South Bay California Real Estate Market Update for 3rd Qtr 2014

South Bay real estate market update for summer and 3rd qtr 2014. How does South Bay compare to other Southern California regions? See home prices, sales, analysis.

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South Bay California Real Estate Market Update for 3rd Qtr 2014

Posted by Krystyna Baty on Wednesday, October 8th, 2014 at 1:46pm.

South Bay California Real Estate Market Update for 3rd Qtr 2014

South Bay and Southern California home sales slipped to a four-year low for August as would-be buyers faced inventory and affordability challenges and investor purchases held at the lowest level in several years. The median sale price climbed to a post-recession high.

A total of 18,796 new and resale houses and condos sold in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties in August. That was down 7.7 percent from 20,369 sales in July, and down 18% from 23,057 sales a year ago.

On average, Southern California sales dropped on a year-over-year basis for 11 consecutive months. Sales during the month of August have ranged from a low of 16,379 in 1992 to a high of 39,562 in 2003. Last month’s sales were 28.2 percent below the August average of 26,169 sales.

The median price paid for all new and resale houses and condos sold in the six-county region last month was $420,000, up 1.7 percent from $413,000 in July and up 9.1 percent from $385,000 in August 2013. Last month’s median was the highest for any month since December 2007, when it was $425,000. The median’s 9.1 percent year-over-year gain in August was the highest in three months. But it also marked the third consecutive month with a single-digit annual increase following 22 months of double-digit year-over-year gains as high as 28.3 percent. 

Home prices have been rising at different rates depending on price segment. In August, the lowest-cost third of the region's housing stock saw a 13.1 percent year-over-year increase in the median price paid per square foot for resale houses. The annual gain was 7.9 percent for the middle third of the market and 4.3 percent for the top, most-expensive third.

The number of homes that sold for $500,000 or more last month fell 0.6 percent compared with a year earlier. But sales below $500,000 fell 16.3 percent year-over-year. Sales below $200,000 dropped 35.6 percent. Sales in the lower price ranges are hampered by, among other things, the drop in affordability over the last year, a fussy mortgage market and a relatively low inventory of homes for sale.

South Bay real estate market was mixed. Sales dropped in most areas but prices continued to rise.  Here are home sales and prices for selected South Bay markets in the 3rd quarter of 2014 compared to same period last year (data is based on CRMLS single family homes only):

MANHATTAN BEACH

  2014 2013 Change
Homes sold 80 95 -16%
Average Price $2,271,196 $1,955,835 +16%

 

REDONDO BEACH

   2014  2013  Change
 Home Sold  102  96  +6%
 Average Price  $1,085,551  $1,035,224  +5%

 

TORRANCE

   2014  2013  Change
 Homes Sold  233  260  -10%
 Average Price  $664,898  $631,035  +5%

If you're thinking about selling and would like to know what your home is worth, call 310.918.5027 or email info@isellsouthbay.com to request your home evaluation. 

                                GET YOUR FREE HOME EVALUATION

 

Some data in this article is based on research done by DataQuick.

 South Bay California Real Estate Market Update for 3rd Qtr 2014

Krystyna Baty, experienced real estate broker, is committed to the highest standards of professional service for all your South Bay Real Estate needs. I pride in getting top dollar for our home sellers in the least amount of time. For our home buyers my team employs our extensive knowledge and experience to find the perfect home. If you would like more information in regards to buying or selling a home, please email or call me at (310)918-5027 today!

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