Homes for Sale, Sold and Time of Close by the Numbers
For July 2018, a total of 107 homes in San Pedro, CA were for sale. The number of Homes for Sale that sold was 60 in July 2018 vs. 54 in June 2018 and 61 that sold in July 2017. Of the 60 homes under contract to close during the month of July 2018, the median time marketed for sale was 14 days. Compared to June 2018, the median time on market was 18 days. In relation to the homes for sale that were competitively priced in San Pedro, the homes that sold over the prior 6-months were selling within a range of 8 to 21 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).
A Close Look of Stats Data
- • The Number of Closed Sales of homes for sale that sold was 60 in July 2018 compared to 54 during June 2018 and 61 in July 2017.
- • The Number of Active Listings of homes for sale was 107 in July 2018 compared to 107 during June 2018 and 141 in July 2017.
- • Median Sale Price for these homes that sold was $567,000 in July 2018 compared to $599,000 during June 2018 and $542,000 in July 2017.
- • Median Price per Square Foot for these homes that sold was $378 in July 2018 compared to $392 during June 2018 and $390 in July 2017.
- • Median Days on Market for the homes that sold was 14 in July 2018 compared to 18 days during June 2018 and 15 days in July 2017.
- • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 2.1 in July 2018 compared to 2.1 during June 2018 and 2.5 in July 2017. (Note: This index is typically represented as a MSI number.)
Check out the following Market Activity charts for this area:
Data Analytics, Market Insight And Effects
The 60 homes sold that actually closed represented 56.1 percent of 107 available homes for sale in San Pedro, CA during July 2018. The sold price for San Pedro, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was up by 4.6 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 5.3 percent in July 2018 compared to June 2018. The month’s medan price-per-square-foot for homes that sold fell 3.6 percent from June 2018, and for the 12-month period it dropped 3.1 percent from July 2017 reversing a positive annual trend going forward.
Homes in July were selling faster than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 2.1 suggests that it would take 2.1 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows healthy market absorption of housing inventory of San Pedro, CA homes for sale. At this MSI level, it translates to a market absorption rate of 47.6 percent and demonstrates strong buyer demand.
Some Homes Did Not Sell
Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 17 in San Pedro. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.
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About the author: The above information regarding “San Pedro, CA Real Estate Market Activity Snapshot For July 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.
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