CAR/DQNews Report June 2008 Report for Redondo Beach
DQNews has released its housing market data for June 2008 for California cities. The CAR link is here.
The median June sale price for a Redondo Beach home (new or existing, SFR or condo) was $672,500, down -15.4% YOY. DataQuick's statistic is based on 64 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 June was high at $704,000, based on 50 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 10 $710,000 $909,750 -21.96% Hermosa Beach 15 $1,035,000 $1,205,000 -14.11% Manhattan Beach 36 $1,942,500 $1,300,000 +49.42% Redondo Beach 71 $672,500 $794,500 -15.36% (they don't add up) Beach Cities 98 $956,500 $960,000 -0.36%
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 25 $1,580,000 $1,697,500 -6.92% Malibu 5 $2,700,000 $1,800,000 +50.00% Palos Verdes Es 19 $1,351,500 $1,542,000 -12.35% Palos Verdes Pn 48 $1,070,000 $1,261,000 -15.15% South Bay 379 $617,500 $687,500 -10.18% Westchester 28 $777,000 $762,500 +1.90% West Los Angeles 132 $751,250 $755,000 -0.50% Westside 65 $994,500 $720,000 +38.13%
2 Comments:
While I'm no fan of the median...
Those numbers imply affordability is "just around the corner." (Ok, I learned to be patient, so I'm talking years, but its coming!)
I'm sticking with my prediction that the nice areas see the worst price drops in 2009. I'm amazed at how fast credit is tightening up. Its goign to over-tighten.
I'm still seeing indications this is only a deep recession. Soon job security issues will remove half of the potential buyers.
Got Popcorn?
Neil
Howdy Neil,
Hey I love your profile graphic!
The last time SoCal went through this there was an aerospace slump combined with an overall national recession which made for a bad job situation.
This time around, the industry watchers had been saying that employment remains strong so "it's different" this time. It's taken about a year to 18 months but the job market certainly does not have the "strength" it used to.
According to that Daily Breeze piece I blogged, aerospace, ironically, may be hanging in there, thanks to satellite technology. Health care may too. But what about everything else.
Time is on the bears' side.
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