2005 Vs 2006 Sales Part 1

It's been an interesting year for the Beach Cities/South Bay real estate market. After the boom years of 2003-2005 inventory seemed huge and everyone was concerned about how slow property sales appeared. When you compare sales in 2005 to those of 2006 the biggest surprise is how similar the numbers actually are; not how different

Today I'm posting figures for El Segundo, Manhattan Beach and Hermosa Beach. I will post for North and South Redondo tomorrow.


The numbers posted reflect sales from January 1, 2005- December 31, 2005 and January 1, 2006- December 30, 2006. DOM stands for days on market. I'm using average sale prices.

El Segundo:

2005

Single Family Homes: 79 sold... The average price was $926,973... DOM was 20
Townhomes/condos: 46 sold... The average price was $525,913... DOM was 21

2006

Single Family Homes: 80 sold... The average price was $953,750... DOM was 36
Townhomes/condos: 76 sold... The average price was $611,960... DOM was 33


Hermosa Beach

2005

Single Family Homes: 157 sold... The average price was $1,536,130... DOM was 23
Townhomes/condos: 122 sold... The average price was $963,379 ... DOM was 15

2006

Single Family Homes: 105 sold... The average price was $1,611,252... DOM was 36
Townhomes/condos: 107 sold... The average price was $1,039,783... DOM was 37


Manhattan Beach

2005

Single Family Homes: 386 sold... The average price was $1,767,918... DOM was 18
Townhomes/comdos: 106 sold... The average price was $1,340,603.. DOM was 19
New Construction: 40 sold... The average price was $2,507,988.. DOM was 21
( included in total SFR)

2006

Single Family Homes: 359 sold... The average price was $1,980,684.. DOM was 35
Townhomes/condos: 98 sold... The average price was $1,341,426.. DOM was 48
New Construction: 33 sold... The average price was $2,648,951.. DOM was 43
(included in total SFR)

So how does it all break down?

El Segundo:
125 propertires sold in 2005 and 156 in 2006. +31 properties for 2006

Hermosa Beach:
279 properties sold in 2005 and 212 in 2006 -67 properties in 2006

Manhattan Beach:
489 properties sold in 2005 and 457 in 2006 - 32 properties in 2006

New construction: 40 sold in 2005 and 33 in 2006 -7 properties in 2006( included in total sales)


Overall prices increased in all three cities in 2006 over 2005 with 68 fewer homes sold in 2006 then 2005. Days on market increased significantly in all three cities.


** All figures are taken from the Greater South Bay MLS and do not include properties sold that were not on the MLS or properties sold by Brokers outside the GSBMLS