House the market? Scherb Homes Group - March
Scherb Homes Buyers Market Report - Spring 2024 Update
Hello Scherb Home Family,
As we step into the vibrant colors of spring, the Scherb Homes group has been embracing the season’s energy, balancing our professional endeavors with the joys of family life. Between cheering at our daughter's t-ball games, enjoying outdoor adventures amidst the El Niño rains, finalizing home renovations, and running the Redondo Beach 10k, we’ve been fully immersed in the beauty of our community’s active lifestyle.
In the midst of these personal milestones, we’ve kept a close eye on the South Bay real estate market, and it’s time to share our insights with you. Here's a quick overview before we dive into the details:
High-Level Market Overview:
Sellers Market: Early 2024 has shown a resurgence of buyers, with prices inching upwards. Sellers, while cautious due to favorable past rates, are beginning to engage more, indicating a slow but promising market thaw.
Median Sold Price South Bay: $1,700,000, moving higher agin this month but still slightly lower than the all time high of $1,750,000 set May 2023.
Inventory and Sales Pace: Low inventory persists, with a modest increase in available homes. The market is competitive, with homes selling relatively quickly, emphasizing the importance of readiness and decisiveness in making offers.
Detailed Market Analysis by City: South Bay - Insights and Forecasts
Rolling Hills
Median Price/Sq Ft: $1,250
Market Forecast: +5%
Cliff’s Notes: Limited inventory with stable prices; opportunities exist for discerning buyers and sellers ready to capitalize on the market's robustness.
Manhattan Beach
Median Price/Sq Ft: $1,509
Market Forecast: +1%
Cliff’s Notes: A stable market with slight adjustments; sellers might face slower movement, while buyers could find unique opportunities.
Hermosa Beach
Median Price/Sq Ft: $1,439
Market Forecast: +1%
Cliff’s Notes: A buyer’s market is emerging, with increased days on market; sellers should set realistic expectations.
Palos Verdes Estates
Median Price/Sq Ft: $1,364
Market Forecast: +5.7%
Cliff’s Notes: Exhibiting strong growth with low inventory; an opportune time for sellers, while buyers should act swiftly.
Rolling Hills Estates
Median Price/Sq Ft: $723
Market Forecast: +8%
Cliff’s Notes: A rising star with growing interest; sellers in a strong position, buyers should watch closely for new listings.
Rancho Palos Verdes
Median Price/Sq Ft: $863
Market Forecast: +7.8%
Cliff’s Notes: Showing early strength; a balanced market for well-positioned sellers and eager buyers.
Hollywood Riviera
Median Price/Sq Ft: $930
Market Forecast: +3.3%
Cliff’s Notes: Desirable with steady demand; a market where both buyers and sellers can find mutual benefit.
Redondo Beach
Median Price/Sq Ft: $847
Market Forecast: +6.5%
Cliff’s Notes: Increasing inventory with strong demand; a seller's market, but buyers with readiness can find gems.
Torrance
Median Price/Sq Ft: $635
Market Forecast: +6.5%
Cliff’s Notes: Fast-moving and competitive; a hot market for sellers, with buyers needing to act quickly to secure homes.
San Pedro
Median Price/Sq Ft: Data Not Provided
Market Forecast: +3.9%
Cliff’s Notes: Tight inventory creating a seller’s advantage; buyers should remain vigilant for new listings.
Our Closing Thoughts
As we navigate the nuances of each city’s market, the overarching theme remains clear: opportunities abound for both buyers and sellers, each with unique considerations and strategies for success. Whether you’re contemplating selling your home or seeking to buy, the Scherb Homes team is here to provide you with tailored advice and insights. For a detailed selling report or to explore current buying options, don’t hesitate to reach out. Let’s make your real estate dreams a reality this year.
Warmly,
The Scherb Homes Family
