South Bay CA home selling prices are now at or near an all-time high, depending on the specific local South Bay market. South Bay continues to be one of the most sought-after communities for residential living and home buying in California.
South Bay home buyers were busy last year, and home prices jumped with so few homes available for buyers and vary favorable mortgage rates.
Although home selling pace at the South Bay area has slowed down slightly last few months, home prices are up around 12 percent as compared with same time last year.
Let's look at the selected, specific South Bay communities.
Redondo Beach has sold 348 homes so far this year through May 30, 2014 - with average sold price of $800,557 compared to 345 homes sold last year in the same period with the average home selling price of $746,775; Torrance sold 462 homes so far this year - with average selling price of $568,270 compared to 494 homes sold in the same period a year ago with the average sold price of $524,357. Manhattan Beach sold 158 homes so far this year with the average selling price of $2,301,539 compared to 178 homes sold last year during the same period - with average sold price of $1,971,667.
Our South Bay home prices and market update show that we are still in a sellers' market with high home selling prices. The inventory of available South Bay homes for sale is slightly higher, which presents more options for the South Bay homebuyer.