Tuesday, July 31, 2012
Beach Cities: Sold January-June 2005-2012
Sometimes a picture is worth more than words... The chart above reflects the number of homes and Townhomes/Condos that sold in the Beach Cities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo from January-June 2005-2012.
Not much question when the bottom was reached as far as the number of sales. It is also clear that while Manhattan Beach and Hermosa Beach appear to be on a relatively upward swing as far as volume goes North and South Redondo are bouncing around and El Segundo is fairly flat.
The median sold prices of homes, townhomes/condos can be found in the charts below for each city. Once again the charts tell the story... Manhattan Beach and Hermosa Beach property prices appear to be stabilizing and possibly moving upward. El Segundo home prices are also moving upward while townhome/condo prices declined in the first part of the year. Home prices in South Redondo are moving up slightly but townhome and condo prices have dipped a bit. In North Redondo median prices are lower than they were last year at this time but I expect to see an increase in the second half of the year.
As we all know inventory is extremely tight in all the Beach Cities. There are 35 homes, townhomes and condos for sale in El Segundo, 45 in South Redondo, 68 in North Redondo, 29 in Hermosa and 75 in Manhattan Beach. That's a total of 252 properties available on the MLS for all four Beach Cities.
Declining numbers of short sales and foreclosures account for some of the inventory loss but many owners either can't sell as their property is not yet worth what they paid for it or they want more than the current market value.
Off market sales remain high as agents network in an effort to help clients sell their current homes and find new ones. There are legitimate reasons for off market sales but often sellers and buyers think they get a better deal using off market resources which is not always true.
Historically this is the time of year when inventory begins to increase as buyers begin to think about last minute vacations and the new school year starting soon. I don't think this year will follow the norm.
Beach Cities Median Price: Homes, Townhomes and Condos January-June 2005-2012: