South Bay Real Estate Market Update
Now that school is back in session, the NFL is back in L.A., and the Dodgers are in the playoff hunt, real estate market activity in Manhattan Beach, Redondo Beach, and Hermosa Beach has decelerated noticeably. The Average Days on Market now stands at 89 days (Manhattan), 69 days (Redondo), and 83 days (Hermosa). Total inventory for all three markets has also trended up with 105 properties currently on the market in Manhattan Beach (wow!), 57 properties listed in Redondo, and 44 properties listed in Hermosa. Not long ago, I recall only SEVEN active listings in Manhattan Beach, with every listing receiving multiple offers. Now, after touring properties throughout the South Bay during Brokers’ Opens, I’ve noticed several properties “reaching” for offering prices up to $50k-75k over market value. Without accurate pricing, these are the same properties that have been lingering on the market for up to three months. In the current market, the South Bay’s significant inventories and stagnant listings are offering buyers more leverage in bidding and negotiating sales. For sellers bringing properties to market, effective pricing and timing remains critical to stir up demand. If you are thinking about buying or selling anytime within the next year, it’s never too early to develop a strategic plan – for more information, please contact me today.