San Pedro Real Estate Market Update | June ’24

In June, San Pedro real estate produced 46 transactions (7 more than in May) with an average sale price of $883K (compared to $944k in May) and a market time of 29 days (compared to 39 in May). Numbers for June were mixed across the board compared to last month, potentially signaling an improving market. More details below!

Realtors in San Pedro saw a slight decrease in sales price in June compared to May. However, overall more homes are selling at a faster pace despite the lower prices. In June, Single-family homes in San Pedro had an average sale price of $1.01M while Condos and Townhomes averaged $650k and $738K. Details can be found below, along with rental figures.

Rentals in San Pedro, especially entry-level housing, seem to be coming down in price. 2 bedroom units averaged a few hundred dollars less this month compared to last.

Outlook

Moving forward, we are expecting interest rates to stay somewhat consistent, which should help gain some confidence in the housing market. Keep a close eye on inventory and rates, as they will likely determine which way the market goes; regardless of rates!

Buyers

Buyers in this market should be ready to compete, especially if you’re a first-time home buyer. Sellers have gained much of their leverage because there are plenty of qualified buyers and just not enough inventory. Keep in mind that inventory remains low for ALL of Los Angeles and much of the state. If buying real estate is one of your goals and you were a buyer in the market over the last 2 years but ultimately gave up because of stiff competition from conventional buyers, now is still a phenomenal time to be a buyer but you will need to compete.

Sellers

Sellers in this market should be doing everything they can to distinguish their homes from others on the market. Cutting corners when selling your home is not advised, no matter what kind of market we are in. Presentation and condition are extremely important, so preparing your home for sale and making sure it looks and functions as best as it can is of vital importance if you want a successful sale. Doing so may result in multiple offers on your property, which would significantly boost your leverage with buyers. And yes, we can help with all of this, all included in our standard commission! Learn more by visiting our Concierge Real Estate Services page.

If you’re ready to start your real estate journey, contact us today!

Who is The Prestige Team?

Rancho Palos Verdes Realtor Broker Associate Karen Anderson, along with her Real Estate Team, The Prestige Team, has been selling residential real estate in the South Bay, including Rancho Palos Verdes, San Pedro, and far beyond LA County for over 27 years and is ranked in the top 1% of realtors in Rancho Palos Verdes.  We specialize in transforming homes into impeccably presented real estate listings that command top dollar in the shortest amount of time!  

Learn more about us below!

Before After

For our Buyers:

Added Benefits When Working With Us

Contract Knowledge

The Residential Purchase Agreement is 10 pages of terms and conditions that stipulate every aspect of the purchase, and we know exactly how to use them to your complete advantage!

Expert Negotiators

As experienced Full-Service Realtors, we know how to leverage you buying and bargain power. Whether competing to get your offer accepted or negotiating repairs, our goal is to get you a great deal!

Team = Always Available

The added benefit of working with The Prestige Team is that one of our Real Estate Professionals is always available to help. No missed opportunities!

On Every Listing:

Need Additional Assistance? We Specialize in that!

Decluttering & Emptying Properties

Need help with decluttering? Whether you need a few boxes and an extra set of hands, have a house full of items that need to go, we have the resources in place ready to assist with your needs!

Schedule Management

Schedule Management is crucial if you have a time frame in mind for the sale of your home. Let us use our experience to ensure every aspect of preparing your home for the market stays on schedule!

Team = Always Available

The added benefit of working with The Prestige Team is that one of our Real Estate Professionals is always available to help. No missed opportunities!

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