It’s taken a while but inventory is finally steadily increasing with 4 straight months of rising number of homes for sale. July saw the number active homes on the MLS at 583 which is the highest since September of 2012 which was a vastly different market. The chart below shows the past 2 years of active listings (light green column) pending home sales (red line) and sold homes (teal column). According to Manhattan Beach real estate agent Keith Kyle, “the rising number of homes for sale should be good news for buyers but there is still incredible demand which will continue to translate into higher home prices”. The cities included in the chart below are Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, El Segundo and the communities of Palos Verdes
The number of pending home sales in July 2013 was the highest since March of 2012 with 400 pending sales, and the number of sold homes in July was 411, which was the highest month in over 5 years. To view the home sales in the individual cities in the South Bay click here.