Saturday, April 26, 2008

CAR/DQNews March 2008 Report for Redondo Beach

CAR and DQNews have released the March 2008 report for California cities.

The median sale price for a Redondo Beach home (new or existing, SFR or condo) came in $774,000 barely changed -0.77% YOY. For March, that is based on 50 sales, which is a good number of records on which to calculate a statistic. Actually, this calculation is better than the zip code / property type breakdown calculation which DataQuick also reports, about mid-month. The former is an aggregation of new and existing home sales, SFRs and condos, in 90277 and 90278. The latter is relatively meaningless.

My preliminary calculation came in at $789,000, based on 35 records. I came in slightly higher.

Prices still seem to be within the 2004-2005 range. Sales have picked up a bit at the time I'm writing this (in April). I have no particular reason to believe that prices will shoot out of that 2004-2005 range, not with the steady stream of reductions I've been busy bookkeeping in asking prices. Redondo is fighting hard to keep its head above that 2004-2005 water line.

Here's how the beach cities look:

Area               Sales      Median Price       Year Ago      Pct Change
El Segundo            9         $799,000         $845,000          -5.44%
Hermosa Beach        15       $1,150,000       $1,112,000          +3.42%   
Manhattan Beach      25       $1,425,000       $1,620,000         -12.04%
Redondo Beach        50         $774,000         $780,000          -0.77%     
(they don't add up)
Beach Cities         76       $1,112,500       $1,037,500          +7.23%

Beach Cities comprises South Redondo Beach, Manhattan Beach, Hermosa Beach, El Segundo, and Playa del Rey.

For the South Bay area, DataQuick reports a median price of $599,500, down -8.47% YOY, based on 330 sales.

The median home price in the Westside is $1,025,000, up +22.02% YOY, based on 33 sales. West Los Angeles median price was $665,000, down -14.30% YOY, based on 116 sales. Palos Verdes Estates recorded a median of $1,775,000, up +16.09% YOY, based on 15 sales, and Palos Verdes Peninsula area recorded a median price of $1,225,000, down -1.01%, based on 37 sales. Malibu is down -20.57% at $2,009,545, based on 6 sales, while Beverly Hills is up +13.11% to $1,725,000, based on 17 sales.

Overall, sales volume increased slightly over February, with *true* valuations still unknown on such low volume.


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