November was a rough month for home sellers in the South Bay. Of the 3420 homes (Single Family Homes, Condos/Townhouses, and Residential Income Properties) listed for sale in the Greater South Bay MLS only 420 sold during the month with another 388 going into escrow. The current supply of homes assuming no others were to enter the market would last 8.1 months.
November 2008 Home Sales in the South Bay
Inventory of Homes for Sale in the South Bay Nov. 2008
Although the numbers are definitely down from summer and early fall they are still better than last year when only 399 homes sold out of 4359 properties available for sale. On the other hand average sale price of properties sold in November 2007 was $868,000 versus this year’s bleak figure of $589,000. Although this is bad news for sellers it certainly spells opportunity for buyers.
South Bay Home Sales Nov. 2007-2008
