As the economy continues to slip and slide it's no real surprise that housing is still in a state of flux. October is always a slow month in the Beach Cities. With the exception of El Segundo, the number of sale in each South Bay-Beach City was very similar to the numbers from October 2010. Prices however were bouncing around like crazy with North Redondo showing the biggest declines and Manhattan Beach showing an increase.
About the time it seems the housing market in the Beach Cities is beginning to stabilize something happens to send it back down the road. This month the culprit maybe be a combination of a lower conforming loan limit ($625,500 down from $729,750) combined with an increase in the number of short sales. North Redondo has been hit the hardest by short sales that are pushing down home prices. Older townhomes are really taking a beating on price as owners try to get the bank to approve a short sale.
Lower prices and low interest rates are making North Redondo a hot market right now. Buyers are snapping up units at prices not seen a long time. Multiple offers on townhomes in North Redondo are becoming the norm rather than the exception. November could be a very interesting month....
South Bay-Beach Cities: Sold October 2011
1 comment:
I agree, October is indeed a slow month for the real estate industry.
Post a Comment