Wednesday, July 23, 2008

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%


Blogger wannabuy said...

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?

5:34 AM, July 26, 2008  
Blogger bearmaster said...

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.

6:26 AM, July 26, 2008  

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