South Bay Real Estate Market Update: December 9, 2022

South Bay Real Estate Market Update: December 9, 2022
Sales keep moving along, but inventory running thin; How does Q4 compare to the rest of the year?

This week we are diving into the numbers and comparing today’s market with early Spring, Summer, and Fall to see how things have changed this year.

This week, we saw another 61 sales close in the past week which is consistent with the past few weeks. Prices at closing dropped 3% from the list price and most properties sold in 5-8 weeks. New listings fell to just 33 as the focus shifts more to the Holidays. New escrows show signs that there is still a strong buyer appetite for properties, with 64 new escrows and at a reduced time on the market. Overall we are seeing about 3/5ths of homes going into escrow WITHOUT a price reduction, a sign that sellers are understanding that pricing strategy has changed since the first half of the year.

So how does the market compare with earlier this year? Let’s take a look at the numbers.
**The week ended April 8th saw 101 closed sales. 87% sold at over the list price and at 107.5% of list. Days on market averaged 11 days.
**The week ended July 1st saw 86 closed sales. 79% sold at list or higher or 105.5% of the list price. Days on market averaged 12 days.
**The week ended September 30th saw 82 closed sales. 42% sold at or over the list price and at 98.2% of the list price. Days on market averaged 25 days.
**Finally, the week ended December 12th saw 61 closed sales. 28% sold at list or over and at 97% of the list price. Days on market averaged 56 days.

So while it remains a seller’s market, things have changed. What matters now is your pricing strategy, how you negotiate terms, and making sure you have the right buyer that can perform on the sales contract.