Shorewood - South Bay home sales hit 12 month low in January

According to the February 27 news release by Shorewood Realtors, home sales hit a 12 month low in January, not rebounding after the traditionally slow holiday season. The report covers the cities of El Segundo, Manhattan Beach, Hermosa Beach and Redondo Beach (north and south).

Days on market is now at 47 days, compared with 38 January 2005. The number of homes listed jumped 67%. In neighboring cities Torrance and Inglewood, inventories did a triple digit jump.

However, asking prices were still up, with median selling prices up 31% YOY.

Shorewood says the pace picked up in February and March and says the "fundamentals remain in place" for "healthy price appreciation". The higher inventory "will be absorbed" because "demand remains strong".

OK, we'll check back with Shorewood in a year and see how things went for the year.