Real Estate Market Update

    The Median Sales Price for all residential properties in the South Bay decreased from $710,000 in September to $658,000 in October. The Median Price per Square Foot decreased from $473 to $467 and the Median Days on Market increased from 13 to 16.  In Manhattan Beach, Median Sales Price increased to $3,187,500 in October from $2,050,000 in September and the median Price per Square Foot decreased from $1,166 to $981. Median Days on Market increased from 12 to 39.  Manhattan Beach only had 28 new listings in October, compared to 47 new listings in September.

    Home buyers are interested in green features

    Green Features graphic

    Green homes can sell faster and at a higher price than comparable, conventional homes, and buyers are willing to pay more for the long-term savings they offer. Energy efficiency is one of the most sought-after features for home buyers, who are becoming increasingly more aware of the benefits of green and energy-efficient practices.

    A 2017 NAR survey found that 71% of agents and brokers said promoting energy efficiency in listings was very or somewhat valuable.  According to the survey, buyers informed their real estate agent or broker that the following features were very important when looking for a new home:

    Heating and cooling costs 36%
    Commuting costs 32%
    Energy-efficient appliances 23%
    Energy-efficient lighting 22%
    Environmentally friendly community features 14%
    Landscaping for energy conservation 10%

    Sellers should add green features to their home

    For sellers, having energy-efficient upgrades can increase the value of a home.  Buyers want the results without the work, and they’re willing to pay a little extra for already installed Energy Star qualified commercial or residential appliances and green features built into the home.

    By employing energy-efficient practices, NAR surveyed homeowners have discovered savings of 20% to 30% on energy bills and up to 30% savings on water bills. The average homeowner spends approximately $3100 on utilities annually. Based on these figures, the average family could save up to $930 every year.

    According to the National Association of Home Builders, as many as 90 percent of people shopping for a new home consider efficiency “very important”.

     


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    I am very grateful for the opportunity to know and work with many of you, and look forward to helping you in the future.

    May this Thanksgiving Season bring lots of joy and happiness to you and your family!

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