Saturday, February 17, 2007

January SOLD Beach Cities

So far this year seems to be a different story when compared to last year.. Inventory is down by 50% from last year for Manhattan Beach homes and townhomes in North Redondo. I use these two areas as they seem to reflect the market as a whole.... that is upper end and entry level for the beach cities. Last year they both maintained large inventories for most of the year and the real estate market remained very slow. The decline in inventory appears to be because property is selling not being withdrawn from the market. Prices are still negotiable which is good news for buyers. The market is approaching normal something we haven't seen in years.
For most of last year the townhome inventory in North Redondo stayed between 130-140 available properties.. this was consistent from May to November. Today there are only 76 townhomes available. In Manhattan Beach there were 215 homes for sale at the end of October... today there are 98. For most of last year there were 50-60 townhomes available .. today there are 20. Along with sales for January I'm going to post the number of pending sales( in escrow sale price not released) to give you an indication of where the market is headed. As always the only sure thing about our Beach Cities market is that it is always changing!.

January SOLD for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo

El Segundo:

Single Family homes
: 5 sold with a median price of $780,000. DOM was 33. There are currently 6 pending sales.
Townhomes/condos: 5 sold with an average price of $549,900. DOM was 53. There are 11 pending sales.

Hermosa Beach
Single Family Homes: 6 sold with a median price of $1,085,000. DOM was 65. There are 13 pending sales.
Townhomes/condos: 4 closed escrow last month. The median price was $1,185,000. DOM was 86. There are 16 pending sales.

Manhattan Beach
Single Family Homes: 24 sold with a median price of $1,477,500. Dom was 65. There are currently 56 pending sales.
Townhomes: 6 sold with a median price of $1,400,000. DOM was 62. There 12 properties pending.

Redondo Beach

North Redondo:
Single Family Homes: 10 sold with a median price of $630,000. DOM was 49. There are 39 pending properties.
Townhomes/condos: 27 sold with a median price of $719,000 DOM was 79. There are 57 pending sales.

South Redondo:
Single Family Homes: 5 sold with a median price of $850,000. DOM was 24. There are 10 pending sales.
Townhomes: 7 sold with a median price of $826,000. DOM was 65. There are 21 properties pending.
Condominiums: 3 sold with a median price of $499,000. DOM was 113. There are 9 currently pending sale.

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