San Pedro Real Estate Market Update
Market Report for the Month of May 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 May.
Total Area Data
Spring has made it’s way, and with it the hot Real Estate market for San Pedro! Let’s take a look at how our town performed throughout the month of May!
To start off, we’ll take a look at the number of new listings this month. For San Pedro as a whole, we saw 87 new listings hit the market during May. Reflecting on and comparing to April this is about a 40.32% increase! Seller’s certainly hit their stride as we march towards the summer months.
As homes hit the market, on average they were listed at $675,094.56 with a median of $670,810.44. Compared to April, these are decreases of 1.36% and an increase in the median by 3.74%.
Next up, how long did homes take to sell last month? On average, during may a property would stay on the market for 27.89 Days with a median days to sell count of 24.22. In comparison to the month prior, this is a beneficial decrease of 10.68% for the average and 12.10% for the median.
Once a house was sold, on average they closed at a price of 652,309.33 with a median of $611,177.78. Compared to April, these are decreases of 0.13% and 3.26%.
Rounding out the total area data we have the total sales volume and the number of sales for the month of May. By the end of the month we were left with a total of 57 properties sold adding up to $36,772,800 in Real Estate sold. In comparison to the month prior this is a increase of 54.05% and 49.19%.
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
To start off, Eastview, Vista Del Oro, and Miraleste Pines combined for a total of 31 new listings during the month of May.
These listings would on average start at a price of $673,529 with a median of $673,283.33. After listing, the properties would stay on the market for an average of 27.67 days and had a median of 27 as well.
Once sold, properties averaged a sales price of $636,472.33 and had a median sale price of $612,500.
By the end of the month, Area One gathered 22 sales and finished with a Total Sales Volume of $14,051,000.
Area Two: South Shores, Palisades, and Point Fermin
Rounding second we have South Shores, Palisades, and Point Fermin. For the month of May, these areas combined for 24 new listings.
The listings for these areas have an average listing price of $805,975.67 and and median listing price $781.814.67. Following that, properties in these three areas would take, on average, 36.67 days to sell with a median of 16.67 days.
When sold, these properties had an average sales price of $785,855.67 and a median sales price of $683,400.
Lastly, Area Two had 14 total sales during the month of May and ended with a Total Sales Volume of $3,581,800.
Area Three: Plaza, Holy Trinity, and San Pedro – North
Our last Area, comprised of Plaza, Holy Trinity, and San Pedro – North, combined for 32 new listings this month.
Listings for these areas upon listing had an average price tag of $546,799 and a median of $557,333.33.
After being listed, these properties stayed on the market for an average of 19.33 days and a median of 14.67 days before being sold. The average sales price for Area Three was $534,600 and a median sales price of $537,633.33.
By the end of the month Plaza, Holy Trinity, and San Pedro – North had a Total Sales Volume of $3,992,133.33 spread out over 21 properties.