SouthBay Real Estate.Average home prices across the Southbay cities and property types remained flat to last month prices, but were 15% higher than a year ago at $1.337MM; median home price was up almost 20% vs a year ago and has been creeping up in the last 3 months ($1.067MM in March). Months supply continues holding at roughly 2, similar to last month and last year around this time. Because of the continued low supply, Average Days on Market (DOM) has been dropping in the last few months, with March having a DOM of 9 (-46% vs LY). New listings increased in March vs a year ago, with 375 total new homes in the market, representing a +10% increase vs LY. While Closed Sales were down 7% vs a year ago, total Closed Volume increased by the same amount, 7% vs a year ago. This trend aligns with how we are seeing the market closing most of the time at list price or above - prices are not dropping, as a matter of fact, average $/SF increased to roughly $800, or a 7% increase vs a year ago. This pertains to our local market, the reality is that prices are not dropping. When priced correctly, and presented well, new properties on the market are selling fast and at list price or above. This is a great time to sell and use your equity to make a cash purchase and take advantage of some opportunities out there #sellers As always, reducing your contingency period, and showing a strong loan (or cash) will make a buyer competitive in this market #buyers See below on Southbay housing stats by city.
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