PV Market Insight Report 2014 February Jennifer Walter Shorewood
Jennifer Walter Market Insight April 2014
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Transcript of Jennifer Walter Market Insight April 2014
SouthBayMarket Insight
2014_April
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 May 2014, based on data available at the end of April 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 April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $1,725,000 $1,850,000 7%
Average Price Per Sq. Foot $773 $852 10%
Properties Sold 45 45 --
Properties Pending Sales 51 40 -22%
Properties for Sale 51 66 29%
Days on Market (Sold Homes) 42 33 -21%
Monthly Supply of Inventory 1.1 1.5 36%
Absorption Rate (closed sales) 88.2% 68.2% -23%
Manhattan Beach
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$1,725 $1,908
$1,610 $1,540 $1,685 $1,705
$1,520
$1,987
$1,395
$2,152 $1,953
$1,717 $1,850
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,895,580
$2,175,500
66
40
45
Active 66
Pending 40
Sold 45
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$1,140 $1,101
$1,250 $1,160 $1,208
$1,065
$1,300
$1,114 $1,023
$878
$1,390
$1,101
$1,425
Median Price $1,140,000 $1,425,000 25%
Average Price Per Sq. Foot $625 $783 25%
Properties Sold 19 31 63%
Properties Pending Sales 21 20 -5%
Properties for Sale 35 39 11%
Days on Market (Sold Homes) 51 49 -4%
Monthly Supply of Inventory 1.8 1.3 -28%
Absorption Rate (closed sales) 54.3% 79.5% 46%
herMosa Beach
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$1,262,920
$1,449,170
39
20
31
Active, 39
Pending, 20
Sold, 31
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $706,000 $730,000 3%
Average Price Per Sq. Foot $417 $456 9%
Properties Sold 78 87 12%
Properties Pending Sales 88 99 13%
Properties for Sale 98 115 17%
Days on Market (Sold Homes) 38 47 24%
Monthly Supply of Inventory 1.3 1.3 --
Absorption Rate (closed sales) 79.6% 75.7% -5%
redondo Beach
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$706
$745
$795
$778
$795
$763
$750
$715
$780 $770
$760
$787
$730
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$822,830
$878,330
115
99
87
Active, 115
Pending, 99
Sold, 87
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $830,000 $845,000 2%
Average Price Per Sq. Foot $463 $487 5%
Properties Sold 13 9 -31%
Properties Pending Sales 17 11 -35%
Properties for Sale 10 12 20%
Days on Market (Sold Homes) 101 75 -26%
Monthly Supply of Inventory 0.8 1.3 63%
Absorption Rate (closed sales) 130% 75% -42%
el segundo
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$830 $865
$775 $773 $719
$755 $803
$719 $743 $800
$854
$723
$845
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$850,330
$864,670
12
11
9
Active 12
Pending 11
Sold 9
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $543,000 $530,000 -2%
Average Price Per Sq. Foot $362 $385 6%
Properties Sold 130 97 -25%
Properties Pending Sales 123 126 2%
Properties for Sale 120 159 33%
Days on Market (Sold Homes) 40 34 -15%
Monthly Supply of Inventory 0.9 1.6 78%
Absorption Rate (closed sales) 108.3% 61% -44%
torrance
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$543 $555
$562
$608
$551 $539
$550
$515
$555
$523 $512
$545
$530
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$590,670
$610,920
159
126
97
Active 159
Pending 126
Sold 97
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $338,000 $473,000 40%
Average Price Per Sq. Foot $256 $341 33%
Properties Sold 26 25 -4%
Properties Pending Sales 39 33 -15%
Properties for Sale 44 56 27%
Days on Market (Sold Homes) 98 91 -7%
Monthly Supply of Inventory 1.7 2.2 29%
Absorption Rate (closed sales) 59.1% 44.6% -25%
hawthorne
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$338
$397 $395 $372
$459 $445
$349
$428 $399
$459
$400
$444 $473
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$446,500
$465,830
56
33
25
Active 56
Pending 33
Sold 25
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $316,000 $394,000 25%
Average Price Per Sq. Foot $248 $330 33%
Properties Sold 7 9 29%
Properties Pending Sales 16 9 -44%
Properties for Sale 14 18 29%
Days on Market (Sold Homes) 48 57 19%
Monthly Supply of Inventory 2 2 --
Absorption Rate (closed sales) 50% 50% --
lawndale
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$316 $310
$402
$320
$365
$435
$388
$350 $365 $366
$422
$335
$394
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$397,330
$394,080
18
9
9
Active 18
Pending 9
Sold 9
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $466,000 $517,000 11%
Average Price Per Sq. Foot $283 $300 6%
Properties Sold 8 15 88%
Properties Pending Sales 12 11 -8%
Properties for Sale 9 28 211%
Days on Market (Sold Homes) 37 64 73%
Monthly Supply of Inventory 1.1 1.9 73%
Absorption Rate (closed sales) 88.9% 53.6% -40%
loMIta
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$466 $484
$423
$479 $440 $430
$560
$430
$502
$400
$475 $447
$517
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$504,420
$502,080
28
11
15
Active 28
Pending 11
Sold 15
Year Over Year April 2013 April 2014 % Change
April 2013 to April 2014 Yearly Median Price Tracking (in $,000)
Median Price $323,000 $393,000 22%
Average Price Per Sq. Foot $234 $285 22%
Properties Sold 40 34 -15%
Properties Pending Sales 50 39 -22%
Properties for Sale 48 70 46%
Days on Market (Sold Homes) 64 46 -28%
Monthly Supply of Inventory 1.2 2.1 75%
Absorption Rate (closed sales) 83.3% 48.6% -42%
gardena
13-Apr 13-May 13-Jun 13-Jul 13-Aug 9/13 13-Oct 13-Nov 13-Dec 14-Jan 14-Feb 14-Mar 14-Apr
$323 $347 $358
$340 $354 $355 $360 $371
$356 $365 $375 $393 $393
Key April Stats
Median Sales Price*
Average Sales Price (Closed)*
Listings for Sale
Under Contract
Sold
market insight
*12 month average
$390,830
$390,920
70
39
34
Active 70
Pending 39
Sold 34
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