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South Bay Market Update- October 1 2022

✨The #RealEstateMarket is in transition and every day there’s new data points to consider. Whether you’re considering #buying or #selling these numbers are critical in helping you navigate the real estate landscape.

⏰ Give me a minute and I’ll break it down.??

As the market goes through this transition we’re seeing a number of major key data points changing on a daily basis.   I’m going to show you # of active listings, price reductions and pending sales in 8 south bay markets…and tell you why these data points are important

SAN PEDRO- 73 ACTIVE – 30  PRICE REDUCTIONS  >67 PENDING   

RANCHO PALOS VERDES – 69 ACTIVE – 33  PRICE REDUCTIONS  –  39 PENDING

PALOS VERDES ESTATES- 29 ACTIVE – 16  PRICE REDUCTIONS – 17 PENDING

ROLLING HILLS ESTATES- 21 ACTIVE – 10 PRICE REDUCTIONS – 6 PENDING

REDONDO BEACH- 92 ACTIVE – 39 PRICE REDUCTIONS – 55 PENDING

HERMOSA BEACH- 35 ACTIVE- 12 PRICE REDUCTIONS – 17 PENDING

MANHATTAN BEACH- 63 ACTIVE – 26  PRICE REDUCTIONS  – 34 PENDING

TORRANCE- 128 ACTIVE – 60  PRICE REDUCTIONS  – 90 PENDING

Active listings are the currently inventory available…and it’s diminishing from summer levels

The price reductions show us that price levels are adjusting.   Of these 8 markets there’s 478 active listings and 226 have price reductions.  That’s almost half

Pending Sales are those transactions that have secured a buyer but haven’t closed yet…it also usually  means the all contingencies have been release and the buyer is locked into the sale. Pending sales are the true arbiter of market strength and gives us a hint of its trajectory..  The more pending sales we see the stronger the market. …and they’ve dropped for the 3rd straight month and are down approx. 20% from a year ago.

What’s your current perspective on the real estate landscape and how does it’s condition affect your real estate goals.  I’d love to hear from you.

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