South Bay Real Estate Market Update: May 22, 2023

South Bay Real Estate Market Update: May 22, 2023
Market Rating: Seller’s Market

Once again it was a busy week for buyers and sellers in the South Bay. Closed sales held steady with more properties selling at or over the list price, while new escrows declined slightly. Inventory increased just a bit but overall we saw tight supplies across most neighborhoods. There were some big sales in the Manhattan Walk Streets and Manhattan Hill Section, as well as some big price jumps in Hollywood Riviera as buyers continue to compete for relative value in ocean view properties. Of the closed sales, we saw prices close at 101% of the asking price in less than 2 weeks on the market. There was a bump in price drops over the past week but overall, it remains a seller’s market.

Here’s the past week in numbers:
Closed Sales – 74 ⬇️ Average list to close ratio 101%
New Listings – 92 ⬆️ $1.34 median price
New Escrows – 81 ⬇️ <28% sold at a discount | DOM 13 days
Price Drops – 32 ⬆️ after 54 DOM
Back on the Market ⬆️ 15 properties
Cancelled Listings ⬇️ 10 properties

Market Rating: Seller’s Market

For more details, please watch this week’s market update and please let me know how I can help you navigate this dynamic market. Thank you for following!

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