House the market? Scherb Homes Group Summer 2023 Report
Hello Scherb Home family,
I hope you're all having a fantastic summer! The Scherb Homes Group and family have been enjoying the warm weather, spending time at the beach, catching up with friends and family, and planning some exciting travels for the rest of the season. Plus, we've been firing up the grill and having a blast at the local fairs and festivals.
Let's dive into the real estate market. Here's a high-level overview for the entire South Bay region with three key takeaways:
Market Type: Strong Sellers Market
Home Purchase Sentiment Index: 66.0% (Buyers are finding it challenging, but it's still a wise long-term investment)
Median Sold Price in South Bay: $1,701,771
Interest rates increased from 7.09% to 7.16% this week with rates now about 1.7% higher than this time last year.
Now, let's break it down for each city:
Rolling Hills
Median Price/Sq FT (active/coming soon): $1,060
of homes: 7
Median List Price: $5,850,000
Average Days on Market (Median): 126
Price Change +/- percent of homes that have seen a price reduction or increase: 33%
Cliff's notes: Very few homes available, price per square foot is lower, list price is down, and average days on market is up.
Manhattan Beach
Median Price/Sq FT (active/coming soon): $1,455
of homes: 59
Median List Price: $4,000,000
Average Days on Market (Median): 53
Price Change +/-: 38%
Cliff's notes: Price per square foot has come down, inventory is low, median price is decreasing, and average days on market is increasing.
Hermosa Beach
Median Price/Sq FT (active/coming soon): $1,513
of homes: 34
Median List Price: $2,649,500
Average Days on Market (Median): 54
Price Change +/-: 33%
Cliff's notes: Price per square foot is down, inventory is low, median list price is slightly down, and about 1/3rd of homes are seeing a price decrease.
Palos Verdes Estates
Median Price/Sq FT (active/coming soon): $1,014
of homes: 44
Median List Price: $3,098,000
Average Days on Market (Median): 44
Price Change +/-: 26%
Cliff's notes: Price per square foot has increased, inventory is somewhat low, median list price is slightly down, and about 1/3rd of homes are seeing a price decrease.
Rolling Hills Estates/Rancho Palos Verdes
Median Price/Sq FT (active/coming soon): $942
of homes: 16
Median List Price: $2,897,000
Average Days on Market (Median): 26
Price Change +/-: 30%
Cliff's notes: Price per square foot is up, inventory is stable, median list price is slightly down, and nearly 1/3rd of homes are seeing a price decrease.
Hollywood Riviera
Median Price/Sq FT (active/coming soon): $819
of homes: 50
Median List Price: $2,185,000
Average Days on Market (Median): 50
Price Change +/-: 27%
Cliff's notes: Price per square foot is down somewhat, inventory is increasing slightly, median list price is flat or slightly down, and nearly 1/3rd of homes are seeing a price decrease.
Redondo Beach
Median Price/Sq FT (active/coming soon): $989
of homes: 9
Median List Price: $2,149,000
Average Days on Market (Median): 9
Price Change +/-: 8%
Cliff's notes: Very few homes available, price per square foot is up, median list price is up, and average days on market is fast.
Torrance
Median Price/Sq FT (active/coming soon): $834
of homes: 82
Median List Price: $1,554,000
Average Days on Market (Median): 18
Price change +/-: 8%
Cliff's notes: Price per square foot is down somewhat, median list price is highest yet of 2023, average days on market is about the same, and very few homes have had a price reduction.
So how is the market?! it's a strong sellers market with low inventory and high demand. Buyers should be prepared to act quickly and may face some challenges, but real estate remains a wise long-term investment. Sellers should take advantage of the high demand to get a good price for their homes.
If you're looking to sell in the next several months, don't hesitate to reach out to me directly or our team at Scherb Homes for a detailed home selling report or to explore current options coming to the market as a buyer.
Wishing you all a wonderful and successful summer!
Best regards, Cliff, Kimberly and Clover
