South Bay Tops $4.1 Billion in Real Estate Sold

The local real estate market has been rocking the past couple of years, and 2017 was no exception. Manhattan Beach continues to lead the charge and closed the year with a new record average sales price of $3,080,193.

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$4,116,845,572 Worth of Real Estate Was Sold in South Bay in 2017

Manhattan Beach also had two record sales of over $20 million, as 1000 The Strand broke the all-time high of $21,000,000. Interesting, of the (11) total closed sales over $10 million in the South Bay, Manhattan Beach had (8) of them! (Palos Verdes Estates & Hermosa Beach each had one.) Finally, there was (55) total closed sales over $5 million last year, and (114) at or above the $4 million mark!

Looking back, the ultra-high-end slowed a bit towards the middle of 2017 but regained steam to close the year strong. The lack of available inventory was, once again, the big story as buying demand was solid, especially in the under $2 million range. Check out the chart below to see how it looked per city.

Market Recap South Bay 2017

# of SoldAvg. DOM Avg. Price Sold Median Price Sold Average $/SqFt Highest Closed Price

Manhattan Beach

342

49

$3,080,193

$2,470,875

$1,080.01

$21,000,000

Hermosa Beach

107

40

$2,742,197

$1,850,000

$763.84

$14,150,000

South Redondo Beach

112

33

$1,527,122

$1,325,000

$653.45

$2,925,000

North Redondo Beach

197

29

$1,026,653

$975,000

$624.48

$1,890,000

Hollywood Riviera

120

30

$1,475,947

$1,362,000

$702.50

$5,920,000

Palos Verdes Estates

191

54

$2,248,179

$1,875,000

$727.09

$13,840,000

Rancho Palos Verdes

396

39

$1,446,946

$1,312,500

$572.59

$5,500,000

Rolling Hills Estates

71

58

$1,711,358

$1,565,000

$584.88

$2,990,000

Rolling Hills

19

69

$3,181,658

$2,450,000

$802.44

$6,200,000

El Segundo

80

38

$1,307,771

$1,271,750

$687.94

$2,155,000

(All property data taken from MRMLS Closed Sale Single Family Residence (SFR): for areas: El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach, Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates & Palos Verdes Peninsula. January 1, 2017– December 31, 2017) Information is deemed accurate but not guaranteed.)

Although it is often said that the year ahead will be “interesting,” 2018 might actually be. The outlook for the year is moderate growth in home prices as the economy continues to stay hot – but that could change with the proposed (3) interest rate hikes this year, tax regulation changes, and any stock market correction. And don’t forget the geopolitical landscape, which could change at a moment’s notice.

Beyond what’s happening in the local real estate market, one thing is for sure, it’s sure hard to beat the lifestyle here in the South Bay.

“Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.”

Lao Tzu

Hero Photograph by Paul Jonason

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