April continues sellers market for South Bay homes

The South Bay real estate market continued to be a seller's market with home prices remaining at historic or near-historic levels. But there were some signs that prices could be easing and the number of homes on the market could be increasing.

Remember, all the market really needs for prices to come down is more supply and with post pandemic realities beginning to come into focus, most experts believe that somewhere around 2 million more homes could come on the market nationwide over the next year. Look for those trends to exist here in the South Bay as well where the home values may be less influenced by national markets though inventory issues persist. 

Media home prices in much of the beach cities came down slightly in April compared to the year before though generally up for the year. Rancho Palos Verdes had the largest spike in median home values but that could be due to outliers of very expensive homes. Home prices in RPV were up 30% from the year before. 

Each of the South Bay beach cities had an increase in the number of homes sold in April, with Manhattan Beaching seeing a 38% increase and Hawthorne a 48% increase. 

Although more homes were sold, the number of days spent on the market were less in most beach cities, pointing to the continued level of intense competition out there. In Torrance, the 169 homes that sold in April were on the market for 16 days on average. The highest number of on the market went to Manhattan Beach where homes were remaining for sale on average 48 days.