South Bay Real Estate Blog

Monday, January 16, 2006

Lomita Market Update for Last Quarter of 2005

There were 33 sales of single family homes, townhouses, and condos in Lomita during the last quarter of 2005, compared to 41 sales in the last quarter of 2004. The median price for the last three months of 2005 was $575,000, whereas it was $500,000 during the same time period in 2004. That represents a 15% increase in prices. In the last quarter of 2005, the median number of days on the market was 30, and there were 52 properties put on the market.

Much of Lomita is residential income property or properties that include several rental units, and these figures do not include sales of that type of property.

Hermosa Beach Market Update for Last Quarter of 2005

Doing market statistics for Hermosa Beach is always a kick because of such small numbers. If there is just one unusually large sale, then that can have quite an impact in the overall numbers. Therefore, always take the Hermosa Beach numbers with a grain of salt.

In Hermosa Beach in the last quarter of 2005, there were 58 sales with a median price of $950,000. Properties stayed on the market for a median number of 17 days, and there were 74 properties that went on the market during this period.

By comparison, in the last quarter of 2004, there were 81 sales, and the median price was $975,000. Prices, therefore, stayed about the same, yet there were 28% fewer sales in Q4 of 2005 than there were in Q4 of 2004.

In order for the statistics to tell you what the market is doing in this area, a longer span of time should be used because in August, September, and October or 2005, the median price was $1,200,000, most likely because of a few big sales during that time.

Saturday, January 14, 2006

San Pedro Market Update for Last Quarter of 2005

San Pedro had 155 single family homes, townhomes, and condos sell in the last quarter of 2005. The median price was $575,000, the median number of days on the market was 35 days, and there were 223 of these homes that came on the market.

By comparison, in the last quarter of 2004, there were 188 sales and a median price of $475,000. That means there was a 21% increase in prices and an 18% decrease in the number of sales.

San Pedro, CA is a diverse community, and this information does not include residential income property, such as duplexes, triplexes, and multi-unit buildings.

Torrance Market Update for Last Quarter of 2005

In the last quarter of 2005, there were 329 sales of single family homes, townhouses, and condos in Torrance. This is a 17% decrease from the 398 homes sold in the last quarter of 2004.

The median sales price for October, November, and December of 2005 was $615,000, which is a 10% increase from the $560,000 median sales price for the same period in 2004.

In October, November, and December of 2005, there were 427 homes that became available, and the median number of days on the market before going into escrow was 29 days.

To receive a periodic market update for the South Bay city that most interests you, please send an email to Laurie@SouthBayHomeTeam.com. We compile this information monthly, or we can customize your update, making it more or less frequent, or by searching for only certain types of properties or only in certain locations.

Friday, January 13, 2006

Manhattan Beach Market Update for Last Quarter of 2005

Manhattan Beach continues to be the highest priced beach city in the South Bay.

There were 98 sales of single family residences, townhouses, and condos during October, November, and December of 2005. The median price for that period of time was $1,600,000, and the median number of days on the market before a property went into escrow was 27 days. 108 homes went on the market during the last quarter of 2005.

One year earlier, in October, November, and December of 2004, there were 105 sales, and the median sales price was $1,350,000. That's a 7% decrease in the number of sales and a 19% increase in the median sales price.

The only city in the South Bay that commands higher prices than Manhattan Beach is the small city of Rolling Hills on the Palos Verdes Peninsula. That's no surprise with Manhattan Beach's proximity to sandy beaches, relatively flat lots, and upscale beach culture to be found there.

For more information on Manhattan Beach or other cities in the South Bay, visit http://www.SouthBayHomeTeam.com.

Wednesday, January 11, 2006

Redondo Beach Market Update for Last Quarter of 2005

In the last quarter of 2005, there were 248 sales in the city of Redondo Beach. This figure includes single family homes, townhouses, and condos. The median price for these properties was $799,000, which is 18% higher than the median price in the last quarter of 2004. The median number of days on the market was 32 days, and there were 345 new listings in the last quarter of 2005. The number of sales (248) decreased b 27%, in comparison to the fourth quarter of 2004, during which there were 340 sales.

The city of Redondo Beach is divided into 2 sections, North Redondo and South Redondo. South Redondo is more expensive than North Redondo.

For a map of Redondo Beach and other cities in the South Bay, plus information on each of the cities, click on Links & Resources at www.SouthBayHomeTeam.com.

Tuesday, January 10, 2006

Palos Verdes Market Update for Last Quarter of 2005

The Palos Verdes Peninsula includes the cities of Palos Verdes Estates, Rancho Palos Verdes, Rolling Hills, Rolling Hills Estates, and the small unincorporated part called the Palos Verdes Peninsula.

In October, November, and December of 2005, there were 180 sales for single family homes, condos, and townhomes. The median price was $1,270,000, which is a 30% increase over the $975,000 median price for October, November, and December of 2004. While the prices are higher, the number of sales decreased by 20%, from 226 sales in the last quarter of 2004 to 180 sales in the last quarter of 2005.

The median days on the market for the last quarter of 2005 was 43 days. The number of new listings in this time period was 303 homes, which includes single family homes, townhouses, and condos.

The median number of days on the market has increased since the days of selling your home in a weekend. Inventory for buyers to choose from has increased, and prices are still increasing. Don't believe the media with their stories of a real estate bubble in the South Bay area unless the author can back it up with facts.

Monday, January 09, 2006

South Bay Real Estate Map and Descriptions

The South Bay area of Southern California is on the coast, south of Los Angeles, and north of San Diego. It's closer to downtown Los Angeles than it is to San Diego.

The cities in this area are El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach, Palos Verdes Estates, Rancho Palos Verdes, Palos Verdes Peninsula, Rolling Hills, Rolling Hills Estates, Torrance, Lomita, San Pedro, Hawthorne, Lawndale, Gardena, and Carson.

A map can be found at http://www.scmaggroup.com/images_maps/LA_map_LB2.jpg or through http://www.SouthBayHomeTeam.com under "Links and Resources."

Descriptions of the cities can be found at http://http://www.southbaycities.org/sbcities.htm or through http://www.southbayhometeam.com/ under "Links and Resources."