Farmer's Market... El Segundo
November sale numbers were similar to those of October for most of the Beach Cities. While the number of sales was relatively consistent prices were all over the map. The hardest hit city in the Beach Cities was North Redondo. After months of not much action, ***North Redondo got clobbered by short sales beginning in September. Sellers dropped prices drastically hoping to finally get the attention of lenders who didn't appear to be in any rush to approve a sale.
The tactic seemed to work... There are currently 61 pending sales in North Redondo with inventory at 79 properties for sale. The final figures for December 2011 will be out next week but so far lenders may be cooperating as they also would like to see a number of these properties close escrow soon rather than later.
Th rest of the Beach Cities... El Segundo, Hermosa, Manhattan and South Redondo are seeing sale numbers holding at consistent levels and prices flat or moving downward slightly.
South Bay-Beach Cities: Sold November 2011
*** Conforming loan limits declined from $729,750 to $625,000 as of October 1, 2011. Most lenders stopped making loans at those limits around the end of August.