San Pedro Real Estate Market Update
Market Report for the Month of June 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 June.
Total Area Data
We’ve broken through the middle of the summer months, so it’s time we take a brief moment to look back at July and see how the Real Estate Market performed in San Pedro. To kick things off, San Pedro saw 72 new listings throughout July, which was a 20% decrease compared to the month of June.
When a property was listed it had an average price of $674,929 with a median listing price of $634,000. This was an increase of 1.13% and a decrease of 6.38%. After being listing, a property had an average days on market count of 31 and a median of 13. Respectively a decrease of 40.91% and increase of 3.33%.
Once a property sold, it had an average price of $580,219 which was a decrease of 11.42% compared to June. The median sale price was $557,000, which also had a decrease of 13.63%.
Lastly, during the month of July, San Pedro saw a total of 71 sales. This was an increase of 51.06% compared to June. When added all together, this tallied up to $44,752,925 in Real Estate sold, which was an increase of 55.87%.
That being said, it seems that June was a great month for properties to get listed and put on the market, though a large part of them closing in the month of July.
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
Area One: Eastview, Vista Del Oro, and Miraleste Pines
Within these first three areas, there were 27 new listings through the month of July. These properties on average would have a list price of $693,748.67 with a median listing price of $663,000. After being listed, these homes would stay on the market for an average of 44.33 days with a median of 25 days.
Once sold, properties in Eastview, Vista Del Oro, and Miraleste Pines had an average sale price of $654,091.67 and a median sale price of $647,166.67. Rounding out the first grouping of areas, they totaled 28 sales with a Total Sales Volume of $19,140,000.
Area Two: South Shores, Palisades, and Point Fermin
Moving on to Area two, we have South Shores, Palisades, and Point Fermin. For the month of July, area two gathered 21 new listings. For these listings, the average listing price was $874,553.33 with a median listing price of $826,166.67. Properties in these three areas, on average, stayed on the market for 34 days with a median of 13.67 days to sell.
Once sold, they had an average sale price of $719,861 along with a median sale price of $726,333.33. All together, South Shores, Palisades, and Point Fermin garnered 19 home sales during the month of July. The Total Sales Volume for these three areas by the end of the month was $12,383,525.
Area Three: Plaza, Holy Trinity, and San Pedro – North
Rounding out the month of July, we have Plaza, Holy Trinity, and San Pedro. Unfortunately for this month, Plaza had no sales, which did affect the numbers. Nonetheless, area three brought in 24 new listings this month.
Of these new listings, the average listing price was $603,237 with a median listing price of $580,833.33. After being listed, properties in these areas stayed on the market for an average of 17.67 days withe a median of 7 days.
Once sold, they had an average sale price of $555,981.50 with a median sale price of $558,000. In total by the end of July, area three had sold 24 homes with a total sales volume of $13,229,400.