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



Hermosa Beach, Manhattan Beach, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, TorranceCliff ScherbMarket Report, Buying your home, Selling your home, 2023