September SOLD Beach Cities Prices

The market seems to be settling down. The number of properties for sale and those that have closed escrow have been fairly constant for the last four months. The number of available townhomes in N. Redondo has been between 120-130 since May while the number of sales is about 25-35 each month. In Manhattan Beach the number of single family homes has been pretty steady at 155-165 and sales are running 30-50 each month. As we get closer to the holidays those number will fluctuate but with interest rates so low I think you will see sales continue at a steady although slower pace.We forget that 2004 and 2005 saw more sales then any period in the last 40 years. Many prospective buyers have bought and are out of the market. The number of people thinking of purchasing is just lower.We aren't seeing huge increases in inventory. A number of sellers don't have to sell and are taking their homes off the market until they see a more active period. Unless we have a major recession, disaster or thousands of foreclosures the market is not likely to show much change. If you are hoping for 20-30% price reductions I think you will be disappointed. The last time that happened half of the South Bay was out of work for years. If you don't have a job it's hard to make a house payment!
The Real Estate market is a changing one...prices go up, go down, stay stable and in the Beach Cities always seem to eventually go up for those who take on the challenge of homeownership.
As always the only sure thing about our Beach Cities market is that it is always changing!.


BEACH CITIES SOLD FOR September 2006:

EL SEGUNDO:

SINGLE FAMILY HOMES: Two properties closed escrow in September. The least expensive was listed at $699,000 and closed at $680,000. The most expensive was listed at $899,000 and sold at $850,000.
The average DOM was 48 days.The median price ( half below and half above price) was $765,000 down significantly from last month.


TOWNHOME/CONDOMINIUMS: Five properties closed escrow last month. The least expensive was listed at $399,000 and sold at $399,000. The most expensive was listed at $659,000 and sold at $642,000. The DOM was 29 days. The median price was $520,000 down slightly from last month.


HERMOSA BEACH:

SINGLE FAMILY HOMES: 8 homes closed escrow in September compared to 15 the previous month and 7 the month before. The least expensive was listed at $895,000 and sold for $868,500. The most expensive was listed @$1,549,000 and sold at $1,470,000. The DOM was 39 days. The median price ( half above and half below price) was $1,217,500 up significantly from last month.

TOWNHOMES/CONDOMINIUMS: 8 properties closed escrow compared to 9 in the previous month. The least expensive was listed at $895,000 and sold at $868,500. The most expensive was listed at $1,549,000 and sold for $1,470,000. The DOM was 39 days. The median home price was $1,217,000 up significantly from last month.


MANHATTAN BEACH:

SINGLE FAMILY HOMES: 35 homes closed escrow in September compared to 44 the previous month and 38 the month before. There were four homes under $1,000,000. The least expensive was listed at $829,000 and sold at $815,000. The most expensive was in east Manhattan, the property listed at $5,295,000 and sold at $4,700,000. The DOM was 45. The median home price ( half were above and half below price) was $1,425,000 down from last month.

TOWNHOMES/CONDOMINIUMS: There were 5 units that closed escrow last month compared to 9 the previous month. The least expensive was listed at $599,900 and sold at $580,000. The most expensive was listed at $1,785,000 and sold at $1,805,000. The DOM was 39 days. The median townhome price was $1,025,000 down from last month.

REDONDO BEACH:

NORTH REDONDO:

SINGLE FAMILY HOMES: There were 26 homes that closed escrow in September compared to 22 in the previous month. There were 8 homes that sold under $650,000. The least expensive was listed at $600,000 and sold for $570,000. The most expensive was listed @ $1,249,000 and sold for $1,250,000. The DOM was 44 days. The median home price ( half above price and half below) was $741,000 down slightly from last month.

TOWNHOMES/CONDOMINIUMS: There were 25 closed escrows last month compared to 32 the previous month. There was one that sold under $550,000. 4 were new construction. The least expensive listed at $475,000 and sold for $465,000. The most expensive was listed at $1,080,000 and sold for $1,020,000. The average DOM was 58 days. The median price was $749,900 up slightly from last month.

SOUTH REDONDO:

SINGLE FAMILY HOMES: 7 homes closed escrow in September compared to 12 the previous month. There was one under $700,000. The least expensive home was listed at $649,900 and sold for $638,000. The most expensive was listed @ $995,000 and sold for $1,030,000. The DOM was 36 days. The median home price was $808,000 down significantly from last month...

CONDOMINIUMS: There were 3 stacked unit condominiums sold last month compared to 12 the previous month. Most of them were along Catalina/The Esplanade and had some ocean views. The least expensive was listed @ $369,950 and sold at $373,500. The most expensive was listed at $795,000 and sold for $750,000. The average DOM was 56 days. The median price was $684,500 up from last month.

TOWNHOMES: There were 11 townhomes that closed escrow last month compared to 13 the previous month. There was one under $650,000. The least expensive was listed @ $629,000 and sold for $610,000. The most expensive was listed at $1,069,000 and sold for $1,069,000. The DOM was 40 days. The median price was $850,000 down from last month.


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