South Bay Sales on Consistent Increase for 2008

With all of the stories about doom and gloom in the US real estate market, it is odd to hear of positive news in this category. But that is what I have to offer here.

The South Bay of Los Angeles county consists of a collection of beach cities which have been able to weather the significant real estate downturn. This micro-market has not been completely immune, but enough for homeowners to maintain much of the value of their homes, with little to no loss in value.

For the South Bay, 2008 is looking good. Here are some of the statistics:

2008 Sales for the South Bay

• January 177
• February 190
• March 229
• April 265

2008 Average Days on Market for the South Bay

• January 72
• February 65
• March 73
• April 65

2008 Pct Sold/List Price

• January 96
• February 96
• March 95
• April 96

2008 Months of Inventory

• January 13.2
• February 12.9
• March 10.6
• April 9.4

2008 Summary YTD (May 1, 2008)

The number of home sales are showing a steady increase, with the potential to continue into the summer months.

Average days on market is expected to remain close to the numbers that have been seen thus far. For those who are listing and must sell by a specific date, be sure to list your property 3-4 months before that date.

The ratio of list and sold price indicates that those homes which are selling are priced appropriately. This is a perfect example of how pricing a property appropriately is so crucial.

With the number of sales on the increase, and the months of inventory on the decrease, this indicates that more homes are being bought than listed. However, with summer almost here, we can expect both to be on the increase. We will see in upcoming months how this will affect the months of inventory.

If you are looking to buy or sell a home in the South Bay or surrounding cities, I would be happy to share market information with you on your area of interest. Please contact me at tiffany.wilson@shorewood.com or 310-503-0557.

Tiffany D. Wilson has lived in the South Bay of Los Angeles County for almost 10 years. She and her family enjoy the safety and rich family features that the beach communities of the South Bay have to offer, including a close and neighborly community. Also, having experienced an out-of-country move to California over 10 years ago, she is perfectly positioned to assist foreign buyers in their search for real estate in the South Bay and additional surrounding communities of Los Angeles and Orange County. She can be reached directly at 310-503-0557 or tiffany.wilson@shorewood.com.