Take a TOUR of South Redondo.What’s Happening in the Market?
The South Bay/ Beach Cities real estate market is as unpredictable as ever. Headlines in newspapers and sound bytes in the media push the fallout in the sub prime loan market. Forecasts of thousands of foreclosures are being blasted eveywhere. Meanwhile in our little corner of the world people are buying without paying much attention to what's happening with sub prime loans.
Will we feel some fall out from the sub prime debacle... probably. Will our market be devasted with huge numbers of foreclosures.. probably not.
Most buyers in our area had pretty good credit and cash for a small down with some cash still in reserve. They won't like it when their payments go up but will likely be able to weather the storm. If lenders continue to display a bit of smarts about the market and offer to renew loans at decent terms rather then foreclose you will see the market stay pretty secure. The ones who will get really hurt are those who bought with no money down, had rotten credit and no reserves to fall back on. These people are going to be in trouble but the lenders should have known that upfront.
Overall in our market prices seem fairly stable moving up and down slightly. Volume is up and days on market is down. It's beginning to look a lot like a normal market.
March SOLD for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo
El Segundo:
Single Family homes: 11sold with a median price of $860,0000. DOM was 30.
Townhomes/condos: 9 sold with an average price of $645,000. DOM was 31.
Hermosa Beach
Single Family Homes: 15 sold with a median price of $1,269,000. DOM was 62. .
Townhomes/condos: 12 closed escrow last month. The median price was $1,189,000. DOM was 55. .
Manhattan Beach
Single Family Homes: 50 sold with a median price of $1,725,000. This was twice the number that closed in February. Dom was 57.
Townhomes/condos: 10 sold with a median price of $922,500. DOM was 85.
Redondo Beach
North Redondo:
Single Family Homes: 28 sold with a median price of $797,000. DOM was 47. .
Townhomes/condos: 47 sold with a median price of $742,000 DOM was 49.
South Redondo:
Single Family Homes: 7 sold with a median price of $968,000. DOM was 61.
Townhomes: 20 sold with a median price of $877,500. DOM was 61. .
Condominiums: 7 sold with a median price of $440,000. DOM was 50.
The South Bay/ Beach Cities real estate market is as unpredictable as ever. Headlines in newspapers and sound bytes in the media push the fallout in the sub prime loan market. Forecasts of thousands of foreclosures are being blasted eveywhere. Meanwhile in our little corner of the world people are buying without paying much attention to what's happening with sub prime loans.
Will we feel some fall out from the sub prime debacle... probably. Will our market be devasted with huge numbers of foreclosures.. probably not.
Most buyers in our area had pretty good credit and cash for a small down with some cash still in reserve. They won't like it when their payments go up but will likely be able to weather the storm. If lenders continue to display a bit of smarts about the market and offer to renew loans at decent terms rather then foreclose you will see the market stay pretty secure. The ones who will get really hurt are those who bought with no money down, had rotten credit and no reserves to fall back on. These people are going to be in trouble but the lenders should have known that upfront.
Overall in our market prices seem fairly stable moving up and down slightly. Volume is up and days on market is down. It's beginning to look a lot like a normal market.
March SOLD for Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo
El Segundo:
Single Family homes: 11sold with a median price of $860,0000. DOM was 30.
Townhomes/condos: 9 sold with an average price of $645,000. DOM was 31.
Hermosa Beach
Single Family Homes: 15 sold with a median price of $1,269,000. DOM was 62. .
Townhomes/condos: 12 closed escrow last month. The median price was $1,189,000. DOM was 55. .
Manhattan Beach
Single Family Homes: 50 sold with a median price of $1,725,000. This was twice the number that closed in February. Dom was 57.
Townhomes/condos: 10 sold with a median price of $922,500. DOM was 85.
Redondo Beach
North Redondo:
Single Family Homes: 28 sold with a median price of $797,000. DOM was 47. .
Townhomes/condos: 47 sold with a median price of $742,000 DOM was 49.
South Redondo:
Single Family Homes: 7 sold with a median price of $968,000. DOM was 61.
Townhomes: 20 sold with a median price of $877,500. DOM was 61. .
Condominiums: 7 sold with a median price of $440,000. DOM was 50.
10 comments:
Kaye, you've got the anwer to every question about the So. Bay. Sure you're not the Chmbr of Comm?
Bob.. Oh if only I did have all the answers..
Thanks for giving us a Manhattan perspective on the state of market. Since I work for company that provides real estate agents with internet marketing solutions and real estate leads I get to talk to hundreds of agents nationwide. It's interesting to see how each agent describes their market. For example, half the agents in FL I talk to are in a panic about lack of buyers, where as others say their area is the hot spot and there's plenty of buyers, etc (wondering if they're telling me the truth or not).
I don't know why everyone's freaking out - technically, the market is actually leveling out - it's just everybody was so used to having a booming RE market that the least little drop creates panic.
Actually - this may be a great way to weed out the agents who are just in it for a quick buck from the ones who actually have a passion for real estate.
Ashal.. thank you for visiting.. real estate is truly local and constantly changing..I think we are finally seeing a normal market but it has been so long since we have seen one that many don't recognize it.. and yes it will weed out those who only came into the market to make a quick buck..
Love your virtual tour of Redondo. Loved your "painted lady".
Laurie- We don't have many left.. Long Beach was smrt and has maintained their historical homes..
Wow...pretty cool.I love all the information you posted! Very informative.
Thanks Monika.. I try to update every 10 days or so..
What a great tour. I could see myself biking on the beach and enjoying the view as well as the smells of the ocean. What a wonderful place to live and a great way to showcase this area.
Gena- Biking and the beach.. just seem to go together.. visit anytime..you will be welcome..
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