Is South Bay Cities, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Bay Cities has remained a Seller's Market.
Key Takeaway
South Bay Cities is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Bay Cities, CA
How much do homes in South Bay Cities, CA cost?
Median Sold Price
$1,717,017
$968/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
The sold price of homes in South Bay Cities has remained the same since last year.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $700K | $771.5K | +10.2% |
| 2 Bedrooms | $1.1M | $1.1M | -2.3% |
| 3 Bedrooms | $1.6M | $1.6M | +1.6% |
| 4 Bedrooms | $2.0M | $2.0M | +1.5% |
| 5+ Bedrooms | $3.8M | $4.1M | +9.9% |
Summary: South Bay Cities housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 9.9%.
Median Sold Price Compared To Nearby Cities
| Hermosa Beach | $2.1M | $2.2M | +5.9% |
| Lawndale | $774.5K | $815K | +5.2% |
| Redondo Beach | $1.4M | $1.4M | +2.1% |
| South Bay Cities | $1.7M | $1.7M | 0% |
| Manhattan Beach | $3.1M | $2.8M | -10.9% |
Housing Supply in South Bay Cities, CA
How many homes are available in South Bay Cities, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 388 | 377 | -2.8% |
Summary: The South Bay Cities real estate market had 377 homes for sale in May 2024, a 2.8% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 13 | -7.1% |
| 2 Bedrooms | 55 | 50 | -9.1% |
| 3 Bedrooms | 117 | 103 | -12.0% |
| 4 Bedrooms | 110 | 110 | 0.0% |
| 5+ Bedrooms | 92 | 101 | +9.8% |
Summary: The South Bay Cities housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.1%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes decreased by 12%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 9.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 102 | 105 | +2.9% |
Asking Price vs. Sold Price
48 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
42 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Bay Cities, you may be able to get a good deal. 45.7% of homes here sold below asking price last month.
Summary: A total of 105 homes were sold or pending in South Bay Cities in May 2024, up by 2.9% month-over-month. Of the 105 sold homes, 46% were sold under asking, 14% were sold at asking, and 40% were sold over asking.
Days on Market for South Bay Cities, CA
How long does it take to sell a home in South Bay Cities, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 30 Days | -7.9% |
Summary: Homes in South Bay Cities had an average of 30 days on market in May 2024, down by 7.9% compared to last year.
Breakdown of Home Sale Times
77 Homes Were Sold
Under 30 Days
18 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Bay Cities are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 105 homes were sold in South Bay Cities; 73% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.