After all the doom and gloom overall the market didn't tank.( To all Bubble Bloggers...I know it must be some sleight of hand by those tricky REALTORS®) Some areas saw small price increases while some declined in value. The major changes were in sales volume and days on market . Now I realize that there were homes sold without an agent and some were handled by agents outside of any participating MLS so the figures aren't 100% accurate.I used average sale price rather then median as I believe values are not as influenced by too many high or low prices.
Hmmmm doesn't look too bad. Predictions of a bloodbath were way off. 2005 saw more sales then any year in history.. so volume was off. DOM was a significant difference.. it took twice as long to sell a property in 2006 Vs 2005 in all areas. Older townhomes in North Redondo without yards dropped about 6-8%. New townhomes in the same area maintained their prices. Manhattan Village took a hit in overall prices for all townhomes except one level units and those just continue to soar in value. Single family home prices were all over the place depending on location and condition. We saw more starter homes available in Manhattan Beach under $1,000,000 as builders pulled out of the market. Premium property close to the water was up in all cities. Was this a great year.. No.. but the sky didn't fall and the Bubble Bloggers got it wrong.... Maybe next year guys...
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