May SOLD Beach Cities

The South Bay is still a strong market whether you are selling or buying but the market is definitely changing. If you are planning on selling be prepared for your home to be on the market 30-90 days. Pricing a home right is crucial. Homes that are priced on the high side will see very little activity. Homes that are priced at market value will sell close to the asking price but will take a longer time then last year. If you are a buyer there will be a significant increase in inventory. However prices are not dropping drastically as many buyers were hoping. Prices are actually increasing slightly over last year. We may see prices begin to level over the next few months with a 5% up or down movement. An interesting side note is that prime beach property on the Strand and in the Hill Section with expansive views is going up and many buyers are paying cash. Two recent sales were well over $8,000,000. As always the only sure thing about our Beach Cities market is that it is always changing!.



BEACH CITIES SOLD FOR May 2006:

EL SEGUNDO:

SINGLE FAMILY HOMES: Seven properties closed escrow in May. The least expensive was listed at $721,500 and closed at $685,000. The most expensive was listed at $1,629,000 and sold at $1,599,000.
The median price ( half below and half above price) was $794,000 down from last month.


TOWNHOME/CONDOMINIUMS: Five properties closed escrow last month. The least expensive was listed at $509,000 and sold at $509,000. The most expensive was listed at $832,491 and sold at $832,491. The median price was $649,000 up from last month.


HERMOSA BEACH:

SINGLE FAMILY HOMES: Nine homes closed escrow in May. The least expensive was listed at $864,900 and sold for $839,000. The most expensive was listed @$6,750,000 and sold at $6,000,000. The median price ( half above and half below price) was $1,591,000 up from last month.

TOWNHOMES/CONDOMINIUMS: 11 properties closed escrow last month. The least expensive was listed at $399,000 and sold at $404,000. The most expensive was listed at $1,489,000 and sold for $1,489,000. The median home price was $1,299,000 up from last month.


MANHATTAN BEACH:
SINGLE FAMILY HOMES: 30 homes closed escrow in May. There were four homes under $1,000,000. The least expensive was listed at $865,000 and sold at $835,000. The most expensive was listed at $5,990,000 and sold at $5,860,000. The median home price ( half were above and half below price) was $2,049,000 up from last month.

TOWNHOMES/CONDOMINIUMS: There were 10 units that closed escrow last month. The least expensive was listed at $849,000 and sold at $828,000 . The most expensive was listed at $1,999,000 and sold at $1,975,000. The median townhome price was $1,500,000 up from last month.

REDONDO BEACH:

NORTH REDONDO:

SINGLE FAMILY HOMES: There were 16 homes that closed escrow in May. There were three homes that sold under $650,000. The least expensive was listed at $603,500 and sold for $603,500. The most expensive was listed @ $1,350,000 and sold for $1,329,000. The median home price ( half above price and half below) was $799,000 up from last month.

TOWNHOMES/CONDOMINIUMS: There were 42 closed escrows last month. There were two that sold under $550,000. The least expensive listed at $499,900 and sold for $490,000. The most expensive was listed at $997,500 and sold for $997,500. The median price was $764,500 down slightly from last month.

SOUTH REDONDO:

SINGLE FAMILY HOMES: 12 homes closed escrow in May. There were none under $700,000. The least expensive home was listed at $699,000 and sold for $700,000. The most expensive was listed @ $2,339,000 and sold for $2,200,000. The median home price was $978,000 down significantly from last month...

CONDOMINIUMS: There were 9 stacked unit condominiums sold last month. Most of them were along Catalina/The Esplanade and had some ocean views. The least expensive was listed @ $389,900 and sold at $395,900. The most expensive was listed at $1,189,000 and sold for $1,100,000. The median price was $475,000 down from last month.

TOWNHOMES: There were 9 townhomes that closed escrow last month. There was one under $650,000. The least expensive was listed @ $615,000 and sold for $605,000. The most expensive was listed at $1,299,000 and sold for $1,252,500. The median price was $925,000 up from last month.