South Bay Real Estate Market Analysis
January 2008
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Prepared by Ron Becker/RBInnovations Appraisals
214 Pearl St, Redondo Beach, CA 90277 (310) 540-6829 / (Ron@southbayhomecenter.com)
Including:
The information in this study covers data as of the end of the year 2007.
The year ended on a down note, with new listings, total listings, sales
and even cancelled listings lower. December’s sales numbers were even
down from last December’s meager levels:
The median sales prices pulled way back in the fourth quarter (below):
The median days on market for sold properties in the fourth quarter edged up, but are strangely still pretty low (below):
The price per square foot numbers for the nine city area also showed a similar drop:
Next is a look at prices per square foot paid for condos and homes in the South Bay above and below the $1 million mark. In the fourth quarter, both pulled back, with the cheaper homes coming down just a bit steeper:
Below is the price paid per square foot for selected markets. Hermosa and South Redondo moved up, while the rest pulled back:
Below is a look at single markets compared to the overall 9 city south bay market since Q1 2007 for median sales prices. The overall south bay market pulled back to the lower $800,000 level we saw earlier. Hermosa beach’s median prices came down in the fourth quarter 2007:
The median prices for Palos Verdes Peninsula (Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes and Palos Verdes Estates) pulled back slightly less than the overall south bay market:
Torrance (next chart) also pulled back slightly less than the overall south bay market for median sales prices since Q3:
Manhattan’s median sales prices had a decent fourth quarter:
As much as I’d like to believe South Redondo is bucking the trend (I live here!), it looks as though the great fourth quarter numbers are due to an unusually large number of high end homes selling in November:
North Redondo’s median sales prices also fared better than the overall south bay last quarter:
I hope you’ve enjoyed the study. Thank you for all your referrals. Please contact me at (310) 540-6829 or at ron@southbayhomecenter.com with any appraisals or questions. This study is intended to be used in assisting real estate professionals and homeowners throughout the south bay. It includes single family residences and condos only, and is based on my MLS research. The data is deemed to be reliable, but not guaranteed.