South Bay Real Estate Blog

Wednesday, June 14, 2006

Market Statistics: South Bay part of Southern California

Here is a comparison of sales and median prices for various cities in the South Bay. The sales are for residential single family properties, including townhouses and condos, but not multi-unit properties.

Please let us know what other specific information might be useful for you (or if the city you're interested in isn't listed), and we'd be happy to help.

Palos Verdes Peninsula:
212 sales in March, April, and May 2005
median price was $1,200,000
173 sales in March, April, and May 2006
median price is $1,195,000

Hermosa Beach:
68 sales in March, April, and May 2005
median price was $978,500
71 sales in March, April, and May 2006
median price is $1,280,000

Lomita:
49 sales in March, April, and May 2005
median price was $549,000
42 sales in March, April, and May 2006
median price is $570,000

Manhattan Beach:
161 sales in March, April, and May 2005
median price was $1,495,000
120 sales in March, April, and May 2006
median price is $1,700,000

Redondo Beach:
368 sales in March, April, and May 2005
median price was $780,000
262 sales in March, April, and May 2006
median price is $785,000

San Pedro:
201 sales in March, April, and May 2005
median price was $503,000
161 sales in March, April, and May 2006
median price is $565,000

Torrance:
389 sales in March, April, and May 2005
median price was $560,000
364 sales in March, April, and May 2006
median price is $635,000

Thursday, June 01, 2006

Softening Real Estate Market in Some Boom Areas

Here is an MSN Article entitled "The Boom is Ending With a Whimper." I don't know how long they'll keep it there, since I don't have any control over the content of the MSN site.

http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85323.asp?GT1=8289

The article states that areas with recent record-breaking appreciation rates, such as Las Vegas, Florida, and Phoenix, have started to slow down. A leading indicator of a softening market is increasing number of homes on the market. A backlog of homes for sale is created while sellers think they can get get their price, even if there are no offers and few showings.

Click on the links below to see the appreciation rate in your area.

House Price Appreciation by Metro Area
Akron, OH - Los Angeles, CA
http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85324.asp

Louisville, KY - Yuba City, CA
http://moneycentral.msn.com/content/Banking/Homebuyingguide/P85333.asp

To find an agent who can give you more specific information on real estate values in a particular area, send an email to Laurie@SouthBayHomeTeam.com and we'll tell you the agent we would use if we were buying, selling, or investing in that area.

How to Make Any Room Look Bigger

Homes that appear larger will sell faster or for more money than homes that feel smaller. How we live in homes and how we sell homes are different, so we consult with sellers to tell them what small changes they can make to get a big reaction from the buyers.

When we prepare a home for sale, there are two main suggestions we always give. Here they are:

1) Start packing. The buyers want to look at your home, not at all your stuff. If your stuff is in the way, they can't see the space you have. Since it's the space they'll be buying, not the stuff in the space, we need to let them see it with as little imagination as possible that's required on their part. The less stuff that you have, the larger your home will look, and the easier it will be for buyers to imagine their stuff in your space.

Donate or sell items that aren't going with you to your next home. Pack items that are going with you but that you don't use often. Store them at a friend's house, in a garage, or in the most out of the way place.

For more tips on what packing tips make the most difference, send an email to Laurie@SouthBayHomeTeam.com and ask for our Preparing Homes For Sale suggestions.

2) Place a focal item on the far side of the room. When you enter a room, your eye goes first to the largest item. If your large item is near the entrance to a room, the space will feel smaller. It's similar to when someone is standing too close to you; you find yourself feeling a little crowded. You don't want your buyers feeling that way. Instead, place a plant or mirror on the far side of the room, and have that item be the focal point. With the focal point far from the entrance of the room, the room will feel much larger. Having a focal point is also better than having the room empty because when our eyes look at it, we're able to judge the size of the room by comparing the size of a common object in the room, such as a plant or end table.

For other tips on how to make rooms feel bigger, please email Laurie@SouthBayHomeTeam.com and ask us to email you our article entitled "How To Make Any Room Look Bigger."