Realtor reports, end of February 2006
Here are some local realtor reports. These realtors rate the current market on a scale of 1 to 5, with 1 being a strong buyer's market and 5 being a strong seller's market. They also rate the current price trend 1 to 5, with 1 meaning a strong trend in falling prices and 5 being a strong trend in rising prices.
The South Bay Home Team does not have anything new to report on February 23. Q4 2005 showed 248 sales in all of Redondo Beach (SFR, townhouses, condos) with a median price of $799,000. In constrast, Q4 2004 had 340 sales with a median price os $679,000. Number of sales fell by 27% while the median price rose by 18%. They rate the current market 5 and the price trend 5.
Don Tambini rates the current Redondo Beach market 3 and the price trend 3. He reports that sales activity has definitely slowed. January 2006 days on the market for SFR was 76 days, compared to 32 days for SFR in January 2005. SFR and condo prices were about the same in January 2006 compared to January 2005, though townhouse prices have increased. 15 SFR sold for an average of $1,051,000 compared to 30 SFR selling for an average $920,000 January 2005.
As of February 24 there are 84 SFR on the market with an average price of $1,075,000. They have been on the market for a 36 day average. There are 103 townhouses on the market listed an average 31 days at an average price of $863,000. There are 30 condos on the market listed an average of 39 days at an average price of $796,000.
According to Don Tambini, Manhattan Beach is a different story. Both number of sales and prices for SFR were higher in January 2006 than January 2005. 23 sold for an average $2,125,000, compared to 19 sold for an average $1,806,000 in January 2005. Days on market for SFR, however, increased to 89 from 36 days YOY. Townhouse and condo sales are about the same YOY with prices increasing. Currently as of February 24, there are 84 SFR listed for an average 33 days at an average price of $2,564,000. 1 condo is listed for $879,000. 39 townhouses are listed for an average 46 days with an average price of $1,407,000. He's got both the current market and the current price trend ranked 3/5. (Note: We're not sure if Maria Sharapova bought her house here in January, but if so that sale was bound to skew prices up, ya think?)
Don Tambini also reports Hermosa Beach. Sales activity is slower for SFR; 4 sold in January 2006 listed an average 73 days, compared to 8 in January 2005 listed for an average 32 days. There was a relatively mild average price increase when compared to recent years - from $1,117,000 to $1,178,00. Currently, as of February 24, there 27 SFR on the market listed for an average 41 days at an average price of $1,836,000, 29 townhouses listed for an average 36 days at an average price of $1,269,000, and 5 condos averaging $571,000 listed for an average 17 days. Current market and price trend are ranked 3/3.
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