Curious about how the market is right now? Well these charts show us just how hot it is! That means time to buy because it’s only going to get tighter. Well, what does tighter mean? These first two graphs are comparing North Redondo Beach (90278) and South Redondo Beach (90277) changes in months of inventory (months of inventory is a measure used to describe how fast houses are going into escrow. For example, if there are 90 houses on the market and 30 sell every month, that is a 3 month supply).
Notice any differences? The North Redondo Beach homes for sale inventory is heating up much faster than the South Redondo Beach homes for sale inventory. Inventory has shifted from 4.6 months to 1 month, which means houses in North Redondo Beach are flying off of the shelves! When you consider that some of the days on the market is the escrow period, that means homes are selling within days or even hours of going on the market.
We also wanted to compare Manhattan Beach Real Estate, which is also really hot. The chart for Manhattan Beach homes for sale inventory shows that from February 2011 to April 2012 the months of inventory have dropped from 9.5 to 1.9. What a change! In our REALTOR network meetings we are frequently hearing about homes selling with 10 to 20 offers. Obviously this will create price pressure and most likely lead to rising prices.
If you’d like further data or discussion about market trends for South Bay Real Estate Sales, please don’t hesitate to call me at 855-FAB-SBAY or email me.