Saturday, June 21, 2008

CAR/DQNews Report May 2008 Report for Redondo Beach

DQNews has released its housing market data for May 2008 for California cities. The CAR link to May 2008 median home prices in California is here.

The median May sale price for a Redondo Beach home (new or existing, SFR or condo) was $733,000, down -3.9% YOY. DataQuick's statistic is based on 71 sales, which is a good 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 May was just a touch high at $742,000, based on 61 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 further down.

Here is how the beach cities look.

Area               Sales      Median Price       Year Ago      Pct Change
El Segundo           16         $670,000         $800,000         -16.25%
Hermosa Beach        10       $1,094,000       $1,074,000          +1.86%  
Manhattan Beach      29       $1,600,000       $1,455,000          +9.97%
Redondo Beach        71         $733,000         $763,000          -3.93%    
(they don't add up)
Beach Cities        101         $850,000         $985,000         -13.71%

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.

Here are some other selected areas of interest to us.

Area               Sales      Median Price       Year Ago      Pct Change
Beverly Hills       17        $1,775,000      $1,437,500          +23.48%
Malibu               8        $1,457,500      $2,000,000          -27.13%
Palos Verdes Es     22        $1,370,000      $1,490,000           -8.05%
Palos Verdes Pn     55        $1,125,000      $1,212,500           -7.22%
South Bay          391          $592,000        $704,000          -15.91%
Westchester         16          $737,000        $825,000          -10.67% 
West Los Angeles   123          $730,000        $759,000           -3.82% 
Westside            49        $1,325,000        $899,000          +47.39%


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