South Bay Real Estate Half Year Report 2014

South Bay real estate market report for the period of first six months of 2014 and how it compares to same period 12 mos ago

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South Bay Real Estate Half Year Report 2014

Posted by Krystyna Baty on Wednesday, July 9th, 2014 at 12:10pm.

We are now half way into 2014 so it's a perfect time to compile our local South Bay real estate sales and selling home price summary and compare them with the same period last year. South Bay covers many markets, all of them offer attractive real estate choices and their own appeal. I have selected three major South Bay markets - Manhattan Beach, Redondo Beach and Torrance in order to give you a shapshot of our market in the first six months this year.

All data is for single family homes only and it's based on the local MLS stats (CRMLS). DOM - days on market

 

MANHATTAN BEACH

 Average single family home selling price was $2,279,111 in Manhattan Beach - 13% increase over same period last year; 169 houses were sold - 10 more than last year.  Manhattan Beach market is currently a strong seller's market.  Low inventory and strong demand result in multiple offers and quick sales. 

   2013  2014  Change 
 Sold  169  176  +4%
 Avg Price  $2,008,131  $2,279,111  +13%
 Lowest Sold  $659,000  $929,000  
 Highest Sold  $11.5M  $12.9M  
 Avg DOM  49  42  

 Current Manhattan Beach inventory consists of only 48 single family homes, 2 condos and 15 townhomes. 

REDONDO BEACH

 In Redondo Beach, 171 single family homes were sold (10% drop in sales volume);  Average selling price of $953,968 was higher by 5% compared to same period last year. 

   2013  2014  Change
 Sold  191  171  -10%
 Avg Price  $911,851  $953,968  +5%
 Lowest Sold  $440,000  $525,000  
 Highest Sold  $4,150,000  $3,850,000  
 Avg DOM   40  45  

 Current inventory is low - only 149 homes are active (59 houses, 34 condos, 56 townhomes).  Redondo Beach buyers often compete for homes, pushing prices up. 

TORRANCE

 Average Torrance home selling price was 701,565 in the first half of this year - 6% increase.  Sales volume was lower by 12%.  

   2013  2014  Change
 Sold  340  303  -12%
 Avg Price  $662,039  $701,565  +6%
 Lowest Sold  $299,000  $349,999  
 Highest Sold  $1,7M  $2.2M  
 Avg DOM  41  43  

South Bay real estate market is hot.  Prices are going up and homes are selling quickly.  We are looking for sellers.

Please contact me anytime for a Free Home Evaluation and Free Market report for your South Bay neighborhood.  Call 310.918.5027 or fill out the short form below:

 

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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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