Why Days on Market Can Be Misleading on El Segundo Homes

By Keith Kyle

I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading.  Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.

The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status.  As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”.  Pending stops the days on market from accruing, but active under contract does not.  A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20.  It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.

The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market.  For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available.  It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.

It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.

El Segundo CA Home Sales and Prices for November 2016

By Keith Kyle

El Segundo posted some solid home sales numbers in November 2016 with 14 homes selling at a median price of just over $816,000.  Although this was a dramatic 30% drop from November 2015 it was representative of a solid month.  The prior November was an extreme exception as median prices of over $1,000,000 are very rare in this costal community.  To see the home sales in El Segundo click here.

City Homes
Sold
November
2016 Median
November
2015 Median
Year
over Year % Change%
Carson 54 $450,000 $420,000 7%
El Segundo 14 $816,000 $1,171,000 -30.3%
Gardena 44 $504,000 $413,000 22%
Harbor City 9 $523,000 $404,000 29.5%
Hawthorne 37 $575,000 $520,000 10.6%
Hermosa Beach 17 $1,380,000 $1,625,000 -15%
Lawndale 8 $393,000 $521,000 -24.6%
Lomita 6 $473,000 $535,000 -11.6%
Long Beach 298 $490,000 $435,000 12.6%
Manhattan Beach 38 $1,863,000 $1,831,000 1.7%
Marina Del Rey 21 $955,000 $945,000 1.1%
Palos Verdes Estates 25 $1,550,000 $1,675,000 -7.5%
Playa Del Rey 20 $658,000 $612,000 7.5%
Rancho Palos Verdes 47 $1,088,000 $945,000 15.1%
Redondo Beach 75 $900,000 $855,000 5.3%
San Pedro 58 $515,000 $485,000 6.3%
Torrance 112 $656,000 $585,000 12.1%
Westchester 32 $943,000 $892,000 5.7%

2016 Homes were Slightly More Affordable than in the Third Quarter of 2015

In somewhat a surprise, the CAR has come out with a housing affordabilty study and found that in 2016 homes were slightly more affordable than in 2015 in the third quarter.  Unfortunately that doesn’t impact El Segundo real estate or the South Bay much as we’re located in one of the least affordable areas in the state.

August 2016 Home Sales and Median Prices in El Segundo CA

By Keith Kyle340_via_colusa_living2-copy

August 2016 was a solid month for homes throughout the South Bay with El Segundo seeing a whopping increase in median home price over August of 2015.  El Segundo saw 15 closed home and property sales in the month of August with a median home price of $1,075,000.  With typical median prices hovering around $800,000 for most of 2016 this was a fairly incredible number.  As of October 23rd 2016 there are 31 active homes and income properties for sale in El Segundo and 17 homes currently in escrow.    View the current homes for sale in El Segundo, CA or view a list of the homes sold in El Segundo and the South Bay in August.

City Homes
Sold
August
2016 Median
August
2015 Median
Year
over Year % Change%
Carson 56 $450,000 $430,000 4.7%
El Segundo 15 $1,075,000 $780,000 37.8%
Gardena 43 $470,000 $399,000 17.8%
Harbor City 24 $523,000 $450,000 16.1%
Hawthorne 47 $575,000 $493,000 16.8%
Hermosa Beach 22 $1,723,000 $1,389,000 24.%
Lawndale 16 $498,000 $437,000 13.8%
Lomita 23 $619,000 $510,000 21.4%
Long Beach 348 $463,000 $459,000 .8%
Manhattan Beach 36 $1,800,000 $1,923,000 -6.4%
Marina Del Rey 24 $1,059,000 $928,000 14.1%
Palos Verdes Estates 42 $1,412,000 $1,815,000 -22.2%
Playa Del Rey 16 $623,000 $560,000 11.2%
Rancho Palos Verdes 57 $1,065,000 $1,155,000 -7.8%
Redondo Beach 100 $968,000 $842,000 15%
San Pedro 70 $481,000 $475,000 1.3%
Torrance 179 $645,000 $585,000 10.3%
Westchester 44 $1,093,000 $890,000 22.7%

El Segundo Home Sales Show HUGE increases in June of 2016

By Keith Kyle750 30th

The numbers are in and June 2016 was a big month in terms of both the number of homes sold and the prices.  Home prices were up year over year in every South Bay city other than Manhattan Beach and El Segundo was, perhaps, the most impressive.  17 homes sold in June at a stunning $1,121,000 which is way higher than normal.  It’s rare to see median prices in the million dollar price range in this small coastal community.  To see the homes sold in Manhattan Beach for June 2016 view our recent sales information.

City Homes
Sold
June
2016 Median
June
2015 Median
Year
over Year % Change%
Carson 63 $450,000 $425,000 5.8%
El Segundo 17 $1,121,000 $888,000 26.2%
Gardena 47 $430,000 $399,000 7.8%
Harbor City 18 $547,000 $360,000 51.9%
Hawthorne 37 $624,000 $539,000 15.7%
Hermosa Beach 24 $1,248,000 $1,230,000 3.6%
Lawndale 13 $519,000 $450,000 15.2%
Lomita 16 $555,000 $530,000 4.7%
Long Beach 408 $470,000 $450,000 4.4%
Manhattan Beach 40 $1,962,000 $2,400,000 -18.25%
Marina Del Rey 32 $900,000 $810,000 11.1%
Palos Verdes Estates 39 $1,533,000 $1,500,000 2.2%
Playa Del Rey 22 $603,000 $610,000 -1.2%
Rancho Palos Verdes 75 $1,200,000 $1,110,000 8.2%
Redondo Beach 106 $950,000 $870,000 9.2%
San Pedro 79 $500,000 $472,000 6%
Torrance 163 $635,000 $597,000 6.3%
Westchester 44 $1,050,000 $923,000 13.8%

8 of 11 Homes in El Segundo Ever Sold Over $2.0M Have Been in 2016*

By Keith Kyle340_Via_Colusa_front6 copy

If you need any evidence that prices are sky high in El Segundo just look towards the luxury market.  It wasn’t long ago that we wrote a post on whether El Segundo was ready for $2,000,000 homes and it seems that it’s relatively commonplace just 12 months later.  As of July 17th there are 3 single family homes in El Segundo priced over $2,000,000.  In the nearby luxury real estate markets of Manhattan Beach and Hermosa Beach this wouldn’t be unusual but in El Segundo it’s fairly unbelievabe. It’s certainly due, in part, to many buyers being priced out of the South Bay and their money goes much further in El Segundo.  In addition there is a pending sale and 4 closed sales in 2016 priced over the formerly unheard of $2.0M mark.
El_Segundo_2_Million_Dollar_Homes_1

In 2016 we’ve seen 4 $2.0M+ homes plus the one home in currently in escrow (as of 7/16/16)

El_Segundo_2_Million_Dollar_Homes_2

*Statistics based on MLS sales of single family homes.

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El Segundo Real Estate. All information deemed reliable but not guaranteed. The agent providing the information contained herein may not have been a buyer’s and/or seller’s agent. This information is based on data pulled from CRMLS