Scherb Homes Market Report - May 2023, "is the market going to wake up?"
Hello, Scherb Home family! Here is the latest real estate update for the South Bay area. This report covers the cities in the following order by descending median price: Rolling Hills, Manhattan Beach, Hermosa Beach, Palos Verdes Estates, Rolling Hills Estates, Rancho Palos Verdes, Hollywood Riviera, Redondo Beach, and Torrance.
Key Takeaways:
The overall South Bay market is experiencing historic low inventory levels, keeping prices more stable and higher, even with headwinds of higher interest rates from the fed.
Specific neighborhoods continue to outperform.
South Bay costs continue to rise.
Now, let's take a closer look at each city:
Rolling Hills:
Median price/sq ft (active/coming soon): $1,105
Number of homes: 10
Median list price: $6,622,500
Average days on market (median): 17
Price change +/-%: -44% have seen a reduction in list price.
Currently, the median price for Rolling Hills is at $6,622,500. While there are only 10 homes available in this area, the average time on market for the ones available is 17 days.
Manhattan Beach:
Median price/sq ft (active/coming soon): $1,482
Number of homes: 44
Median list price: $4,847,500
Average days on market (median): 46
Price change +/-%: -21%
The median price for Manhattan Beach is currently at $4,847,500. While there are more homes available in this area compared to Rolling Hills, the average time on market for the ones available is 46 days.
Hermosa Beach:
Median price/sq ft (active/coming soon): $2,244
Number of homes: 33
Median list price: $4,500,000
Average days on market (median): 39
Price change +/-%: -30%
Currently, the median price for Hermosa Beach is at $4,500,000. There are 33 homes available in this area with an average time on market of 39 days.
Palos Verdes Estates:
Median price/sq ft (active/coming soon): $1,119
Number of homes: 25
Median list price: $3,999,999
Average days on market (median): 21
Price change +/-%: -26%
Palos Verdes Estates currently has a median price of $3,999,999. There are 25 homes available in this area, with an average time on market of 21 days.
Rolling Hills Estates:
Median price/sq ft (active/coming soon): $852
Number of homes: 14
Median list price: $2,749,000
Average days on market (median): 14
Price change +/-%: -50%
The median price for Rolling Hills Estates is at $2,749,000. There are 14 homes available in this area, with an average time on market of 14 days.
Rancho Palos Verdes:
Median price/sq ft (active/coming soon): $854
Number of homes: 32
Median list price: $1,974,500
Average days on market (median): 29
Price change +/-%: -50%
Currently, the median price for Rancho Palos Verdes is at $1,974,500. There are 32 homes available in this area, with an average
Torrance: Torrance continues to be a desirable location for many homebuyers looking for a more affordable option in the South Bay. The median price per square foot is currently $667, which is 30% lower than last year. The average days on the market are 19 days, indicating a balanced market where homes are taking a bit longer to sell. However, with the continued low inventory levels, we expect prices to remain stable in the coming months.
Key Takeaways:
Overall, the South Bay real estate market is experiencing historically low inventory levels, leading to more stable and higher prices.
Specific neighborhoods such as Rolling Hills, Manhattan Beach, and Palos Verdes Estates are outperforming, even with headwinds of higher interest rates from the Fed.
While buyers may face competition in this sellers' market, it's still a good time to buy given the low-interest rates. Sellers can benefit from the high demand for homes and should work with an experienced real estate agent to price their home correctly and market it effectively.
If you are looking to buy or sell a home in the South Bay in the next several months, reach out to me for a detailed home selling report or information on current options coming to the market as a buyer. As an experienced real estate agent in the South Bay, I can help guide you through the process and find the best deal possible.
~Cliff
