Monday, March 23, 2009

Beach Cities: Sold February 2009


South Redondo: Classic Revival



Spring is looking slightly better then winter for home sales in the Beach Cities. While the numbers are not much to shout about they are an improvement over the 4th quarter. The big winner once again is Redondo Beach. Both North and South Redondo saw inventory stay fairly level and sales volume increase. Price is likely the big factor.... you can buy more house for less money in Redondo then the other Beach Cities.

North Redondo townhomes are the hot item of the month. An interesting side note is that the median listed price and the median sold price are the same.... $699,000. In this case the price per sq ft tells the tale... $345 for active properties and $316 for sold. The $699,00 number is also significant as conforming loans, while scheduled to rise to $729,750, are still sitting at $625,000. With a $699,000 price buyers can get a conforming loan with 20% down or an FHA loan with less down.

Meanwhile there are 29 homes for sale in Manhattan Beach under $1,000,000... 7 are under $800,000. These homes are not moving as quickly as you might think. While many buyers are waiting for the conforming limit to go back to $729,750; others are waiting to see if prices will fall more. Most of these homes are small and many are in "C" or "D" locations. Builders are not in the market for non prime land... or even prime. In fact rumor has it that no permits have been pulled for new "spec" homes in Manhattan Beach so far this year.

Beach Cities: Sold February 2009






South Bay-Beach Cities: Sold January 2009



South Bay-Beach Cities: Sold December 2008

South Bay-Beach Cities: Sold November 2008



South Bay-Beach Cities: Sold October 2008


South Bay-Beach Cities: Sold September 2008


South Bay-Beach Cities: Sold August 2008

South Bay-Beach Cities: Sold July 2008



South Bay-Beach Cities: Sold June 2008

South Bay-Beach Cities: Sold May 2008




South Bay-Beach Cities: SOLD March 2008



South Bay-Beach Cities: Sold February 2008



South Bay-Beach Cities: Sold January 2008



South Bay-Beach Cities: Sold November 2007


South Bay-Beach Cities: October SOLD 2007


South Bay-Beach Cities: September SOLD 2007


South Bay-Beach Cities: August SOLD 2007


South Bay- Beach Cities: July Sold 2007


South Bay-Beach Cities: Sold June 2007


South Bay-Beach Cities: Sold May 2007


South Bay-Beach Cities: Sold April 2007


South Bay-Beach Cities: Sold March 2007


South Bay-Beach Cities: Sold February 2007


South Bay-Beach Cities: Sold January 2007

6 comments:

Waiting... said...

The sad truth is there is an oversupply of expensive homes and not enough buyers who can afford them. The only way to remedy the problem is to continue to reduce prices until you have a buyer. Since sellers can't handle the truth, I predict inventory to reach 300 before spring is over. Maybe sooner. I believe we are at or around 250. Right?

Sorry Kaye. I truly think it is downhill from here. It just took a while for the recession to hit MB.

Kaye said...

Waiting,
I don't disagree with what you are saying.. I just don't know whether the decline will be somewhat moderate or very steep. A lot will depend on what happens in the financial markets in the next 6 months. .

Anonymous said...

FYI, Faye, a lot of the townhomes in that range in the area are ineligible for an FHA loan. FHA will not provide loans for condos in buildings with less than 4 units, so 2- and 3-on-a-lots are ineligible (even if they are detached, they're still listed as condos on the deed). Also, the MI companies are putting serious restrictions on condos in California. These add up to a severe lack of funding options for buyers with less than 20% down. This puts stress on the FTHB segment, which will continue to keep the rest of the market sluggish.

Kaye said...

Anon 10:47
I've been talking with local lenders about condos/townhomes in our area and will be writing a post later this week

Caribbean Condo said...

I agree with waiting as stated. It is very sad that they are many expensive houses but the demand for it is very low. And the only remedy is to lessen the price until someone can afford it. You can really feel the recession. But I hope that things will get better--keep hoping for the better.

-brian

Kaye said...

Brian,
I expect to see prices from the upper end decline more which will certainly help push prices down across the board