San Pedro, CA Real Estate Market Activity Snapshot For October 2018

 

San Pedro, CA Real Estate sales have seen a lower number of homes that closed in October 2018 than in October 2017. While the listing price for October 2018 was higher as compared to a year ago, monthly price of homes for sale was up from previous month amid continued low inventory levels. The sold price of homes that closed was higher for the month.

Homes for Sale, Sold and Time of Close by the Numbers

San Pedro Market Activity Snapshot October 2018

For October 2018, a total of 102 homes in San Pedro, CA were for sale. The number of Homes for Sale that sold was 51 in October 2018 vs. 49 in September 2018 and 60 that sold in October 2017. Of the 51 homes under contract to close during the month of October 2018, the median time marketed for sale was 21 days. Compared to September 2018, the median time on market was 18 days. In relation to the homes for sale that were competitively priced in San Pedro, the homes that sold over the prior 6-months were selling within a range of 8 to 20 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).

A Close Look of Stats Data

    • The Number of Closed Sales of homes for sale that sold was 51 in October 2018 compared to 49 during September 2018 and 60 in October 2017.
    • The Number of Active Listings of homes for sale was 102 in October 2018 compared to 106 during September 2018 and 106 in October 2017.
    • Median Sale Price for these homes that sold was $590,000 in October 2018 compared to $546,000 during September 2018 and $539,000 in October 2017.
    • Median Price per Square Foot for these homes that sold was $376 in October 2018 compared to $406 during September 2018 and $385 in October 2017.
    • Median Days on Market for the homes that sold was 21 in October 2018 compared to 18 days during September 2018 and 14 days in October 2017.
    • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 2.2 in October 2018 compared to 2.2 during September 2018 and 1.8 in October 2017. (Note: This index is typically represented as a MSI number.)

Here are some current charts on housing activities in the area:

Homes for Sale Homes Sold
Sales Price of Homes Days on Market

Data Analytics, Market Insight And Effects

The 51 homes sold that actually closed represented 50 percent of 102 available homes for sale in San Pedro, CA during October 2018. The sold price for San Pedro, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was up by 9.5 percent versus a year ago. And, this month’s median sold price for these homes that sold has gained 8.1 percent in October 2018 compared to September 2018. The month’s medan price-per-square-foot for homes that sold fell 7.4 percent from September 2018, and for the 12-month period it dropped 2.3 percent from October 2017 reversing a positive annual trend going forward.

Homes in October were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 2.2 suggests that it would take 2.2 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows healthy market absorption of housing inventory of San Pedro, CA homes for sale. At this MSI level, it translates to a market absorption rate of 45.5 percent and demonstrates strong buyer demand.

Here are current charts on Price/SqFt and Supply of homes in the area:

Price Per Square Foot Inventory Months Supply

Some Homes Did Not Sell

Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 15 in San Pedro. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.

Want To Know How To Get A House Sold After An Expired Listing? … Find out more – Click Here!

How to benefit from recent real estate market activity – Click Here!

 

 

About the author: The above information regarding “San Pedro, CA Real Estate Market Activity Snapshot For October 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.

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November 29th, 2018 by LHugh