Real Estate Market Watch: San Pedro – March 2018

Happy Easter!

We’ve officially started spring and it is apparent in the increased sales over the last month!

Residential real estate in San Pedro experienced an increase across the board, most notably in Condos/Townhouses which we will get into later.

There were 34 single family residences (SRF) that sold in the month of March, 7 more than in February. These homes averaged 34 Days on the market, a slight decrease from February’s average days on market of 37. Average Price increased to $678,619 – an increase of $17,500!

Condo/Townhouse sales nearly doubled, going from 10 in February to 18 in March. Days on market decreased to just 37 days, a 5 day improvement from February. The most significant change this month is the average condo/townhouse price. February had an average condo price of just over $445k in the city of San Pedro. March’s average price for a condo increased by $24,500, bumping the average to over $472,000! This is due to sales in The Gardens and The Estates that were $550k and up, some in the mid and upper $600k range!

Expect the market to remain on its current trend, more inventory but not enough to satisfy demand, which will cause prices to continue to increase.

Thinking of selling? Check out our Home Selling Basics series to properly get your home ready for the market and call us with any questions:)