Market Trends and Insights: Q2 2024 South Bay Real Estate

Market Trends and Insights: Q2 2024 South Bay Real Estate

  • 07/5/24

Q2 2024 Market Report

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Market Statistics and Analysis

The chart below shows the “Average Days on Market” and “Sold/List Price Percentage” in the County of Los Angeles since March 2023. The average days on market trend were falling and the sold/original list price ratio remains steady. Homes are selling fast in Los Angeles and more homes are being sold above the asking price.
 
The average rate on a 30-year mortgage dipped to just below 7%. According to Freddie Mac rates will modestly decline over the remainder of 2024.
 
Key Takeaways:
 • Mortgage rates are slightly lowering
• Homes are selling faster than before

May 2024 Average Days on Market trend was Falling*

Average Days on Market in May 2024: 28

Down 3.4% compared to last month
Down 12.5% compared to last year


May 2024 Sold/Original List Price Ratio Remains Steady*

Sold/Original List Price % in May 2024: 98%

Down 1% compared to last month
0% compared to last year

*Based on 6 month trend - Rising/Falling/Remains Steady

Work With Rachel

Rachel has a strong business ethic and unparalleled dedication to her clients. She is committed to providing extraordinary customer service! Rachel is a premier choice and client favorite for local home buyers and sellers. Rachel believes when choosing an agent to sell your property it is imperative that you select someone who is experienced in selling and buying properties in the area.

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