Tuesday, June 12, 2007

Beach Cities: Sold ....May 2007

This is what Los Angeles and most of Southern California looked like when I was a kid in the 50's. The streets were wide and most of the homes were either Spanish or Craftsman style with wide lawns in front. My aunt lived in Huntington Park in a bungalow just like these homes along the Avenues in South Redondo.

Spanish Style Bungalows in South Redondo

This week rates shot up with some major economic reports due out later in the week. If the numbers point to inflationary pressures bond prices might drop which would continue to put upward pressure on interest rates.... which would no doubt affect future sales. This is similar to what happened with rates about the same time last year.Overall sales volume and prices are very similar to May 2006 for most cities.

The South Bay/ Beach Cities home market seems to have leveled off. However Manhattan Beach saw a big increase in the number of single family homes that are for sale. Manhattan Beach also saw sales volume drop for single family homes. May saw fewer closings then April or March in most areas. Prices held steady overall. Pendings are fairly strong but I don't expect to see a huge upswing in volume.

Buyers remain picky and will not make offers on homes they deem over market value. We will see some short sales (one on Valley just went pending) and even some foreclosures but don't expect to find these homes priced under current market value. The big winners seem to be townhomes in all the beach cities. As always the only sure thing about our Beach Cities market is that it is always changing!.

May 2007 Beach Cities Sold

Compare with May 2006 sales

Beach Cities: April 2007 Sold
Beach Cities: March 2007 Sold
Beach Cities: February 2007 Sold
Beach Cities: January 2007 Sold

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