Welcome back to our monthly market update! Let’s dive into what October 2024 has brought to South Bay’s dynamic real estate landscape. Whether you're looking to buy, sell, or simply keeping an eye on trends, this month’s insights highlight some notable shifts.

Key Highlights:

1. Inventory Changes:

   • South Bay Cities saw a 26% increase in active listings compared to last October, bringing more options for buyers, especially in higher-end properties.
   • In Palos Verdes Estates, the number of active listings rose by 83%, signaling a shift to a more balanced market.

2. Sales Activity:

   • Closings saw an impressive uptick in certain areas. Palos Verdes Estates experienced a 282% increase in closings compared to last year, reflecting strong buyer demand for luxury properties.
   • Rolling Hills also showed robust demand with closings up by 155%.

3. Pricing Trends:

   • Average sold prices have seen notable increases. For instance, in Palos Verdes, the average sold price climbed by 27% year-over-year.
   • Meanwhile, Rancho Palos Verdes had a median sales price increase of 12%, showcasing the area's appeal among homebuyers.

4. Days on Market (DOM):

   • Properties in South Bay are spending more time on the market, up 135% from October last year, which could benefit buyers with more negotiating power. The average DOM increased across the board, particularly in areas like Manhattan Beach, where the average DOM reached 48 days, a 78% increase year-over-year.

5. Price per Square Foot:

   • Palos Verdes properties continue to command higher prices per square foot, although we observed a slight decline in some areas, down 6% year-over-year, while others, like Hermosa Beach, saw a 12% increase, indicating a range of property values depending on location and amenities.

What This Means for You

• For Buyers: More listings and longer market times can mean more options and potentially more negotiating power.
• For Sellers: Higher average prices in some areas indicate that demand remains strong, especially for well-priced, high-quality homes.

Stay tuned as we continue to track these trends, bringing you insights to help you make the best real estate decisions!

Contact Suzanne Dyer at 310-528-7480 or visit suzannedyer.com for more information. 

CA DRE license # 01054310