Mark McDermott

Data shows rising home prices, low inventory in South Bay real estate

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The South Bay real estate market is robust, recent data shows.

The South Bay real estate market is robust, recent data shows.

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%