El Segundo Real Estate Market Update
Real estate in the South Bay and specifically El Segundo continues at a pretty torrid pace. Slowly rising inventory should alleviate some of the pressure and we may be heading towards a more balanced market. July was the new high for active homes for sale with 30, topping the year high of 17 in June. Median home price of active listings is $799,000. The primary reason for this significant jump in inventory is due to the two new construction projects at the 100 Block of Walnut and the 900 block of Pepper, a 12 unit project from architect Pat Killen.
Currently there are 14 homes in escrow which is also a considerable jump from the 9 homes in escrow during the month of June.
We are still seeing quite the disparity between the average list prices of homes in El Segundo vs. the average sold home prices. This is primarily due to sellers often listing homes at a “make me move” type price in which they’re looking for something well beyond market values.