The good news for buyers is that the inventory of unsold homes in El Segundo is going up while the number of homes that are selling and closing escrow are going down. The number of active listings has gone up every month this year from 7 in January, 10 in February, 14 in March and 19 in April. The number of closed sales has dropped however from 13 in January, to 7 in February, 6 in March and only 3 in April. May may be on a recovery track with 6 closed escrow.
El Segundo Real Estate Snapshot
February was a very slow month for closed home sales in El Segundo with only 7 homes sold during the month. Prices were solid as they’ve been over the past 18 months with the median list prices of $1,185,000 and a median sales price of $1,155,000. With the median sales price lately being near or even over the list priced that may indicate a slight cooling but one month of stats does not indicate a trend. Only time will tell. Average price per foot for sold homes in El Segundo was $845. Median days on market was only 10 which is fairly incredible.
February 2020 Home Sales and Prices in El Segundo.
|MLS #||Type||Address||Price||$ Per Foot||Bed/Bath||Sq Feet||Year||Sold Date|
|SB19283921||CONDO/A||900||Cedar ST #111||$620,000||$526.76||2/2,0,0,0||1177/A||1978/ASR||2/12/2020|
|SB19238651||SFR/D||315||W Palm Ave||$1,044,000||$848.09||5/2,0,0,0||1231/A||1927/ASR||2/4/2020|
|SB20017420||TWNHS/A||307||Kansas ST #B||$1,060,000||$522.17||3/2,0,1,0||2030/A||2006/ASR||2/27/2020|
|19499382||SFR||430 W||Walnut AVE||$1,941,000||$796.47||4/3,0,0,0||2437/B||2019||2/25/2020|
By Keith Kyle
If you need any evidence that prices are sky high in El Segundo just look towards the luxury market. It wasn’t long ago that we wrote a post on whether El Segundo was ready for $2,000,000 homes and it seems that it’s relatively commonplace just 12 months later. As of July 17th there are 3 single family homes in El Segundo priced over $2,000,000. In the nearby luxury real estate markets of Manhattan Beach and Hermosa Beach this wouldn’t be unusual but in El Segundo it’s fairly unbelievabe. It’s certainly due, in part, to many buyers being priced out of the South Bay and their money goes much further in El Segundo. In addition there is a pending sale and 4 closed sales in 2016 priced over the formerly unheard of $2.0M mark.
In 2016 we’ve seen 4 $2.0M+ homes plus the one home in currently in escrow (as of 7/16/16)
*Statistics based on MLS sales of single family homes.