FEBRUARY BEACH CITY HOME SALES PERK UP FROM
PRIOR MONTH, WHILE MEDIAN PRICES HOLD FIRM
MANHATTAN BEACH, Calif., March. 24, 2008 – Home sales in the Beach Cities of the South Bay showed some improvement in February compared to the preceding month – with both the number of homes sold and those placed in escrow rising from their lows in January – but were still down compared to results from the same month a year earlier, according to the monthly Shorewood Report.
Median selling prices continued to show resilience, rising 2.2% to $884,000 from $865,000 in February 2007. Asking prices fell 4.8%, however, to $1,354,000 from $1,422,000 a year earlier.
A total of 66 homes were sold in the combined cities of El Segundo, Manhattan Beach, Hermosa Beach and Redondo Beach during February, up from 58 in January but down from 128 a year ago. The number of homes in escrow rose to 79 compared to 63 in January. In addition, the typical home spent 51 days on the market last month, down from 77 in January, while inventory based on closed sales edged down slightly to 9.0 months from 9.3 months
The story was much the same for the entire 18-city South Bay region last month, with the number of homes in escrow rising 37% (355 vs. 259) in February compared to the previous month, inventory down to 9.9 months from 13.2 months, and median sales prices up 7.7% to $431,000 from $400,000
“Although year-over-year comparisons in sales and prices continue to decline, we’re hopeful that the results we saw last month, compared to January, indicate improved buyer confidence,” said Arnold Goldstein and Larry Wolf, co-owners of Shorewood.
“Prices are holding steady in the desirable beach markets, and the recent steps taken by the government and the Federal Reserve to stabilize the housing market -- including the increase in the ceiling for conforming mortgages and lower interest rates – will convince more people that now is a great time to buy a home.”
The most active price category in the four Beach Cities during February continued to be homes priced from $750,000 to $1 million, with 139 offered in that range and 15 sold. Another 139 homes were offered between $1 million and $1.5 million, with 16 sold in that range, while 99 homes were offered at $2 million or more, with six selling in that range.
The Shorewood Report is compiled from data supplied by TrendGraphix, a Sacramento-based market research firm. Figures include combined sales of single-family homes as well as townhomes and condominiums in El Segundo, Manhattan Beach, Hermosa Beach and Redondo Beach. The report also includes a supplemental chart with selected data for the cities of Ingle- wood, Hawthorne, Lawndale, Torrance and Palos Verdes Estates.
Shorewood remained the dominant brokerage in the South Bay, with nearly 33% market share by dollar volume in the four Beach Cities – more than three times its nearest competitor – while also leading in other cities such as Hawthorne and Lawndale.
For more information, contact Shorewood at (310) 376-8021 or any of its local offices in El Segundo, Manhattan Beach, Hermosa Beach, Redondo Beach and Palos Verdes Estates.
Founded in 1969, Shorewood is the largest independent real estate brokerage in Los Angeles County and among the largest nationwide, with more than 400 agents covering the South Bay and other coastal and beach cities. The firm offers escrow, financing, relocation, property management and other services through owned affiliates and preferred providers.
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NOTE TO EDITORS: CHARTS FOLLOW
The Shorewood Report – February 2008 (Beach Cities)
A monthly summary of home sales data and market activity for the combined South Bay cities of El Segundo, Manhattan Beach, Hermosa Beach and Redondo Beach, based on data supplied by TrendGraphix, courtesy of Shorewood Realtors (single-family, townhome/condo sales combined)
Number of homes for sale: 595 vs. Feb 07 475 (+ 25.3%)
Number of homes sold: 66 vs. Feb 07 128 (- 48.4%)
Number of sales pending: 79 vs. Feb 07 183 (- 56.8%)
Average asking price: $1,354,000 vs. Feb 07 $1,422,000 (- 4.8%)
Average selling price: $1,244,000 vs. Feb 07 $1,048,000 (+ 18.7%)
Median selling price: $884,000 vs. Feb 07 $865,000 (+ 2.2%)
Average selling price
per square foot: $622 vs. Feb 07 $527 (+ 18.0%)
Average days on market: 51 vs. Feb 07 60
Months of inventory
based on closed sales: 9.3 vs. Feb 07 3.7
Homes for sale by price range in February:
Less than $500,000 28 vs. Feb 07 15
$500,000-$749,999 129 vs. Feb 07 73
$750,000-$999,999 139 vs. Feb 07 135
$1,000,000-$1,499,999 132 vs. Feb 07 115
$1,500,000-$1,999,999 68 vs. Feb 07 51
$2,000,000 and up 99 vs. Feb 07 86
Actual home sales by price range in February:
Less than $500,000 1 vs. Feb 07 6
$500,000-$749,999 19 vs. Feb 07 35
$750,000-$999,999 15 vs. Feb 07 46
$1,000,000-$1,499,999 16 vs. Feb 07 22
$1,500,000-$1,999,999 9 vs. Feb 07 11
$2,000,000 and up 6 vs. Feb 07 8
Notes: Median sales price is the point at which half the number of homes sold for more and half for less.
Average sales price is determined by dividing the aggregate dollar volume of all transactions by the number of transactions. “Sales pending” includes homes in escrow during the month.
The Shorewood Report – February 2008 (supplemental)
(A monthly summary of home sales data and market activity for the cities indicated, based on information provided by Trendgraphix, courtesy of Shorewood Realtors (single-family, townhome/ condo sales combined)
Inglewood Hawthorne Lawndale Torrance P.V. Estates
Homes for sale 141 156 60 439 54
vs year ago 80 86 42 298 45
% change +76.2% +81.4% +42.8% +47.3% +20.0%
Homes sold 2 12 4 35 5
vs year ago 13 19 4 74 6
% change -84.6% -36.8% --- -52.7% -16.7%
Sales pending 5 11 6 59 5
vs year ago 7 13 14 109 18
% change -28.6% -15.4% -57.1% -45.9% -72.2%
Average
asking price $432,000 $490,000 $480,000 $606,000 $3,128,000
vs. year ago $480,000 $600,000 $546,000 $676,000 $2,707,000
% change -10.0% -18.3% -12.1% -10.3% +15.5%
Average
selling price $337,000 $543,000 $494,000 $532,000 $1,559,000
vs year ago $481,000 $640,000 $526,000 $600,000 $2,129,000
% change -29.9% -15.1% -6.1% -11.3 -26.8%
Median
selling price $337,000 $513,000 $500,000 $533,000 $1,410,000
vs year ago $495,000 $650,000 $535,000 $590,000 $1,168,000
% change -31.9% -21.1% -6.5% -9.6% +20.7%
Average
selling price
per square foot
