Sunday, June 27, 2010

Information on properties that sold in May 2010 in the Beach cities of Manhattan Beach, Hermosa beach, Redondo Beach and El Segundo....

Hermosa Beach walk street

As the Spring home buying rush moves into summer,  the market seems to be settling down a bit from the frenzy earlier in the year.  Inventory is up slightly but still at  lower levels than last year at this time.  Interest rates are at an all time low with conforming loans ( $729,750-) under 5%  for  a 30 year fixed rate loan. .. doesn't get better then that!   Appraisals are coming in a market more often then  they did last year as everyone adjusts to new laws  and requirements.  Prices seem to be on the flat side although slightly higher then last year for entry level properties in all the South Bay-Beach Cities.

The big question is will the market continue to be rather stable in the South Bay-Beach Cities  or will outside market forces once again force changes in our local market.  Lou Barnes seems to think we need to see some major adjustments in the thinking of the boys in DC... and I agree.  Economic conditions are  far more dicey then we think.  If the South Bay can continue to avoid major unemployment as an issue we may  continue to see a fairly stable market with prices bouncing up and down in a relatively normal market pattern. 

South Bay-Beach Cities: Sold May 2010