July SOLD Prices Beach Cities

The market is definitely changing. Most of the South Bay has moved to a Buyer's market with the exception of luxury properties along the Strand, certain walkstreet locations and premium properties in the Hill Section. These properties are commanding record prices and are selling quickly often with multiple offers. Lower priced entry level homes are also selling well. Mid-level properties are having a tough time. Many have been on the market 60-90 days without offers. It will be interesting to see if the FED's decision not to raise rates will influence potential buyers as rates settle. The key to this market if you are a seller is patience. Patience is more then a virtue it is now a necessity. Buyers are being very cautious and waiting to see where the market is headed. It appears as if about 30% of available inventory is selling each month. A year ago 70% of inventory was selling each month. The figurs are almost a complete reverse from the last few years. As always the only sure thing about our Beach Cities market is that it is always changing!.

BEACH CITIES SOLD FOR July 2006:


EL SEGUNDO:


SINGLE FAMILY HOMES: Seven properties closed escrow in July. The least expensive was listed at $699,000 and closed at $635,000. The most expensive was listed at $819,000 and sold at $830,000.
The median price ( half below and half above price) was $730,000 down significantly from last month.



TOWNHOME/CONDOMINIUMS: 14 properties closed escrow last month. Most of the sales were in a new complex on Kansas.The least expensive was listed at $519,000 and sold at $507,000. The most expensive was listed at $784,900 and sold at $832,927. The median price was $785,580 up from last month.



HERMOSA BEACH:


SINGLE FAMILY HOMES: 7 homes closed escrow in July. The least expensive was listed at $755,000 and sold for $755,000. The most expensive was listed @$1,700,000 and sold at $1,700,000. The median price ( half above and half below price) was $1,130,000 up slightly from last month.


TOWNHOMES/CONDOMINIUMS: 14 properties closed escrow last month. The least expensive was listed at $450,000 and sold at $425,000. The most expensive was listed at $1,550,000 and sold for $1,550,000. The median home price was $827,500 down significantly from last month.



MANHATTAN BEACH:


SINGLE FAMILY HOMES: 38 homes closed escrow in July compared to 40 in June. There were four homes under $1,000,000.
The least expensive was listed at $859,000 and sold at $839,000. The most expensive was a Strand property listed at $9,000,000 and sold at $9,000,000. The median home price ( half were above and half below price) was $1,797,500 up from last month.

TOWNHOMES/CONDOMINIUMS: There were 20 units that closed escrow last month. The least expensive was listed at $659,000 and sold at $655,000 . The most expensive was listed at $2,299,000 and sold at $2,330,000. The median townhome price was $1,075,000 down from last month.


REDONDO BEACH:<br>

NORTH REDONDO:


SINGLE FAMILY HOMES: There were 12 homes that closed escrow in July compared to 25 in June. There were 3 homes that sold under $650,000. The least expensive was listed at $639,000 and sold for $635,000. The most expensive was listed @ $1,620,000 and sold for $1,540,000. The median home price ( half above price and half below) was $764,500 down from last month.


TOWNHOMES/CONDOMINIUMS: There were 26 closed escrows last month down from 30 the previous month. There were none that sold under $550,000. The least expensive listed at $589,000 and sold for $587,000. The most expensive was listed at $1,299,999 and sold for $1,300,000. The median price was $749,500 down slightly from last month.


SOUTH REDONDO:


SINGLE FAMILY HOMES: 12 homes closed escrow in July compared to 7 in the previous month. There were 2 under $700,000. The least expensive home was listed at $654,000 and sold for $645,000. The most expensive was listed @ $2,199,900 and sold for $2,000,000. The median home price was $941,000 down significantly from last month...


CONDOMINIUMS: There were 8 stacked unit condominiums sold last month. Most of them were along Catalina/The Esplanade and had some ocean views. The least expensive was listed @ $419,999 and sold at $410,000. The most expensive was listed at $1,750,000 and sold for $1,650,000. The median price was $597,500 up from last month.


TOWNHOMES: There were 10 townhomes that closed escrow last month compared to 22 the previous month. There were none under $650,000. The least expensive was listed @ $699,000 and sold for $690,000. The most expensive was listed at $1,045,000 and sold for $1,026,000. The median price was $876,500 up from last month.



Give me a call or e-mail me at: Kaye Thomas with questions or comments.
That's it for now...

Kaye