CAR/DQNews January 2008 report for Redondo Beach
The following figures are from the California Association of Realtors (CAR) for January. CAR gets its figures from Dataquick. The CAR report is here.
The median price for a Redondo Beach home (new or existing, SFR or condo) is now $800,000 up +11.1% YOY.
My preliminary calculation came in at $795,000, based on 25 records. Luck! DataQuick had 39 Redondo Beach sale records.
For the four beach cities, DataQuick reports a median price of $1,065,000, up +16.27%% YOY, based on 63 sales.
For the South Bay area, DataQuick reports a median price of $612,500, up 0.41% YOY, based on 244 sales.
The median home price in the Westside is $1,628,000, up +96.74% YOY, based on 27 sales. West Los Angeles median price was $735,000, up +0.34% YOY, based on 95 sales. Palos Verdes Estates recorded a median of $1,855,000, up +21.44% YOY, based on 8 sales, and Palos Verdes Peninsula area recorded a median price of $1,190,000, down -2.06%, based on 27 sales. Malibu is up +16.81% at $2,450,000, based on 5 sales, while Beverly Hills is up +49.81% to $1,950,000, based on 11 sales.
I did notice some dollar volume rebound in many areas for January. This was probably driven in part by very high-priced property sales.
I continue to meditate on the meaning of "median" when sales volume has collapsed.
posted by bearmaster at 11:13 PM
2 Comments:
Bearmaster,
When that news hits the front pages of the local papers... My coworkers who rent down in the South Bay will be disheartened. :(
We've sent 2,000 to Houston in the 4th quarter of 2007 (mostly IT). We're in the process of sending 1,500 to Colorado. The later I only found out about after 7 employees gave notice they were moving!
Most of the people are moving from Southern California; but not all. DC is the #2 'supply.' People are getting pretty desperate to move to where they can afford. I haven't seen anything like this attitude since 1993 (early 1993).
Hence why I changed the 'Real Estate Emotion' to desperation.
Got Popcorn?
Neil
Hi Neil,
The buyers get disheartened first. I guess that's to be expected, since they were the ones getting outbid at the top.
The realtors are not at that point. They are still retain lots of optimism, waiting for that magical rebound that will mark the bottom.
They have not yet been accused of cheating home sellers out of profits, nor have they been the target of temper tantrums when trying to present said home sellers with the market realities - at least not in sufficient enough quantities so as to extinguish that optimism and become newspaper headline material.
And this whole thing is orders of magnitude larger than the early 90's, so we will have orders of magnitude more drama to go with this...
Post a Comment
<< Home