Greater South Bay market including:

Carson, El Segundo, Gardena, Harbor City, Hawthorne, Hermosa Beach, Inglewood, Lawndale, Lennox, Lomita, Manhattan Beach, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, San Pedro, Torrance,  & Wilmington.

     The number of homes for sale has been dropping steadily over the past year. The red line in all six charts graphs the number of active listings available for sale each month. Marketing time, expressed as the median Days on Market (D.O.M.) is shown with the blue line. Note how D.O.M. has also been trending down, especially during 2013. This includes only single-family residences, not condos.

           Chart 1 shows activity in the Greater South Bay (GSB). The number of listings peaked in May 2012 at 1,745 homes available and dropped as low as 793 last month.

           The same downward trend appears when looking at the individual cities of the GSB.  However, inventory in the Beach Cities (Chart 2), including Hermosa Beach, Redondo Beach, and Manhattan Beach, leveled out in March and April 2013 as more listings came on the market. And the city of Torrance (Chart 6)  shows a small increase in homes for sale in each month of 2013.

           The number of days needed to sell a home typically varies depending on the season. Generally speaking, most areas show an increase in marketing time during the winter holidays and shorter marketing time during the summer months.

           Buyers and sellers prefer to move during the summer because the kids are out of school, the weather is milder, and summer vacation time is used for moving. And many home sellers refuse to market their home during holidays because of family entertaining and trips. Also,  many real estate agents do not work the same number hours in December that they do at other times of the year.

           The seasonal increase in marketing time is clearly shown in San Pedro (Chart 4). In fact, all cities show a bump up in marketing times in December and January except Carson (Chart 5).  More importantly, take notice of the dramatic drop in D.O.M. in San Pedro and Torrance (Chart 4 & 6) during last month. Median marketing time is only 20 days!

           With marketing times and inventory dropping, prices will increase, especially in Torrance and San Pedro. I expect the number of active listings to continue to drop as  demand remains high in the South Bay marketplace.

 

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South Bay Market Trends .com                      

May 2013

Copyright© 2009-2013 Derf Fredericks D.R.E. #491652

Based on information from the South Bay Association of Realtors/Multiple Listing and/or other sources. Display of  MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herin may or may not have been the Listing and/or Selling Agent.

Chart 1 - GSB

Chart 2 - Beach Cities

Chart 3 - Inglewood

Chart 4 - San Pedro

Chart 5 - Carson

Chart 6 - Torrance