South Bay-Beach Cities... home prices in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo July 2009...
July traditionally marks the end of the Spring/Summer selling season. Many of the homes that close escrow in August and September were actually sold in June or July. August is usually a slow month as folks gear up for one last trip out of town and getting the kids ready to go back to school.
For the last two years August was also the month that triggered bad financial news for our local real estate market as Jumbo loans saw rates move up significantly in 2007 and basically disappear in 2008. 2009 was a different story. Beginning in February, a number of major lenders not only got back in the jumbo loan market but did so with excellent rates. Of course getting one of those loans was more difficult but a number of buyers took advantage of the low rates along with lower prices and came back into the market.
Which brings us to sales figures for the Beach Cities in July 2009... what a difference a year makes. Inventory is down in all the Beach Cities, closed sales and pending sales are up and prices are at their lowest levels in a number of years. However the numbers also point out in very dramatic fashion the ongoing dichotomy between the median listed price and the median sold price. In El Segundo the difference between the median asking price and the median sold price of a home is 31%, in Manhattan Beach it is 33%, in Hermosa Beach it is 20%, in North Redondo the difference is only 8% while it is 39% in South Redondo. Townhomes show a similar picture.
Check out the information for July 2008 and you will notice that the numbers are not nearly so far apart. Of course the differences will vary within the various subareas of each community but the overall numbers tell an interesting tale about the current Beach Cities real estate market.
South Bay-Beach Cities: Sold July 2009 (click on graph to enlarge)
South Bay-Beach Cities: Sold May 2009
South Bay-Beach Cities: Sold April 2009
South Bay-Beach Cities: Sold March 2009
South Bay-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 2008South 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 April 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
2 comments:
Does your data contradict that in MBC's "inventory flattening higher" post?
http://www.mbconfidential.com/2009/08/inventory-flattening-higher.html
And what do you think the "story being told" is?
Anon: 11:20,
I don't think I'm contradicting MBC's post... perhaps coming from a different angle as I'm looking at all of the Beach Cities including MB.
Inventory is definitely down in the Beach Cities but because the upper end is slow to move you have the majority of sales falling below median listed prices... which presents an interesting conundrum.
I'll be posting my views on "the story being told" later today or tomorrow... still working on a few things.
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