Today we will be covering the real estate transactions for the month of May 2018 in San Pedro. A quick overview tells us that the real estate market in San Pedro is still buzzing and will continue on its trend for at least the next few years. Although condominium and townhouse sales dipped this month, days on market reduced drastically to just 14 days, indicating strong demand from first time home buyers. If you missed April’s Market Watch report, you can see it here. Lets get into the details of this month’s San Pedro Real Estate market watch:
San Pedro Real Estate Market Watch: May 2018
San Pedro real estate experienced a sharp increase in number of units sold for the month of May 2018. The month of May saw 57 successful transactions compared to 41 in April.
Single family home sales nearly doubled, going from 26 in April to 48 in May. Average price did experience a slight decrease, but days on market stayed the same at 17.
Condominiums and Townhouses sales in San Pedro dipped slightly this month, down to 9 total transactions compared to 15 for the month of April. Average price also dipped to $428k compared to $444k in April. Interestingly enough, the average days on market dropped significantly to just 14 days compared to 37 days for April. This is a possible indication that first time home buyers and that market still has very strong demand. Expect the average price of condos and townhouses in San Pedro to rebound next month.
With all the projects going on in town, including the San Pedro Public Market, San Pedro Public Market Promenade and Town Square, Harbor Blvd Roadway Improvement, and AltaSea at the Port of Los Angeles, we are expecting prices to continue on their current upward trend.