Sales numbers for October are in!
#SanPedro saw significant decreases for Single Family Residences (SFR). SFR sales went from 42 in September to 29 in October, while average sale price dropped to $655K from $779K in September. Inventory is still not enough to keep up with demand. Look for SFR sales to bounce back for the month of November.
Average sale price increased slightly to $450k in October compared to $425k in September, which is important to note. Average sale price for condos in San Pedro has increased every month since we started tracking these numbers in May of this year (May Avg Sale was $399K). This is a clear indicator that the market is moving on up, potentially leaving indecisive buyers behind.
Days on market decreased significantly to only 20 days, supporting our theory of strong demand for those types of properties.
With rates and demand holding steady, we expect prices to continue on their current upward trend.