$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 Sold | Avg. 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 |
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