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 March 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
$1,712,714
$957/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in South Bay Cities have sold for 1.3% less than they did a year ago.
Summary: The median home sold price in South Bay Cities was $1,712,714 in March 2024, down 1.3% from last year, and the median price per square foot was $957.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $700K | $768K | +9.7% |
| 2 Bedrooms | $1.1M | $1.1M | -3.1% |
| 3 Bedrooms | $1.6M | $1.6M | -2.2% |
| 4 Bedrooms | $2.0M | $2.0M | +1.0% |
| 5+ Bedrooms | $3.7M | $4.1M | +10.0% |
Summary: South Bay Cities housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.7%, 2 bedroom homes decreased by 3.1%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 10%.
Median Sold Price Compared To Nearby Cities
| Lawndale | $765K | $825K | +7.8% |
| Hermosa Beach | $2.1M | $2.2M | +4.9% |
| Redondo Beach | $1.4M | $1.4M | +1.5% |
| South Bay Cities | $1.7M | $1.7M | -1.3% |
| Manhattan Beach | $3.1M | $2.7M | -10.1% |
Housing Supply in South Bay Cities, CA
How many homes are available in South Bay Cities, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 313 | 322 | +2.9% |
Summary: The South Bay Cities real estate market had 322 homes for sale in March 2024, a 2.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 14 | +16.7% |
| 2 Bedrooms | 40 | 45 | +12.5% |
| 3 Bedrooms | 98 | 93 | -5.1% |
| 4 Bedrooms | 91 | 95 | +4.4% |
| 5+ Bedrooms | 72 | 75 | +4.2% |
Summary: The South Bay Cities housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 12.5%, 3 bedroom homes decreased by 5.1%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 4.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 66 | 69 | +4.5% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
26 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. 46.4% of homes here sold below asking price last month.
Summary: A total of 69 homes were sold or pending in South Bay Cities in March 2024, up by 4.5% month-over-month. Of the 69 sold homes, 46% were sold under asking, 16% were sold at asking, and 38% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 44 Days | 46 Days | +3.0% |
Summary: Homes in South Bay Cities had an average of 46 days on market in Mar 2024, up by 3% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
15 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 March 2024, 69 homes were sold in South Bay Cities; 65% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 22% 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.