Is the South Bay Real Estate Market Slowing Down?
If August home sales numbers were any indication the market is continuing to go
crazy, but from on the ground experience the South Bay real estate market is beginning to slow down a bit. There are likely several factors that seem to be driving this slowing market:
- Seasonal changes: The market always slows a bit once schools are back in. Summer home buyers eager to get a home in certain school districts keep the market buzzing in June, July and August.
- Interest rates: While still historically fantastic, it’s taking buyers a little while to grasp that we’re no longer likely to see rates in the 3% range, or even the mid to low 4% range. Rates had to adjust and although rates are still tremendous, borrowers are still suffering from a lowest rates ever hangover. In time the current rates will become the new normal and buyers waiting on the sidelines will once again jump into the fray.
- Prices: August year over year prices in the area neared a 25% gain….in just a year. That’s a pretty incredible increase and between the increases and many buyers frustrated with a market stacked against them have decided to sit it out for a while and hope that we eventually reach a balanced market.
Whether all of this indicates a trend towards a cooler market, or is just a temporary correction remains to be seen, but either way 2013 has been one of the quicker rebounds in real estate that we’ve ever seen.
are searching for are views of the ocean. Many listings tout their panoramic ocean views, whitewater views, Catalina views etc so why can’t I seem to find a picture of it? Buyers these days are savvy and understand that realtors often use words like cozy or quaint when they mean small, charming to mean original condition, etc. so when they can’t see the view, they just may not believe it has the view. We are not only selling homes in 
wonderful homes are currently for sale. There are plenty of open houses to take a look at this weekend in the cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo. Click here to see 
home prices as many areas reached multi year highs once again. The beach cities saw very high median home prices as many luxury properties sold at prices unseen in the past. Click on the links below to view the home sales for various South Bay cities.