Tuesday, September 26, 2006

3 South Bay Cities On 10 Cities in CA with Highest Median Prices

South Bay home prices are still some of the most expensive in the state. While we are seeing sales slow and prices begin to level off or decline slightly there doesn't seem to be a huge drop in prices in our area. Most of the price decreases have been on properties that were priced on the high side when they were listed and are now adjusting to market value. The following information is from CAR for August 2006 sales.

Closed escrow sales of existing, single-family detached homes in California totaled 442,150 in August at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity decreased 30.1 percent from the 632,240 sales pace recorded in August 2005.

The median price of an existing, single-family detached home in California during August 2006 was $576,360, a 1.6 percent increase over the revised $567,320 median for August 2005, C.A.R. reported. The August 2006 median price increased 1.7 percent compared with July’s revised $566,940 median price.

“Although the median price in the state and in several regions hit an all-time record in August, we expect softer prices toward the end of the year,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young. “The median price typically peaks somewhere between June and August before declining toward the end of the year. Some areas of the state already have experienced year-to-year declines for more than two months. This is in stark contrast to the past several years when there were constant double-digit increases. The long-term trend remains to be seen.”

“Homes are taking longer to sell than a year ago, with just 29 percent of homes on the market for 30 days or less, compared to 51 percent a year ago,” she said. “The share of homes on the market for 90 days or longer has nearly quadrupled from 6 percent in August 2004 to 22 percent last month.

Highlights of C.A.R.’s resale housing figures for August 2006:

C.A.R.’s Unsold Inventory Index for existing, single-family detached homes in August 2006 was 6.8 months, compared with 2.6 months (revised) for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
The median number of days it took to sell a single-family home was 52 days in August 2006, compared with 29 days (revised) for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.

In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 61.7 percent, or 246 out of 399 cities and communities showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)

Statewide, the 10 cities and communities with the highest median home prices in California during August 2006 were:
Manhattan Beach, $1,850,000; Saratoga, $1,517,500; Palos Verdes Estates, $1,450,000; Los Altos, $1,438,750; Newport Beach, $1,310,000; Burlingame, $1,272,000; Calabasas, $1,150,500; Rancho Palos Verdes, $1,125,000; Mill Valley, $1,025,000; Santa Barbara, $1,017,000.

Statewide, the 10 cities and communities with the greatest median home price increases in August 2006 compared with the same period a year ago were:
Ladera Ranch, 46.9 percent; Manhattan Beach, 26.7 percent; California City, 23.2 percent; Hercules, 23.2 percent; Palm Springs, 21.9 percent; Carson, 21.8 percent; Compton, 19.8 percent; South Gate, 19.4 percent; Barstow, 19.3 percent; Inglewood, 18.1 percent; San Clemente, 17.3 percent.

Median Home Prices for other South Bay Cities:

El Segundo: $775,000 +.06%
Hermosa Beach: $980,000 -14.8%
Redondo Beach: $$752,000 -3.0%
Torrance: $575,000 -12.2%
Hawthorne: $559,000 +14.1%
Lawndale: $467,500 0%
Gardena: $525,000 +9.4%
Westchester: $795,000 +7.6%
Lomita: $605,000 -2.3%
San Pedro: $525,000 -.05%

August 2006 Regional Sales and Price Activity per CAR(a)

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