November SOLDS Beach Cities

SOLD in the South Bay.....

What’s Happening in the Market?

As the end of the year draws near we have certainly seen some major changes in our local Beach cities market. Suprisingly inventory numbers have been constant for most cities over the last five months as have the number of sales. In the last month inventory has fallen off in most areas. Thie is partly due to the time of year and many sellers have decided not to sell until the market begins to turn. Another considerstion is that property is selling although at a much slower pace then in previous years. As an example 5 months ago inventory in Manhattan Village was very high. Today almost everything in the Village has sold. On another note most submarkets seem to have a life of their own. While townhomes in Hermosa over $1,300,000 are not moving, new two on a lot townhomes in Redondo Beach are selling well and have maintained their value over the last year. Last year I sold two townhomes in San Pedro just off Western... both of these properties have increased in value. A Manhattan Beach Strand home that will be torn down was recently listed at $9,400,000 and closed escrow at $9,500,000 with multiple offers. New construction in East Manhattan was a slow market over the summer but in the last few weeks a number of homes have gone into escrow. Interest rates are still very low and may drop a bit in the next few weeks as the FED has again opted not to raise the funds rate. In Jan I will include numbers for all 2006. Wishing everyone a terrific Holiday Season!
As always the only sure thing about our Beach Cities market is that it is always changing!.


BEACH CITIES SOLD FOR November 2006:


EL SEGUNDO:


SINGLE FAMILY HOMES: Three homes closed escrow compared to 10 in the previous month. The least expensive was listed at $665,000 and closed at $660,000. The most expensive was listed at $869,000 and sold at $869,000.
The average DOM was 41 days.The median price ( half below and half above price) was $800,000 compared to $804,500 last month.



TOWNHOME/CONDOMINIUMS: 4 properties closed escrow last month compared to 3 the previous month. The least expensive was listed at $522,500 and sold at $516,000. The most expensive was listed at $659,000 and sold at $659,000. The DOM was 32 days. The median price was $590,000 compared to $599,000 the previous month.


HERMOSA BEACH:
SINGLE FAMILY HOMES: 6 homes closed escrow last month compared to 7 the previous month . The least expensive was listed at $835,000 and sold for $812,000. The most expensive was listed @$3,499,000 and sold at $3,350,000. The DOM was 76 days. The median price ( half above and half below price) was $1,142,000 compared to $1,050,000 the previous month.


TOWNHOMES/CONDOMINIUMS: 11 properties closed escrow compared to 8 in the previous month. The least expensive was listed at $449,000 and sold at $449,000. The most expensive was listed at $1,285,000 and sold for $1,239,000. The DOM was 72 days. The median home price was $819,000 compared to $949,000 last month.



MANHATTAN BEACH:

SINGLE FAMILY HOMES: Not a bad month for Manhattan Beach. 26 homes closed escrow last month compared to 18 the previous month and 35 the month before. There were two homes under $1,000,000. The least expensive was listed at $899,000 and sold at $850,000. The most expensive was on The Strand. The property listed at $9,400,000 and sold at $9,500,000. The DOM was 59. The median home price ( half were above and half below price) was $1,521.250 compared to $1,775,000 last month.


TOWNHOMES/CONDOMINIUMS: There were 7 units that closed escrow last month compared to 5 the previous month. The least expensive was listed at $649,000 and sold at $640,000. The most expensive was listed at $2,250,000 and sold at $2,225,000. The DOM was 52 days. The median townhome price was $1,120,000 compared to $1,730,000 the previous month.


REDONDO BEACH:
NORTH REDONDO:

SINGLE FAMILY HOMES: There were 20 homes that closed escrow last month compared to 15 in the previous month. There were 5 homes that sold under $650,000. The least expensive was listed at $598,000 and sold for $598,000. The most expensive was listed @ $1,079,000 and sold for $1,025,000. The DOM was 52 days. The median home price ( half above price and half below) was $712,000 compared to $729,000 last month.


TOWNHOMES/CONDOMINIUMS: There were 30 closed escrows last month compared to 28 the previous month. There were four that sold under $550,000. 5 were new construction. The least expensive listed at $510,000 and sold for $500,000. The most expensive was listed at $1,299,000 and sold for $1,265,000. The average DOM was 55 days. The median price was $687,500 compared to $734,500 the previous month.


SOUTH REDONDO:


SINGLE FAMILY HOMES: 13 homes closed escrow compared to 12 homes the previous month. There were none under $700,000. The least expensive home was listed at $699,000 and sold for $704,200. The most expensive was listed @ $1,579,900 and sold for $1,535,000. The DOM was 46 days. The median home price was$880,000 compared to $915,000 last month.


CONDOMINIUMS: There were 9 stacked unit condominiums sold last month compared to 5 the previous month. Most of them were along Catalina/The Esplanade and had some ocean views. The least expensive was listed @ $369,000 and sold at $369,000. The most expensive was listed at $849,000 and sold for $750,000. The average DOM was 72 days. The median price was $550,000 compared to $695,000 the previous month.


TOWNHOMES: There were 14 townhomes that closed escrow last month compared to 16 the previous 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 $1,237,250 and sold for $1,160,000. The DOM was 50 days. The median price was $860,000 compared to $882,500 last month.