Inventory of Homes for Sale Finally Sees Increase

Inventory of Homes for Sale Finally Sees Increase

  • Jagger Kroener
  • 05/27/22

Available homes for sale rises as sellers worry they may have missed the top of the market due to increasing rates.

 

The Facts – United States:

  • The supply of homes for sale jumped 9% last week compared to the same week 12 months ago
  • Redfin has reported that new listings went up nearly 2x as fast in the last four weeks.
  • Pending home sales, meaning active contracts signed / escrows, dropped 4% in April

 

Local Luxury Real Estate Market:

Westside beach cities & South Bay markets continue to show strength and low inventory.

 

2022 – Single Family Homes Stats

 

Venice Beach Homes

Average List Price: $3,004,233 – up 4% from last year

Average Sale Price: $2,628,076 – up 26% from last year

**In Venice, we are seeing homes sell slightly under asking on average.**

 

Mar Vista Homes

Average List Price: $2,071,519 – up 7% from last year

Average Sale Price: $2,112,221 – up 9% from last year

**In Mar Vista, we are seeing homes sell over asking on average.**

 

Culver City Homes

Average List Price: $1,808,764  – up 11% from last year

Average Sale Price: $1,933,707 – up 14% from last year

**In Culver City, we are seeing homes sell over asking on average.**

 

Manhattan Beach Homes

Average List Price: $4,305,942  – up 26% from last year

Average Sale Price: $3,643,394 – up 2% from last year

**In Manhattan Beach, we are seeing homes sell under asking on average.**

 

Hermosa Beach Homes

Average List Price: $3,329,612  – up 3% from last year

Average Sale Price: $3,054,800 – down 14% from last year

**In Hermosa Beach, we are seeing homes sell under asking on average with a decrease in average sale price.**

 

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Wall Street Journal "Real Trends" Top 500 Real Estate Agent, Featured in Los Angeles Magazine Realtor® All-Star Edition, Los Angeles Business Journal’s Top Realtor® List to Watch.