South Bay Tops $4.1 Billion in Real Estate Sold

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

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. Manhattan Beach also had two record sales 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 had (8) of them! (PVE & Hermosa Beach each had one.) Finally, there were (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

#Sold

Avg. Days to Sell

Avg. Price SOLD

Median Price SOLD

Average Price Sq Ft / SOLD

Highest Closed Sale 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 geo-political landscape, which could change at a moments 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.

Wishing you all the best in 2018!

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