2019’s high sale of the year goes to 719 Maryland which was a new construction 5 bedroom, 3300* single family home in the heart of the community. Sitting on a nice sized lot of almost 6500 feet the home had a spacious backyard and the location was ideal with a real community/neighbhrood feel.
I’m sure most MLS systems are different but here in the South Bay the days on market on the CRMLS can be a bit misleading. Many buyer and agents use days on market as a negotiating tool….the longer the home has been on the market, the more leverage the buyer has to come in low or negotiate other favorable terms.
The problem is that days on market doesn’t always indicate just how long the home has been available and is not necessarily indicative of “active” status. As realtors when our clients accept an offer we have the option of changing the status to “pending” or “active under contract”. Pending stops the days on market from accruing, but active under contract does not. A home can go into escrow on day one, change the status to active under contract (again meaning it’s in escrow) and if it falls out of escrow 20 days later the days on market for the home will show 20. It’s very misleading as the home has not been available for those 20 days and now puts the seller and listing agent at a disadvantage…..even though it sold the first day.
The other aspect that leads to misinformation is that with this days on market accruing on many home, it does not allow for an accurate picture of the market. For instance a certain area of town or city itself may show an average days on market for a certain month to be one thing….when many of those homes were not actually available. It may show days on market at 45 when the reality is that the homes in the community actually go into escrow after 30.
It’s a problem that needs to be addressed as it can change perceptions….both on an individual home and the market in general.
In somewhat a surprise, the CAR has come out with a housing affordabilty study and found that in 2016 homes were slightly more affordable than in 2015 in the third quarter. Unfortunately that doesn’t impact El Segundo real estate or the South Bay much as we’re located in one of the least affordable areas in the state.
There’s just not much that’s down in the El Segundo housing market. The number of homes on the market is up, pending home sales are up, and closed escrows are up. One other key aspect of the market that’s up is the prices with home prices in El Segundo continuing to rise. The median home price in El Segundo for March of 2016 was just over a whopping $1,000,000.
Visit our current El Segundo homes for sale page to see the current listings or visit our recent home sales page to see the recent sales in El Segundo and the South Bay
The December numbers are in and if there was any thought that the real estate market in El Segundo was leveling the numbers certainly say otherwise.
The average home price in El Segundo for the homes that closed escrow during December was $1,023,000 with a median price of $999,000. Those are big numbers that still shows no sign of slowing or reversing. See the chart below for the December home sales numbers for El Segundo and the South Bay for December of 2015.
It seems that nobody is selling in Fusion these days which is a bit unusual as so many owners in the complex weathered some tough years and homes are once again nearing the peak. As a realtor who frequently sells homes in this great community, it’s always a challenge when the inventory is this low as there’s simply nothing to sell. Fusion has always been a very unique market as there are often either too many homes on the market, and they all sit until the first one sells (and then they seem to go like dominoes) or there’s no homes on the market. The appeal of Fusion is the combination of price, location, and age which makes them a great value. Built in 2006 and 2007, they sit just east of Manhattan Beach but at dramatically lower prices. Most buyers often start their searches in Redondo Beach or El Segundo, but after looking at what $550,000 or so gets them in those towns, they opt for the very new, very well located Fusion townhomes.
So what’s an interested buyer to do?
The first aspect is to find an agent that frequently sells in Fusion as they may have the inside track into upcoming and off market possibilities. There are 4 or 5 realtors that work fairly extensively in this gated community.
Be patient. As I mentioned above Fusion is a unique market that seems to go in waves. It won’t be too long before there are several listings