Friday, January 18, 2013

Manhattan Beach-Beach Cities.. SOLD.. 2005-2012

Beach Cities: Sales Volume 2005-2012

It's been awhile since the local media had positive things to say  about the local  housing market, let alone gushed like a fountain on the current  trend in California real estate.
The Daily Breeze  has published three articles this week touting  the changes in the Southern California real estate market.

The graph above shows the number of home sales in the South Bay-Beach Cities of Manhattan Beach, Hermosa beach, Redondo Beach and El Segundo from 2005-2012.  The low point in sales in the Beach Cities seems to be 2008.  While we are not  back to the boom times of 2005 the number of sales is close to those of  2006 and 2007 before the market took a major dive.

 If you are looking for a sweet little Manhattan Beach tree section home under $800,000,  that isn't a tear down, you are likely out of luck.  The same is true for a home under  $475,000  in North Redondo.    Ready to make a deal on a short pay or foreclosure?  Better look farther east as  there are only 9 in all the Beach Cities; 2 in Hermosa and 7 in Redondo, none in El Segundo or Manhattan Beach.

These stories don't come as a big surprise to folks who have been house hunting in the South Bay Beach Cities in the last 8 months. While multiple offers are found in all the SoCal housing markets the Beach Cities are seeing 10-20 multiple offers on a home as more the norm these days than the exception.

Inventory remains very low in the South Bay-Beach Cities.  There are  only 95 single family homes for sale on the MLS  in Manhattan Beach, Hermosa Beach, Redondo and El Segundo combined.  If you think you might have better luck finding a town home or condo you are going to be very disappointed as there are only 58 of them listed in all the Beach Cities...

A total of  153 properties  are for sale in Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo.  This is lower than the number of  properties for sale  in Manhattan Beach in April 2008.  Of course these numbers reflect on the homes that made it to the MLS.   A number of properties sold off market.   Networking among local agents remains  an active sector of the market.  How the times have changed!

The South Bay Beach Cities haven't seen the 20% increase in home prices that were posted in other areas for a number of reasons.  While we lost a lot of value in the local housing market, we weren't hit as hard as other places in California or the nation as a whole. Looking at the graph above you can see that the total number of sales began slowing increasing in 2009.   Most housing markets didn't see sale volume increase until the last few years.

So what about prices?  The numbers are mixed for the Beach Cities depending on the mix of what was sold. 


The graph above shows single family home prices in the Beach Cities for 2012 compared to 2011... Prices were on the rise in all the Beach Cities with the exception of Manhattan Beach where the median price was virtually the same... but more about that later.    In the next few days I'll be posting information about home prices in the Beach Cities. 

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