CAR September 2007 report for Redondo Beach
The following figures are from the California Association of Realtors (CAR) for September.
The median price for a Redondo Beach home (new or existing, SFR or condo) is now $847,500, up 8.0% YOY. It's reassuring to see this number come pretty close to what I've been number-crunching as that gives me a bit more confidence in my data.
For the beach cities, which to the best of my knowledge encompasses what Shorewood encompasses - El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach - the median price is $970,000, up 6.6% YOY from September 2006.
For the South Bay area, the median price is $690,000, up 13.1% YOY.
Curiously, the Palos Verdes Peninsula area median price is $1,117,500, down -9.1% YOY. Now comes the fun part speculating as to why PV is showing a decline when everything else isn't. Theories, anybody? We know that mortgage financing problems have made the lower end markets inaccessible to many buyers, so sales are being skewed toward the higher end. Now if there is one place around here where there are nice high-end homes, it is PV. Why are the affluent buying the bloat in Manhattan Beach, but not going for the nice stuff in PV? Could it have to do with commuting time and fuel expenses?
I still haven't figured out why Excel refuses to plot the Moving Average series on the price trend graph below. Oh well.
For Los Angeles County, median price was $525,000, up 0.8% YOY.
posted by bearmaster at 7:31 AM
2 Comments:
If the average price is up due to a skewing to the higher end on unit sales, could the pv conundrom be related to there being less of a "low end" there to begin with such that there's no room for such skewing and we see a better picture of actual pricing in a more homogenized market?
I think I understand what you're saying. It may be a truer price picture of "what lies beneath."
I anticipate that sources of mortgage funding will somehow be scraped together for the "low end" in RB again, and, if that occurs, the median price will start falling again.
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