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