Wednesday, August 27, 2008

CAR/DQNews Report July 2008 Report for Redondo Beach

DQNews has released its housing market data for July 2008 for California cities. The CAR link is here.

The median July sale price for a Redondo Beach home (new or existing, SFR or condo) was $752,000, down -10.5% YOY. DataQuick's statistic is based on 59 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 July came in on the nose at $752,000, based on 49 records. That's a first!

Here is how the beach cities look.

Area               Sales      Median Price       Year Ago      Pct Change
El Segundo            6         $666,000       $1,254,500         -46.91%
Hermosa Beach        12       $1,032,500       $1,185,000         -12.87%  
Manhattan Beach      32       $1,774,727       $1,628,500          +8.98%
Redondo Beach        59         $752,000         $840,250         -10.50%    
(they don't add up)
Beach Cities         84         $972,500       $1,006,500          -3.38%

I would trust the numbers for Manhattan Beach, Redondo Beach, and Beach Cities more than for El Segundo or Hermosa Beach alone.

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.


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