South Bay Home Prices on the Rise; Fewer Homes for Sale

Average home prices in the South Bay are up more than 10 percent compared to a year ago as the number of homes for sale dropped in April, a new report indicated last week.

The report, released by the South Bay Association of Realtors (SBAOR), showed that for the month of April, the average price of a single-family home in the South Bay rose 11.58 percent to $764,817 compared to the April 2012 average of $685,472.

According to SBAOR, that price increase was due in part to a low inventory of homes for sale. Compared to last year, the number of homes for sale has dropped by nearly 36 percent.

"Despite low inventory, the market is hot and as we are entering the summer home buying season, we should see an increase in sales," said SBAOR president Sheri Fejeran.

In addition to a single-family home price increase, the average price for a condominium or townhome also increased by 18 percent in April. That average price now sits at $521,087 compared to $440,979 one year ago.

The statistics, provided by SBAOR, were compiled using data maintained by the California Regional Multiple Listing Service (CRMLS) and included data from the cities of Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance, Carson, El Segundo, Gardena, Harbor City, Hawthorne, Lawndale, Lomita, San Pedro and Wilmington.