House the market? Scherb Homes Group Report January 2024

Hello Scherb Homes Family,

I hope this message finds you well and cozy during these rainy days we've been experiencing in Southern California. Like many of you, my family and I have been enjoying indoor activities, such as games and puzzles with our daughter Clover, while also taking advantage of the opportunity to spruce up our home. We even managed to squeeze in a visit to the San Diego Zoo before the deluge!

Now, let's delve into what's been happening in the real estate market, specifically in our beloved South Bay region. Here's a high-level overview before we dive into the specifics:

  • Buyers' Sentiment: The Fannie Mae Home Purchase Sentiment Index has increased, with more consumers expecting mortgage rates to go down. Buyers are warming up to the stable or slightly declining interest rates.

  • Market Overview: Overall, the sentiment is back to favoring buyers, but sellers are still hesitant to sell due to low interest rates from previous years. We expect more activity in the first quarter once homes start hitting the market.

  • Insurance Concerns: Insurance fears and acquiring insurance remain top concerns for many homeowners.

Now, let's break down what's happening in each specific market area:

Rolling Hills

  • Median Sold Price: $1,675,600

  • Cost Difference in Past 12 Months: -$74,000

  • Buyers' Market: The market is favoring buyers due to decreased prices and increased inventory.

Manhattan Beach

  • Median Sold Price: $1,373

  • Cost Difference in Past 12 Months: $8,500,000

  • Buyers' Opportunity: Longer days on market present a good opportunity for buyers.

Hermosa Beach

  • Median Sold Price: $1,574

  • Cost Difference in Past 12 Months: $4,269,000

  • Low Inventory: Very low inventory is driving up total days on market to 73.

Palos Verdes Estates

  • Median Sold Price: $1,495

  • Cost Difference in Past 12 Months: $3,147,000

  • Rising Prices: Price per square foot has shot up due to notable home sales, with an increase in median list price.

Rolling Hills Estates

  • Median Sold Price: $1,229

  • Cost Difference in Past 12 Months: $4,850,000

  • Buyer Competition: Ultra-low inventory means buyers need to act quickly and decisively.

Rancho Palos Verdes

  • Median Sold Price: $837

  • Cost Difference in Past 12 Months: $1,935,000

  • Forecasted Growth: Median price expected to increase by 7% over the year.

Hollywood Riviera

  • Median Sold Price: $1,041

  • Cost Difference in Past 12 Months: $2,890,000

  • Price Growth: Price per square foot is up, and only a quarter of homes have seen a price reduction.

Redondo Beach

  • Median Sold Price: $838

  • Cost Difference in Past 12 Months: $1,472,000

  • Strong Forecast: Forecasted growth for median price is over 5%.

Torrance

  • Median Sold Price: $693

  • Cost Difference in Past 12 Months: $1,088,000

  • High Growth: Torrance continues to grow in price, with homes selling faster than ever.

San Pedro

  • Median Sold Price: $551

  • Cost Difference in Past 12 Months: $942,000

  • Promising Market: Like Torrance, San Pedro is performing well with homes selling for more and in less time.

If you're considering selling your home or buying in the next several months, don't hesitate to reach out to me for a detailed home selling report or to explore current options in the market. Let's navigate this journey together!

Best regards,

Realtor Cliff Scherb

Scherb Homes Group



Hermosa Beach, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, Torrance, San Pedro, Manhattan Beach, Redondo BeachCliff ScherbMarket Report, Buying your home, Selling your home, 2024