Palos verdes market insight oct 2013vs2

PalosVerdesMarket Insight

2013_October

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

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

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 OCT 2012 OCT 2013 % CHANGE

Median Price $1,328,000 $1,464,000 10%

Average Price Per Square Foot $630 $582 -8%

Properties Sold 10 12 20%

Properties Pending Sales 14 17 21%

Properties for Sale 42 43 2%

Days on Market (Sold Homes) 55 37 -33%

Monthly Supply of Inventory 4.2 3.6 -14%

Absorption Rate (closed sales) 23.8% 27.9% 17%

Oct. 2012 to Oct. 2013 Yearly Median Price Tracking (in $,000)

Palos Verdes estates

13281400 1385

1035

2025

1750 1753

1599 1590

1299

1695

1490 1464

0

500

1000

1500

2000

2500

OCT 2012 NOV 2012 DEC 2012 JAN 2013 FEB 2013 MAR 2013 APR 2013 MAY 2013 JUN 2013 JUL 2013 AUG 2013 SEP 2013 OCT 2013

market insight

Key September StatsMEDIAN SALES PRICE

$1,464,000AVERAGE SALES PRICE (Closed)

$1,484,000LISTINGS FOR SALE

43UNDER CONTRACT

17SOLD

12Active Under Contract Sold

872 869

951925

885 891

968911

10801110

10601095

934

0

200

400

600

800

1000

1200



Median Price $872,000 $934,000 7%

Average Price Per Square Foot $411 $452 10%

Properties Sold 38 34 -11%

Properties Pending Sales 50 33 -34%



Monthly Supply of Inventory 2.5 3.3 32%

Absorption Rate (closed sales) 40.4% 30.6% -24%


rancho Palos Verdes

market insight

Key October StatsMEDIAN SALES PRICE

$934,000AVERAGE SALES PRICE (Closed)

$965,000LISTINGS FOR SALE

111UNDER CONTRACT

33SOLD



Median Price $2,870,000 $2,525,000 -12%


Properties Sold 3 3 -

Properties Pending Sales 1 2 100%

Properties for Sale 16 15 -6%

Days on Market (Sold Homes) 107 142 33%

Monthly Supply of Inventory 5.3 5 -6%

Absorption Rate (closed sales) 18.8% 20% 6%

rollIng hIlls


2870

0

2925 2900

0

2423

1355

2100

2750

4088

5200

1481

2525

0

1000

2000

3000

4000

5000

6000


market insight




15UNDER CONTRACT

2SOLD



Median Price $1,235,000 $1,043,000 -16%


Properties Sold 15 10 -33%

Properties Pending Sales 16 6 -63%



Monthly Supply of Inventory 1.7 2.7 59%

Absorption Rate (closed sales) 60% 37% -38%

rollIng hIlls estates

1235

11501113 1130

10891020

865 880815

1215

1022

11011043

0

200

400

600

800

1000

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1400



market insight




27UNDER CONTRACT

6SOLD


market insight

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

Palos verdes market insight oct 2013vs2

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