San Pedro Real Estate Market Update
Market Report for the Month of March 2019
The below will provide market data, obtained from the California Regional Multiple Listings Service, in order to further understand the trends of our current Real Estate Market in San Pedro and the South Bay Community. Data obtained and detailed in this blog is intended to be reliable, but is not guaranteed to be so.
There are 3 ways the data is compiled; first as an area as a whole, which includes the following criteria: Eastview, South Shores, Palisades, Point Fermin, Vista Del Oro, Plaza, Miraleste Pines, Holy Trinity, and San Pedro – North.
Following the total grouping of areas, they are then broken down into groups of three, in order to provide workable averages and medians that maintain some significance. Lastly, the areas will have averages and medians individually, in certain situations and areas we must be aware of outliers due to small number of individual sales and statistical data.
At the end of this post will be a visual breakdown of all statistics and data compiled for the month of February.
Total Area Data
Circling back to my last update, I noted that I was gathering the data in a way that allowed me to be more specific, which would help me provide you as a reader a more accurate representation of how the real estate market performed. Because of these changes, I was not able to give a comparison between the two previous months; now it has now been long enough to compare March and February to one another! Be on the look out for the percent change between categories and as well in the Spreadsheet at the end of the blog!
Happy March and Happy Spring everyone, we have a lot of fresh data to take a look at for this month, so let’s dive in. To start it off, San Pedro as a whole saw 59 new properties come on to the market this month, which is slightly lower than February which had 72. This is a decrease for the month of March by 18.06%. Once listed, San Pedro had an Average Listing Price of $678,938.89 and a Median Listing Price of $680,005.78. Compared to February the Median Listing Price has risen by 1.71% while the Average Listing Price fell by 6.62%.
Properties remained on the market for an average of 47 days with a median of 40.44 days. When a property had sold, it’s Average Sale Price was $599,382.56 with a Median Sale Price of $604,016.44, which are both lower than the previous month by 3.43% and 7.62%.
By the end of the month, San Pedro as a whole had 40 total sales, which was up by 5.26% compared to the month of February. In total this amounted to $24,027,663.00 of Real Estate being sold which also had an increase of 1.44% compared to the month of February.
Area Breakdown
For further quantification of the data, all areas included in this Market Update have been broken down into groups of three based on various factors:
- Eastview, Vista Del Oro, and Miraleste Pines
- South Shores, Palisades, and Point Fermin
- Plaza, Holy Trinity, and San Pedro – North
Group One
As always, Eastview, Vista Del Oro and Miraleste Pines have been grouped together first. To start, these three areas of San Pedro have collected 23 new listings this March, tied for first with Group Three! Once listed these areas had an Average Listing Price of $579,295 with a Median Listing Price of $584,666.67.
Generally, Homes in these three areas, would stay on the market for an Average of 43 Days with a Median of 29.67 Days. Afterwords, properties had an Median Sale Price of $590,000 and a Average Sale Price of $568,492.
Lastly, after March had finished, Eastview, Vista Del Oro, and Miraleste Pines had tallied 14 sales that totaled $8,942,500 in Real Estate transactions! Now, let’s move on to our next three areas.
Group Two
Comprised of South Shores, Palisades, and Point Fermin, group two is up next. Through the month of March these areas have accounted for 13 new listings. For these three areas the Average Listing Price was $860,839 with a Median Listing Price of $848,000 for the month of March.
For these areas, property was on the market for an average of 68.33 Days with a Median of 69.33 Days. After that period of time, these homes had an Median Sale Price of $617,800 and an Average Sale Price of $665,684.33.
Rounding Group Two out, it had finished with 8 sales which had totaled $1,750,626.67 in Real Estate Transactions.
Group Three
Last but not least are Plaza, Holy Trinity, and San Pedro – North, making up the last group. These areas saw 23 new listings, tied with Group One, for the month of March! On average homes in these three areas had a listing price of $599,883.33 with a Median Listing price of $604,150.
After being listed, these properties stayed on the market for an average of 29.67 days with a median of 25.33 days, the quickest out of the three groups. These properties would sell, on average, at $577,873 with a Median Sales Price of $590,347.67.
Closing out the last group, Plaza, Holy Trinity, and San Pedro – North had posted 18 sales, the most out of the three groups, which ended up totaling $3,277,761 in Real Estate Transactions. This number was still trailing behind the Total Sales Volume of Group One, even with 4 more sales.
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