Real Estate Market Watch: San Pedro – November 2017

A quick look back at the sales numbers in San Pedro for November 2017:
#SanPedro saw a slight decrease in number of units sold for Single Family Residences (SFR) for the month of October. SFR sales went from 29 in October to 25 in November, while average sale price increased to $673K from $655K in October. The increase in average sale price suggests inventory is still not enough to keep up with demand. Last month we predicted sales would bounce back, but they’ve continued to decline though not as drastic as we saw from September to October.
 
#Condominium and #Townhouse sales experienced a significant reduction to 15 units sold in November compared to 28 in October.
 
Average sale price decreased to $421k in November compared to $450k in October. If you recall, average sale price for condos in San Pedro had increased every month since May of this year (May Avg Sale was $399K). This is the first time we record a decrease in average sale price for condos in San Pedro since we started tracking at the beginning of summer. It is important to note that the industry as a whole tends to really slow down during the holiday months, November – January specifically.
 
Days on market increased significantly to 49 days due to closings that had sat on the market for 100+ days.
 
With rates and demand holding steady, we expect prices to continue on their overall upward trend, although they are going to be lower during the holiday season. Stay tuned next month for our annual review of the market!

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