How’s The Market El Segundo?
The #1 question realtors get asked is “how’s the market?” It’s such a big question. I almost never know where to start. Different people think different criteria tell the story. Below are six that I think best answer the question, along with trend graphs as of September 30th. All graphs depict a 12 month rolling average to smooth out the trendlines.
In El Segundo, there were 115 new single family listings in September and the same number in August. As you can see from the trend graph below, after a big dip in early 2017, the number of new listings has been on a relatively steady march upward.
Months Supply is a good indicator of a sellers’ versus a buyers’ market. Typically, a market that favors sellers has less than six months of supply (listings). El Segundo seems pretty comfortable around two month of supply or slightly less, still solidly in seller territory. In a seller’s market, a buyer can expect to pay their own closing costs and other negotiable amounts, and buyers can also expect competition from other buyers. Know what you want, have your financing and buyer agent tee’d up and be prepared to move quickly.
Price reductions are a mixed bag as far as being an indicator of any trend, but people still love to talk about this metric.
Sometimes a seller starts out unrealistic and has to “right-price.” Sometimes the agent is from out of area and doesn’t El Segundo’s mix of older and newer homes. It takes some real analysis of the price reductions to see if there is a broader trend working.
So far this month, we’ve seen a whopping 11 price reductions in El Segundo (there are only 30 listings active and in escrow currently). Contact us if you want the list. Pricing seems to be a little inconsistent in El Segundo. Single family homes tend to sell for a little under the current list price, as you can see from the graph below.
Price Per Square Foot
The average price per square foot for El Segundo homes has been on a steady upward trend, currently hanging out at $774/ft. Different property types and bed/bath configurations likely have their own average PPSF. Contact us if you want to see a graph for a particular property type or bed/bath configuration.
Days On Market
Days on market can be an indicator of demand. If DOM is trending down, properties are moving faster (higher demand). Single family homes in El Segundo are a hot ticket. Homes are on the market an average of 28 days, where they’ve been for most of the year.
Back on Market
One property has fallen out of escrow in El Segundo in the last seven days. It’s a cute house on a popular street. Contact us if you want details.
Distressed Properties In El Segundo
There are no distressed attached homes on the market today in El Segundo. Contact us if you want to be alerted when one comes on the market.
Assumptions & Other Markets
This report was written for single family homes in the El Segundo community of Silicon Beach. Similar reports can be generated on request for neighborhoods or property types withing El Segundo 90245. Contact us for custom reports.
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