Wednesday, May 21, 2008

CAR/DQNews April 2008 Report for Redondo Beach

DQNews has released its housing market data for April 2008 for California cities. Here is CAR's April data.

The median April sale price for a Redondo Beach home (new or existing, SFR or condo) was $695,000, down -11.9% YOY. DataQuick's statistic is based on 43 sales, which is a decent number of records with which to calculate such a statistic. This calculation is better than the zip code / property type breakdown calculation which DataQuick also reports and which I complain about regularly. 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 for April came in high at $756,000, based on 40 records. However I did at least sense that sales had picked up enough that some of the many markdowns I've been observing in the market would be realized, and the price trend was headed down.

Here is how the beach cities look:

Area               Sales      Median Price       Year Ago      Pct Change
El Segundo           10         $807,500         $720,500         +12.07%
Hermosa Beach        13       $1,290,000       $1,101,750         +17.09%   
Manhattan Beach      30       $1,372,500       $1,850,000         -25.81%
Redondo Beach        43         $695,000         $789,000         -11.91%     
(they don't add up)
Beach Cities         83       $1,025,000       $1,000,000          +2.50%

Beach Cities is an aggregation of South Redondo Beach, Manhattan Beach, Hermosa Beach, El Segundo, and Playa del Rey. Redondo Beach, shown in the chart above, is both the north and south parts of the city.

For the South Bay area, DataQuick reports a median price of $597,000, down -12.85% YOY, based on 372 sales.

The median home price in the Westside is $1,225,000, up +40.80% YOY, based on 41 sales. West Los Angeles median price was $725,000, down -3.20% YOY, based on 151 sales. Palos Verdes Estates recorded a median of $1,270,000, up +7.63% YOY, based on 28 sales, and Palos Verdes Peninsula area recorded a median price of $1,075,000, down -8.51%, based on 57 sales. Malibu is down -8.49% at $1,735,000, based on 8 sales, while Beverly Hills is up +13.11% to $1,617,500, based on 18 sales.


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