|
REGIONAL SALES
AND PRICE ACTIVITY
Regional
Single Family Home and Condo Sales Data Not Seasonally Adjusted
April 2008 data will be published as soon as it is available.
| REGIONAL
SALES AND PRICE ACTIVITY |
|
|
| Los
Angeles South Bay Single Family and Condos
Month
Ended: Mar 2008
|
Avg
Price
Mar
2008
|
Avg
Price prior month
(Feb 2008) |
Avg
Price 1 year ago
(Mar 2007) |
| Hermosa/Redondo/Manhattan
Beach |
$ 1,448,000 |
$1,304,000 |
$1,179,000 |
| Hermosa
Beach |
$ 2,175,000 |
$1,728,000 |
$1,343,000 |
| Manhattan
Beach |
$ 1,879,000 |
$1,930,000 |
$1,804,000 |
| Palos
Verdes |
$ 2,241,000 |
$1,450,000 |
$1,651,000 |
| Rancho
Palos Verdes |
$ 1,067,000 |
$1,242,000 |
$1,172,000 |
| Redondo
Beach |
$ 935,000 |
$853,000 |
$836,000 |
| Torrance |
$ 583,000 |
$533,000 |
$641,000 |
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April
2008 Commentary:
I
call this month the end of the "Rip VanWinkle period".
I
have noticed that high open-house traffic is now turning
into sales. After a "sleepy" period over the last
year, it appears that buyers are finally waking up. Perhaps
non-homeowners are getting tired of paying Uncle Sam a lot
of hard earned money every year, when they could own their
own home and have big tax write offs. Or perhaps they are
tired of rent hikes. Or maybe they just want a pet that
the landlord won't allow.
If
you are looking to purchase income property, this is a very
good time, because rents in the South Bay are going up significantly,
with HIGH DEMAND.
Notice
the avg. price/sq. ft. (Hermosa/Redondo/Manhattan Beach)
is starting an uptrend in the chart below.
Looky-loos
should be on alert. Either make dust or be left in the dust.
Whether
buying or selling, as always, an experienced, local, full-time
Realtor should be used to help you achieve your real estate
objectives.
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