January 2024 Update

Welcome to my latest San Pedro CA real estate market update blog, where I provide you with invaluable insights into the ever-evolving landscape of the San Pedro housing market. As a buyer or seller in this market, it is key to stay informed so you can make well-informed decisions, whether you’re a buyer, seller, or simply a curious observer. My mission is to keep you up-to-date with the latest trends, data, and expert analysis so that you can navigate the real estate world with confidence. These updates will cover the Single Family and Condo market in San Pedro, California. Lets get started!

San Pedro CA Market Update: Single Family Homes

The real estate market currently has a low Months Supply of Inventory at 2.15, indicating a seller’s market where demand exceeds supply. This is further supported by the 12-Month Change in Months of Inventory, which has increased by 11.98%, showing a trend of decreasing inventory levels.

Despite the low inventory levels, homes are still moving quickly with a median of 42 days on the market. This suggests that buyers are actively searching for homes and making offers in a timely manner.

Sellers are also seeing strong returns on their properties, with a List to Sold Price Percentage of 96.5%. This indicates that homes are selling close to their listing price, reflecting a competitive market where buyers are willing to pay close to asking prices.

The Median Sold Price in the market is $1,012,500, showing that properties are selling at a high price point. This could be attributed to the high demand and low inventory levels, driving up prices for available homes.

Overall, the current real estate market is favorable for sellers due to low inventory levels, quick sales, and strong selling prices. Buyers should be prepared to act quickly and competitively in order to secure a home in this market.

San Pedro CA Market Update January 2024: Condo/ Townhome

The real estate market is currently experiencing a tight inventory with only 1.05 months supply available, indicating a high demand for condo/townhomes in the area. This is further supported by the 12-month change in months of inventory, which has decreased by 10.26%, showing a trend of decreasing inventory levels over the past year.

Homes are selling quickly in this market, with a median of only 27 days on the market before being sold. This rapid turnover is connected to the high list to sold price percentage of 100.3%, meaning that condo/townhomes are generally selling for slightly above their list price.

The median sold price in this market is $490,000, suggesting that condo/townhomes are selling at a higher price point. This can be seen as a positive indicator for sellers who may be able to get a good price for their homes in this market.

Overall, these metrics paint a picture of a competitive real estate market with high demand, low inventory, quick sales, and strong selling prices.

If you have any questions about the San Pedro Real Estate Market I would love you help! You can email me at James.Daniel@exprealty.com or schedule a free consultation at JDanielRealEstate.com. Looking forward to speaking with you soon!

JDanielRealEstate.com