DIGS is the premiere luxury real estate lifestyle magazine serving the most affluent neighborhoods in the South Bay and Westside of Los Angeles, California.
Issue link: https://www.southbaydiggs.com/i/1514342
A LOOK BACK | SOUTH BAY REAL ESTATE MARKET – 2023 Well, that was fun. Not really if you're a local real estate agent or mortgage professional… …or a publisher of a real estate magazine :) 2023 will go down in history as a "wild west" type year in real estate – with persistent low inventory, rising mortgage rates, and ever rising home prices. If you listen to the "market expurts" – you'll get one camp saying, "to the moon we go!" and another camp screaming "we are in the mother of all bubbles!" – and everything in between. Like I say, in economics, markets, business, and life – there are no certainties, only probabilities. But one thing everyone did agree on, and caused the most market pain was the lack of inventory – for context just check out this Existing Single- Family Home Sales chart for the last 12 months which tells the inventory story: But the real story in real estate can't be told in "national" charts or indices – because real estate is more "micro" than "macro." That is, every market, region, zip code, and even neighborhood block has its own unique "micro market" conditions. South Bay is no different – in fact it's comprised of over 30 micro markets, (i.e. Manhattan Beach Tree Section, Hermosa Beach Sand Section, Malaga Cove in Palos Verdes Estates, the Upper Hollywood Riviera, etc.). And when you "zoom out" there are some numbers that get interesting when you look at the South Bay in aggregate (combining the Beach Cities and Palos Verdes Peninsula). For example, there were a total of 1,095 single-family homes sold in the South Bay in 2023 – down 16.9% from a year earlier. And the total sales volume for single-family homes in the South Bay last year came in at $2.982 Billion, down 15.8% from 2022. Check out this chart below for median prices for each city for 2023: P U B L I S H E R ' S M U S E Warren J Dow Publisher wdow@Southbaydigs.com 310.373.0142 PS: Stay enlightened, informed, and unruly - subscribe to the Marketing Muse newsletter for free at > MarketingMuse.substack.com/ MARKET MUSE FYI…If you're looking to get the inside scoop on local market data and trends then DIGS has you covered – we just released our DIGS 2023 ANNUAL MARKET REPORT – South Bay Edition and it's the most comprehensive report on the local market you'll find. You can buy your copy today for only $97.50 at https://digs. net/2023marketreport/ or scan the QR code on this page and pay directly via Stripe – and we'll email you the report right away. You're going to love the data in this report. It's got a bunch of stealthy "can't Google it" data points and key metrics for all the Beach Cities and the entire Palos Verdes Peninsula – like the number of homes sold over $10 million, or the highest home sales prices for each city since 2000, or the average sales discount (list price versus final sale price) for each Beach City and PV Peninsula since 2002, and much more. We also DEEP DIVE each city in the South Bay and uncover all of the key market metrics from 2023 as provide 10-year trend lines like this one below that shows the median sales price for Manhattan Beach since 2013: Whether you're a real estate agent, investor, developer, in the market to buy or sell a home in 2024, or just curious about local home pricing and market trends – you'll want to get the definitive resource and data set for South Bay's real estate market. Scan the QR code below to grab your copy today! May all your real estate dreams come true in 2024. To your success ~ 24 DIGS.NET | 1.12.24