San Pedro Real Estate Market Update
Market Report for the Month of September, 2018
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 September.
Total Area Data
During September, San Pedro saw a total of 61 new listings, which shows an increase from last month which totaled 59. This increase calculates out to around 3.39%. The median and average sales price were $713,500 and $667,587.50 with their respective increases of 20.86% and 2.11% as compared to their August results.
As the month comes to a close, San Pedro witnessed 48 homes close which is a decrease from August’s 54 total sales, a percentage decrease of 11.11%. The average and median days to sell for a home on the market through the month of September was 20 and 28.13; both showing increases of time on the market by 33.95% and 11.11%.
Lastly, we saw an average Listing Price of $658,021.31 and a Median Listing price of $629,000 both with respective decreases of 17.13% and 8.18%.
One more interesting statistic including this month, which was not included in the month of August, is a total Sales Volume. For the month of September, there was a total Sales Volume of $28,651,890.00 compared to an August total of $42,226,960, calculating to a percentage decrease of 32.15%. This can be attributed to many reasons, time of year, interest rates, lack of inventory, and the list continues. Though as this data suggests, the community is certainly seeing a slow down, which may turn favorable for buyers.
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For further qualification of 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
To start, Eastview, Vista Del Oro, and Miraleste Pines had a total of 22 new listings with and average sale price of $688,402.00 and a median sale price of $790,000.00. For the month of September, on average, a home was on the market for 48 days with a median of 29. Upon listing, we had an average of $736,678.67 and a median of $643,450.00. Total sales for the month tallied at 24 for these three areas.
South Shores, Palisades, and Point Fermin closed out the month with a total of 14 new listings though only saw 6 homes close by the end of September. On average homes sold for $678,916.67 with a median of $693,000. For this group, the average listing price was $611,408.31 with a median of $591,950.00.
Rounding out all the areas we have Plaza, Holy Trinity, and San Pedro – North, accounting for a total of 20 new listings this month. On average these new listings came in around $635,977.00 and had a median of $591,950.00. On average home sold for $619,372.00 with a median of $615,750.00. In total, this third group accounted for 18 of the 48 home sales this month.
Visual Representation of Data
For a table view of this data, click on the “Market Update Data Link Below.”