San Pedro Real Estate Market Update
Market Report for the Month of December
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 that has been obtained and detailed is intended to be reliable, but is not guaranteed to be so.
Data has been compiled in 3 ways; 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 December.
Total Area Data
Throughout the entirety of the month of December, San Pedro saw 67 new listings come to the market. By the end of the month, San Pedro went through 76 Sales to total $43,954,618 in Real Estate Transactions. This month there were 17 more listings than the month of November with 42 more sales.
This month, the Median Sale Price for San Pedro was $554,905.56 along with an average of $570,622. Compared to last month, these show both increases of 7.98% and 4%.
The Median Listing Price this December was $545,647.38 and an Average Listing Price of $441,848.67. Looking back at Novembers results, these are decreases of 18.88% and 36.54%.
On average properties stayed on the market for 37.67 days with a median of 29.11 days. Compared to November, these increased by 47.37% and 48%.
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
Within the first three areas, Eastview, Vista Del Oro, and Miraleste Pines, they saw a total of 26 new listings come to the market, coming in second this month.
To start, the average listing price for Group One this December was $603,744.67 with a Median Listing Price of $529,000. On the other end, the Average Sale Price was $614,131.67 with a Median of $590,000. In December properties stayed on the market for an average of 49 days with a median of 35 days.
Lastly, Group One had produced 33 of the 76 sales this month, totaling $20,130,538.00
Now focusing on South Shores, Palisades, and Point Fermin; These three areas in total saw 15 new listings in December, which puts them in third out of all the groups.
The Average Listing Price for Group Two was $408,920.33 with a Median Listing Price of $544,000. Once listed, property owners had, on average, their property on the market for 42.34 days with a median of 32 days.
Finally, Group Two had an Average Sale price of $585,837.33 with a Median Sale Price of $665,000. By the end of the Month, Group Two had produced 15 Sales with a total value of $8,787,850.
Rounding out the groups we have Plaza, Miraleste Pines, and San Pedro – North, whom this month accounted for 27 of the 67 new listings, the top producer.
Upon listing, Group Three saw an Average Listing Price of $312,881 with a Median Listing Price of $471,735. Once on the market properties on average lasted 21.67 days with a median of 14 days on the market.
This December there was an Average Sale price for Group Three of $511,897 with a Median of $559,000. Lastly, Group Three accrued 28 sales by the end of December totaling $15,036,230 in Real Estate.