SouthBay Real Estate.Last month we saw inventory jump, while prices continued to remain steady or go up slightly. Homes are still selling fast, with DOM staying low, similar to the previous month. Overall median prices across property types (SFRs, Condos, Townhomes) in the Southbay went up slightly by +2.3% vs a year ago, while average prices went up by +4.9%, averaging $1.4MM as of end of June 2024. Generally speaking, both median and average prices were flat to the previous month. Buyer demand is still strong and although inventory continues to be an issue, we saw a lift vs a year ago. The demand and inventory levels are still contributing to the home prices remaining steady. New listings came out of the wood work in June, with an increase of +17.4% more listings than same time last year, although DOM (days on market) increased by 10%, or 11 days on market (similar to last month). While it seems like we are still in a Sellers’ market, sellers understand the market, and continue to price properties correctly. This is proven by the fact that the majority of homes sold are closing at or above the asking price. See below on Southbay housing stats by city.
|
