There has been a lot of discussion in the media about the housing market. Where it has been ... where it is headed and whether or not we are over the worst of the foreclosure problems that have plagued most markets. Real estate values in general have tumbled pretty much across the country... but some markets have fared better then others. While 2010 hasn't been a stellar year in the South Bay-Beach Cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo... it hasn't been a total disaster either.
If you compare the summer season of 2010 to 2009 the numbers are interesting... Total sales in Manhattan Beach and North Redondo are almost identical from 2009 to 2010. On the other hand Hermosa Beach, South Redondo and El Segundo saw sales volume drop in 2010 compared to 2009.
Overall prices have declined in all the Beach Cities, with a few monthly jumps here and there in the median price depending on the mix of sales. While low interest rates are a factor they are not enticing buyers as they have done at other times. Most buyers remain very conservative in an economy that continues to be very sluggish.
August and September, as is normal, were very slow. However interest seems to be picking up in the last week, so Fall could see an increase in sales volume as prices continue to be fairly stable and rates remain low. We saw that pattern happen last year.
South Bay-Beach Cities: Sold June 2010
South Bay-Beach Cities: Sold July 2010
In the last 50 years housing was a major force that helped move the economy after each recession. However this time around housing doesn't appear to be the catalyst it has been in the past. Right now no one seems to know what can or will turn the economy in a more positive direction.
No comments:
Post a Comment