House the market? Scherb Homes Group Spring 2023 Report
Dear Scherb Home Family,
I hope this report finds you well and excited about the current real estate market in the South Bay area. As always, I'm here to provide you with the latest insights and trends to help you make informed decisions. Let's dive into the market overview and key takeaways for the entire region before delving into specific market areas.
Market Overview - South Bay: Key Takeaways
Seller's Market Continues: The South Bay area remains a seller's market, indicating high demand and limited inventory. Sellers have the advantage in negotiations, but buyers can still find opportunities with proper guidance and strategy.
Strong Home Sentiment Index: The Home Sentiment Index stands at 66.8%, reflecting positive sentiments among homeowners and buyers. This positive sentiment further contributes to the active market conditions.
Growing Median Sold Price: The median sold price in the South Bay is now at $1,746,000, showing a significant increase compared to the previous year. This rise in prices indicates a healthy market and potential for solid returns on investment.
Now, let's take a closer look at each specific market area in the South Bay, starting from the highest median price to the lower ones.
Rolling Hills
Median Price/Sq FT (active/coming soon): $1,101
Number of homes: 10
Median List Price: $7,799,500
Average Days on Market (Median): 56
Price Change +/- percent of homes that have seen a price reduction or increase: 36%
Manhattan Beach
Median Price/Sq FT (active/coming soon): $1,538
Number of homes: 58
Median List Price: $4,324,000
Average Days on Market (Median): 36
Price Change +/- percent of homes that have seen a price reduction or increase: 29%
Hermosa Beach
Median Price/Sq FT (active/coming soon): $1,803
Number of homes: 33
Median List Price: $3,500,000
Average Days on Market (Median): 47
Price Change +/- percent of homes that have seen a price reduction or increase: 21%
Palos Verdes Estates
Median Price/Sq FT (active/coming soon): $1,156
Number of homes: 35
Median List Price: $2,999,995
Average Days on Market (Median): 36
Price Change +/- percent of homes that have seen a price reduction or increase: 23%
Rolling Hills Estates
Median Price/Sq FT (active/coming soon): $752
Number of homes: 9
Median List Price: $1,899,000
Average Days on Market (Median): 50
Price Change +/- percent of homes that have seen a price reduction or increase: 14%
Rancho Palos Verdes/Rolling Hills Estates
Median Price/Sq FT (active/coming soon): $826
Number of homes: 36
Median List Price: $1,931,000
Average Days on Market (Median): 15
Price Change +/- percent of homes that have seen a price reduction or increase: 17%
Hollywood Riviera
Median Price/Sq FT (active/coming soon): $844
Number of homes: 63
Median List Price: $1,450,000
Average Days on Market (Median): 20
Price Change +/- percent of homes that have seen a price reduction or increase: 33%
Redondo Beach
Median Price/Sq FT (active/coming soon): $844
Number of homes: 59
Median List Price: $1,450,000
Average Days on Market (Median): 20
Price Change +/- percent of homes that have seen a price reduction or increase: 33%
Torrance
Median Price/Sq FT (active/coming soon): $662
Number of homes: 74
Median List Price: $899,000
Average Days on Market (Median): 19
Price change +/- percent of homes that have seen a price reduction or increase: 19%
Based on the market data, it's important to consider a few points:
Buyers: As a buyer, it's crucial to be prepared and act quickly in this competitive market. Consult with our team at Scherb Homes, to stay informed about new listings and potential opportunities. Be flexible with your preferences and make sure to have your finances in order to make strong offers.
Sellers: If you're considering selling your home, it's a great time to take advantage of the seller's market. Work closely with us to develop a comprehensive marketing strategy and set a competitive price. Proper staging, high-quality listing photos, and strategic negotiations will help you maximize your home's value.
Right now, the South Bay real estate market continues to favor sellers, with rising prices and strong demand. Buyers need to act swiftly and be prepared, while sellers can take advantage of the market conditions for a successful sale. Reach out to us and setup a time to plan your for your goals and learn about our current strategies for your home selling or buying journey.
Setup a time below with me to discuss your specific goals and requirements. Happy house hunting!
All the very best,
Cliff
