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.