South Bay's Current Real Estate Market for February 2010

The inventory of homes in the South Bay continued to grow for the period of February. Another 55 homes of all types were added to the market for sale and of these, 35 are single family homes. This is commensurate to the increase of last week and is outpacing the sales rate for homes here. There were 44 sales this past week, down from 69 the week before. The total number of closings also retreated this past week to 20, down from 23. For the year-to-date closings, the number hit 210. This is way up from 124 last year and 115 the prior year. The other good news in this period is that the median sales price has bounced up to $850,000 from $750,000 last year. There is still a large gap, however, between the current median price and that of the same period two years ago when it hit $1,125,000.


The total number of homes of all types on the market in the South Bay now stands at 674. If the pace of closing continues at 20 per week, the current inventory levels are at about eight months, which many would consider to be a normal level.

The least expensive closing price for this past week was just under $288,000 for an 819 sq. ft. condo on Artesia Blvd. On the other end of the price continuum was a $3,800,000 closed sale in the West Palos Verdes area of Rancho Palos Verdes. This home was built in 2004 and has 5,000 sq. ft. of living space. The low and high sales prices are completely consistent with what has been happening each of the past few weeks.