South Bay Market Report

As we continue to set new price records for many neighborhoods, let’s compare the market from this January to last month in May. If you are considering to sell in a year or two, you may want to look at these numbers and see if it makes sense to expedite that process.

The key aspect we will be keeping an eye on is the Close to List Ratio. This is the percentage a home sold on average relative to the listing price. (If the list price was $1,000,000 and the Close/Lost Ratio is 102%, it means that on average, homes sold for $1,020,000. $20k over listing price.)

Torrance
Torrance saw significant increases from January to May selling 16 more units in the month of May, as well as selling 9 days faster on average. With the average sold price increasing to over $70k and selling 4.5% more over the asking price. The Torrance market has BOOMED in the month of May and it continues to be competitive.

Redondo Beach
Don’t be alarmed with the average sold price increasing over $500k from January to May. There were just more high end properties that sold last month that increased the price significantly. The average sqft in January was 1783 and the average sqft of homes sold in May was 2220. The average home that sold in May was significantly larger than homes sold in January which explains the $500k difference.

Lomita
Lomita saw double the amount of units sold in May. What’s the real eye catcher is that homes are selling for 105% of the asking price in May. You will continue to see that we are in a seller’s market, where homes are selling well over the asking price because we are seeing 10, 15, and sometimes even 30 offers on homes.

Carson
Carson almost doubling the units sold last month and they are flying off the shelves, averaging only 9 days on the market. Carson was already selling well over the asking price in January but as we take a look again, prices have increased by $45k! 

Gardena
Seeing one of the biggest gains in the close to list ratio at 106.18%, we have seen buyers starting to trickle to these markets when unable to purchase in Torrance, mainly N. Torrance. 

Hawthorne
Low inventory in Hawthorne in general, seeing a price increase of $70k in 4 months. Hawthorne doesn’t have much market activity since a large part of the city is lower income than the median, and those owners typically rather hold onto their homes rather than sell, pay taxes, and purchase a new home with higher property taxes. For the homes that do sell, they are selling well over the asking price, on average $36k.
 

 

We are in a seller’s market! If you own and want the most for your home, right now is the best time to sell to fully optimize your gains. 

Interest Rates News 

The current average interest rate for a 30 year fixed mortgage is at 3.03%. Inventory is low and demand is through the roof. In order to compete you have to stand out, whether in the terms or price. If you have any troubles, questions, or want a second opinion on how you can compete let us know and we will be happy to help. 

Want stats for a specific area? Want to know how much your homes is worth? Have a general question? Respond to this email with your questions or concerns, and we’ll be happy to help.