (Sold Homes) 46 62 35%
Monthly Supply of Inventory 1 1.5 50%
Absorption Rate (closed sales) 100% 66.7% -33%
loMIta
13-Mar 13-Apr 13-May 13-Jun 13-Jul 8/13 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
$412
$466 $484
$423
$479 $440 $430
$560
$430
$502
$400
$475 $447
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$495,670
$499,580
21
16
14
Active 21
Pending 16
Sold 14
Year Over Year Mar. 2013 Mar. 2014 % Change
Mar. 2013 to Mar. 2014 Yearly Median Price Tracking (in $,000)
Median Price $310,000 $375,000 21%
Average Price Per Sq. Foot $213 $222 4%
Properties Sold 39 25 -36%
Properties Pending Sales 50 42 -16%
Properties for Sale 57 63 11%
Days on Market (Sold Homes) 74 63 -15%
Monthly Supply of Inventory 1.5 2.5 67%
Absorption Rate (closed sales) 68.4% 39.7% -42%
gardena
13-Mar 13-Apr 13-May 13-Jun 13-Jul 8/13 13-Sep 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar
$328 $323 $347 $358
$340 $354 $355 $360 $371
$356 $365 $375 $393
Key March Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$385,420
$378,830
70
40
40
Active 70
Pending 40
Sold 40
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