Data shows rising home prices, low inventory in South Bay real estate
Housing prices in the South Bay continued climbing amid low inventory of homes for sale, according data covering the month of November released by the South Bay Association of Realtors.
The number of single family homes for sale showed little change last month while the number of condominiums/townhomes for sale decreased 4.3 percent. During the same time frame, average single family home prices increased 15.6 percent, from $621,740 to $718,798, while average condominium/ townhome prices increased 21.4 percent, from $469,413 to $569,972, as compared to November 2012.
“The demand for new homes by qualified buyers in our area may be contributing to the increase in home prices,” said Sheri Fejeran, president of the South Bay Association of Realtors. “We hope that greater inventories emerge in 2014 in order to help more qualified families buy their new home.”
The data indicated that the median price of a single family home increased from $445,000 a year ago to $479,000 in November. The average price of a townhome increased from $469,413 to $569,972, while townhome median prices increased from $386,250 to $447,000.
Single Family Homes November 2013 November 2012 Percent change
Average price $718,798 $621,740 15.61 %
Median price $479,000 $445,000 7.64%
Units for sale 953 944 0.95%
Units under contract 305 262 16.41%
Units sold 241 299 -19.40%
Sold ADOM 54 64 -15.63%
Months supply of inventory 2.2 2.1 4.76%