(Super Low Interest Rates – But Still No Inventory here in the South Bay Real Estate Market – Here in the South Bay Real Estate Market we are still experiencing very low levels of inventory. Combine that with some of the lowest mortgage interest rates in history and you’ve got a lot of pent up demand. It can be very frustrating to be a buyer in this market especially when you know that mortgage interest rates can really go only one direction now – and that’s up. The average 30 year mortgage creeped up the tiniest of amounts today for the first time in 2015, from 3.63% to 3.66% (not exactly a big difference, but still something to expect.) Rates are constantly fluctuating, but they are historically low.
Buyers and their agents are having to rely on old fashioned methods of finding available properties – agent networking and letters out to homeowners asking if they want to sell. Prices here in the South Bay real estate market have been steadily rising for the past two years due to the lack of inventory. As of right now, there are only 217 single family residences available for purchase between El Segundo heading south to the South Side and including all of Palos Verdes. That’s incredibly low – to get a bit more specific:
90266 has 30 single family homes currently for sale on the MLS and they range in price from $990,000 to $14 million dollars
(Manhattan Beach)
90245 has 8 single family homes currently for sale on the MLS and they range from $795,000 to $1,890,000
(El Segundo)
90254 has 11 single family homes currently for sale on the MLS and they range from $799,000 to $16 million dollars
(Hermosa Beach homes for sale)
90278 has only 14 single family homes currently for sale on the MLS and they range from $565,000 to $1,335,000
(North Redondo Beach single family homes for sale)
90277 has only 16 single family homes currently for sale on the MLS and they range from $749,000 to $13 million dollars
(South Redondo Beach single family homes for sale)
The Hollywood Riviera (there are two zip codes included here – parts of 90277 and parts of 90505) has only 15 single family homes for sale that range from $849,000 to $16 million dollars (on the Paseo de la Playa bluff)
(Hollywood Riviera homes for sale)
90274 has 67 single family homes currently for sale on the MLS and they range in price from $839,000 to $53 million (a very large estate behind the gates in Rolling Hills)
Palos Verdes Estates & Rolling Hills & Rolling Hills Estates homes for sale)
90275 has 76 single family homes for sale on the MLS and they range in price from $725,000 to $12 million dollars
(Rancho Palos Verdes homes for sale)
90505 has only 21 single family homes for sale on the MLS and they range in price from $675,000 to $1.4 million dollars
(South Torrance homes for sale)
90503 has only 22 single family homes for sale on the MLS and they range in price from $634,00 to $1.2 million dollars
(West Torrance homes for sale)
