SWD SouthBay Market Insight Report 2014 February

SouthBayMarket Insight2014_February

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 March 2014, based on data available at the end of February 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 Feb. 2013 Feb. 2014 % Change

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

Median Price $1,162,000 $1,953,000 68%

Average Price Per Sq. Foot $881 $1,014 15%

Properties Sold 22 26 18%

Properties Pending Sales 33 33 -

Properties for Sale 44 36 -18%

Days on Market (Sold Homes) 81 52 -36%

Monthly Supply of Inventory 2 1.4 -30%

Absorption Rate (closed sales) 50% 72.2% 44%

Manhattan Beach

$1,162

$1,553 $1,725

$1,908 $1,610 $1,540

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

$1,987

$1,395

$2,152 $1,953

Key February Stats

Median Sales Price*

Average Sales Price (Closed)*

Listings for Sale

Under Contract

Sold

market insight

*12 month average

$1,824,580

$2,083,000

36

33

26

Active 36

Pending 33

Sold 26



Median Price $901,000 $1,390,000 54%

Average Price Per Sq. Foot $765 $630 -18%


Properties Pending Sales 18 19 6%

Properties for Sale 37 36 -3%


Monthly Supply of Inventory 3.1 2.4 -23%

Absorption Rate (closed sales) 32.4% 41.7% 29%

herMosa Beach

$901 $1,000

$1,140 $1,101 $1,250

$1,160 $1,208 $1,065

$1,300 $1,114

$1,023 $878

$1,390

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$1,210,830

$1,419,417

36

19

15

Active, 36Pending, 19

Sold, 15



Median Price $756,000 $760,000 1%

Average Price Per Sq. Foot $411 $458 11%

Properties Sold 56 53 -5%


Properties for Sale 84 86 2%


Monthly Supply of Inventory 1.4 2 43%

Absorption Rate (closed sales) 70.9% 50.5% -29%

redondo Beach

$756

$704 $706

$745

$795 $778

$795

$763 $750

$715

$780 $770

$760

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$818,080

$873,7500

105

86

53

Active, 105

Pending, 86

Sold, 53



Median Price $721,000 $854,000 18%



Properties Pending Sales 9 9 -



Monthly Supply of Inventory 1.3 7 438%


el segundo

$721 $738 $830 $865

$775 $773 $719 $755 $803

$719 $743 $800

$854

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$841,250

$872,333

14

9

2

Active 14Pending 9

Sold 2



Median Price $480,000 $512,000 7%



Properties Pending Sales 99 96 -3%



Monthly Supply of Inventory 1.3 1.6 23%


torrance

$480 $478 $543 $555 $562

$608 $551 $539 $550 $515

$555 $524 $512

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$581,000

$600,500

126

96

80

Active 126

Pending 96

Sold 80



Median Price $349,000 $400,000 15%





Days on Market (Sold Homes) 52 53 2%



hawthorne

$349 $370 $338

$397 $395 $372

$459 $445

$349

$428 $399

$459 $400

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$430,000

$450,250

72

23

19

Active 72

Pending 23

Sold 19



Median Price $300,000 $422,000 41%


Properties Sold 9 9 -






lawndale

$300 $315 $316 $310

$402

$320 $365

$435 $388

$350 $365 $366 $422

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$387,830

$382,583

16

8

9

Active 16

Pending 8

Sold 9



Median Price $394,000 $475,000 21%






Monthly Supply of Inventory 1 6 500%

Absorption Rate (closed sales) 100% 16.7% -83%

loMIta

$394 $412 $466 $484

$423 $479

$440 $430

$560

$430 $502

$400 $475

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$491,250

$496,000

24

11

4

Active 24

Pending 11

Sold 4



Median Price $310,000 $375,000 21%








gardena

$310 $328 $323 $347 $358 $340 $354 $355 $360 $371 $356 $365 $375

Key February Stats

Median Sales Price*


Listings for Sale

Under Contract

Sold

market insight

*12 month average

$378,500

$373,417

63

42

25

Active 63

Pending 42

Sold 25

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

SWD SouthBay Market Insight Report 2014 February

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