Edge is your team of expert South Bay real estate brokers. We love to work with informed clients! Here’s the latest data from some of the markets where we work.
After a high-flying couple of years, gravity has come to the Sand Section real estate market.
The number of homes sold in the Sand dropped to 102 for the full year, far lower than in 2021,and 26%below the 5-year average. The shortage of sales hit fast.It was a citywide concern.
Median Prices are up, however, by 13% in the Sand, and by a modest 3%citywide.Upbeat median price data may conceal a true reversal in prices that is happening now. We see it on individual sales, rather than in full market data.
Sellers in this market will be wise to do everything right.We hope to see the market stabilize in the first half of 2023.
For daily updates on the local market, see MBconfidential.com.
With a median home price now approaching $4 million, the Sand Section continues to power Manhattan Beach real estate.
True, the number of sales in the past 12 months (132) is down almost 30% year-over-year. But that figure is absolutely typical for the area over a 5-year span.
With relatively few homes available, we still see many listings moving pretty fast. Prices don’t seem greatly impacted now, despite higher interest rates and some slowing trends in the real estate market as a whole. Sellers only need one buyer!
There’s always demand for homes by the water, and with ocean views. Buyers looking for second homes and vacation rentals – including a few of our clients – remain a force in the market.
For daily updates on the local market, see MBconfidential.com.
Most indicators for the real estate market in the Sand Section remain positive and support a seller’s market. The median price is up 18% in one year, while the number of homes available has dropped. Buyers have to compete when a great home in the Sand Section hits the market.
Homes that sell these days sell faster than almost any time before, with 14 days on market (median), far less than average for the past 5 years.
The world-famous Strand has not been as busy this year, with just 4 closed sales so far. Two of four listings priced over $20M have quit. Six more Strand homes under contract by early July.
Typical buyers do face negative circumstances with higher interest rates, which limits affordability and could impact prices down the road. For now, data don’t show a downshift.
From the highest-end sales on The Strand down to cottages sold for land value, the Sand Section continues to impress. The area has the 2nd-highest median home price in Manhattan Beach at $3.565M, a 15% increase in only one full year.
As the Spring market takes shape, the Sand Section hosts about half the inventory of homes for sale in the city, including 6 homes on The Strand and several priced over $5 million.
Most buyers just can’t find homes easily, and are pursuing off-market deals where possible. Jumps in mortgage rates are adding to the challenges for buyers.
It’s a seller’s market in this popular seaside district, but nothing is easy or automatic. If you’re thinking of selling, consult EDGE for the best strategy to bring you top dollar.
After a high-flying couple of years, gravity has come to the Tree Section real estate market.
The number of homes sold in the Trees dropped to 90 for the full year, one-third lower than in 2021, and 22% below the 5-year average. The shortage of sales hit fast. It was a citywide concern.
Median prices are up, however, by 17% in the Trees, and by a modest 3% citywide. Upbeat median price data may conceal a true reversal in prices that is happening now. We see it on individual sales, rather than in full market data.
Sellers in this market will be wise to do everything right. We hope to see the market stabilize in the first half of 2023.
For daily updates on the local market, see MBconfidential.com.
While the real estate market seems to be slowing across the South Bay and SoCal, the Tree Section is one of the healthiest, busiest sub-markets in the region.
The simplest reason why is that the Tree Section has more of what the typical buyer wants: A 4-bedroom (or more) home with ample space for a family. The going rate for such homes now ranges from around $3.5 million to nearly $5 million for a resale, much more for new construction.
The number of sales in one year, while slower, still is not dipping as much as we see citywide. Well-prepared, well-priced homes are moving fairly quickly. Another good sign: Builders are still looking for land for new projects. We get these calls all the time. They’re betting on the future for the Tree Section.
For daily updates on the local market, see MBconfidential.com.
It’s rare to see the Tree Section’s median home price exceed that of the whole city of Manhattan Beach. The Tree Section median is now at $3.149M, about 1.2% higher than the citywide median. Prices also are up 12% year-over-year in the Trees.
We’re seeing these price trends amid fewer listings, and fewer sales. Buyers have to compete when a great family home in the Tree Section hits the market.
New construction homes of typical size are now trading in the $4-$5 million range, while larger homes with basements are hitting $6 million or more.
Buyers do face negative circumstances with higher interest rates, which limits affordability and could impact prices down the road. For now, data don’t show a downshift.
As the Spring real estate market goes into high gear, the Tree Section is hitting record totals. The median price for Tree Section homes is very close to $3 million now, barely below the citywide median price.
The pace of sales in the Tree Section is somewhat faster than the city as a whole, with 22% more homes sold in the past 12 months, compared to 9% more year-over-year for the whole city.
Buyers just can’t find homes easily, with only 4 Tree Section homes on market as of March 31. Off-market deals are common. Jumps in mortgage rates are adding to the challenges for buyers.
It’s a seller’s market in this popular suburban district, but nothing is easy or automatic. If you’re thinking of selling, consult EDGE for the best strategy to bring you top dollar.
After a high-flying couple of years, gravity has come to the North Redondo real estate market.
The number of homes sold fell to 326 for the full year, 43% lower than in 2021, and 32% below the 5-year average. The shortage of sales hit fast. It was a citywide concern.
Median prices are up, however, by 12% in North Redondo, and by 11% citywide. Upbeat median price data may conceal a true reversal in prices that is happening now. We see it on individual sales, rather than in full market data. Inventory is now growing, which can create downward pressure on prices.
North Redondo is always desirable and the market stays busy. Sellers in this market will be wise to do everything right. We hope to see the market stabilize in the first half of 2023.
As the Spring real estate market goes into high gear, the Tree Section is hitting record totals. The median price for Tree Section homes is very close to $3 million now, barely below the citywide median price.
You might hear people say “the real estate market is changing.” What does that mean?
In North Redondo, it means a sharp break between the early Spring market of 2022 and Summer/Fall. It stopped being “easy” to sell by June/July. Some listings got stuck.
Higher interest rates challenge buyers, who are now much more price-sensitive. Buyers sometimes seem to be waiting for sellers to accommodate them. We’re just starting to see real price adjustments as homes sell in these conditions.
The total number of sales is down 30% year-over-year, a number that is typical of the whole South Bay. But attractive, well-priced homes are definitely still selling.
It is more important when selling now to “do everything right.” Make your home look its best, price it right and have a team like EDGE behind you who can get it all done!
The Springtime real estate market in North Redondo began to show signs of flattening out, after a couple of years of rapid price increases & fast sales.
Inventory of homes for sale is up 31% over last year at this time. This is quite different from trends in nearby beach cities, even South Redondo, where inventory is much lower than last year.
Still, homes are selling fast. Those that do sell go in a median 8 days on market, one-third faster than the average for the previous five years.
Buyers face negative circumstances with higher interest rates, which limits affordability and could impact prices down the road. For now, data don’t show a downshift. If you’re looking to sell, consult EDGE for the best strategy to sell quickly for top dollar.
North Redondo accounts for more than half of all home sales in the city. With a median home price now of $1.297M, the area is actually up more year-over-year (17%) than the city as a whole.
While the most affordable North Redondo homes continue to rise in price, demand for new and newer townhomes (especially 2-on-a-lot units) continues to soar. Multiple offers are common.
Most buyers just can’t find homes easily, and are pursuing off-market deals where possible. Jumps in mortgage rates are adding to the challenges for buyers.
It’s a seller’s market, but nothing is easy or automatic. If you’re thinking of selling, consult EDGE for the best strategy to bring you top dollar.
You’ve got questions and we can’t wait to answer them.
