The story of the current market is that lots of homes are selling for big numbers but the inventory of active listings just aren’t keeping pace with the number of sales. Without question it’s most definitely a seller’s market.
The chart below shows the number of active listings (light green) sold homes (dark green) and pending home sales (red line) The increase in pending and sold homes is not tracked by any increase in new listings which has held steady.
The chart below shows the average price per square foot. Square footage in the South Bay often doesn’t mean as much as in other markets as values can vary so dramatically due to things such as proximity to the beach, views, specific neighborhoods.
The chart below shows the average days on market per month as well as the % of list price that homes sold at. A high % indicates a sellers market as home sell at, or above list price.
The chart below shows the average price for listed home sales in relation to the average price for sold homes.
The chart below indicates the months of home inventory based on closed home sales. Buyer’s market: more than 6 months of inventory Seller’s market: less than 3 months of inventory Neutral market: 3 – 6 months of inventory