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Wed Jun 2, 10:08PM PT – KGW NewsChannel 8 Portland, Ore 1:35 | 63 views
The length of time that unsold homes sit in the South Bay has been growing steadily over the past few years. This article reviews the average days on market for a handful of local cities. Interestingly, from 2002 through 2005, most cities had average days on market numbers of a few weeks or less.
At a high level, it is interesting to note that most of the cities studied had average days on market numbers of over 100 days. Only one city, Redondo Beach, fared better with an average of 84 days. The highest average is for 90274, with an average days on market figure of 139 days.
Manhattan Beach (90266) – Homes on the market have been sitting for an average of four months. This may not be surprising given the current inventory of unsold homes stands at about 14 months.
Hermosa Beach (90254) – The inventory stands at about nine months and the average home has been on the market for just over 100 days now.
Redondo Beach (90277/90278) – Homes on average have been on the market for less than three months. The inventory is surprisingly low at just over four months.
Palos Verdes (90274) – The number of days on market for this area is the highest with homes now averaging having been on the market for over four and a half months. Inventory stands at nine months.
Palos Verdes (90275) – The number of days on market has hit 116 on average for the listed single family homes. Additionally, the inventory is the highest for the cities covered in this study with a 16 month supply.
The are a number of ways to interpret these results or what to do with this information. One possibility is to consider exploring aggressive buy strategies in the areas (or price point niches) with a lot of inventory and where the homes have been on the market for a while.
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Visit us at http://www.beachtime-realty.com.
Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
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http://EzineArticles.com/?expert=Tony_Cordi
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