Thursday, August 30, 2007

Beach Cities: Prices.. What Happened in August?

Wow... August has been a month to remember. The big question is what has happened to real estate and home prices in the Beach Cities of Manhattan, Hermosa, Redondo and El Segundo since August 1, 2007. I know the month is not technically over yet but thought I would post some numbers for all the Beach Cities based on what happened from August 1 - August 30, 2007. The figures reflect new listings and pending sales ( in escrow) since August 1, 2007

Manhattan Beach:

Overall not a great month to be sure but not bad when you consider what's going on in the market. Lot's of high priced listings hit the market this month. However there were also a number of homes that were priced pretty well. One smart builder has at least three homes that just hit the market and all are priced well under the competition.

There were 21 home listings ( I'm not counting relisted) 7 were under the $ 2 million mark... 6 were over $3 million.. and the other 8 were in the $2-$3 price range.
There were 5 townhome listings.. two are listed under the price of recent sales of similar units.
Pending Sales:
There were 15 pending home sales and one was 1212 The Strand ... listed at $10.9 million and sold immediately at close to full price. There were lots of buyers looking at this one.... it sold 2 hours after the Broker's Open. This is a record price for a home in Manhattan Beach. 10 of the 15 pendings were under $2 million.
There were 4 townhomes that went into escrow. Two were new construction over $2.4 million

Hermosa Beach:
Lots of new townhomes hit the market and compared to Manhattan Beach the prices are very good. The new listing at $9.5 million on Amby will bear watching. This is a seculded cul de sac with stunning views for those who value their privacy.
There were 7 home listings. As in Manhattan Beach, there is a very expensive new custom home listed at $9.5 million. There are 2 others over the $3 million mark.. 2 just a bit under the $3 million mark and the other 2 are under $2 million.
There are 20 new townhome listings... 11 are over $1 million but under $2 million. 4 are new construction.
Pending Sales:
There are 4 pending home sales after August 1, 2007.. Three were under $1 million.
There are 4 pending townhome ssales... all are over $1.3 million... Hmmmm.

North Redondo:
Not a great month for townhomes sales in North Redondo. Next month is going to be pretty dismal for closed escrows. But home sales were not too bad. Prices seem to be shifting downward with a number of properties showing price reductions.
There were 17 home listings and 6 of those were over the $1 million mark.
There were 20 townhome listings... 10 of those were under $700,000.
Pending Sales:
There were 9 home sales in August. Five were under the $800,000 range.
There were 12 townhome sales and surprisingly 9 were over $800,000 and of those 3 were over $1 million.

South Redondo:
It was a pretty good month for South Redondo.. especially in the townhome and condo market. The home market over $1 million had a number of sales.
There were 9 home listings. Four were over $1.5 million.
There were 18 townhome listings. Six were listed over $1 million and 5 are new construction.
Pending Sales:
There were 9 homes that went into escrow and 8 of those were over $1 million
There were 21 townhomes and condos that went into escrow after August 1. Nine were over $1 million.

El Segundo:
El Segundo is a little different from the rest of the Beach Cities. Not a lot of new listings this month.. and not many sales either. One thing I am noticing is that there is more for sale in The Grand Tropez then usual.
There were 2 home listings.
There are 5 townhome/condo listings. Two were under $500,000.
Pending Sales:
There were 2 home sales.. both under $1 million
There were 3 townhome/condo sales.. all under $800,000.

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