Queen’s Necklace.. Why We Love the South Bay 

I’m posting this later then usual as I was at a Real Estate conference last week in Phoenix. It is always informative to meet other REALTORS from different areas of the state and country. Surprisingly, despite the headlines, most seemed to see some improvement in their local real estate housing markets over the last quarter. Nothing stellar was noted by anyone but most markets were doing a bit better…. with the exception of the Phoenix and Las Vegas areas. These real estate markets… like those in the Inland Empire, San Bernardino and Sacramento have a long way to go before there is any light at the end of the tunnel.

 Everyone gripes about the Beach Cities real estate market. If you are a seller home prices are too low… if you are a buyer home prices are too high. But if you really think about home prices in Manhattan, Hermosa, Redondo and El Segundo a stable market is better for everyone…. buyer or seller.

OK.. don’t rush to the computer keyboard yet. Stop for a second and consider… even those of you who believe this market will see prices fall another 25% have expectations that as soon as you buy the market will move upward again and you will make money on your purchase. The reason you believe this to be true is because it is historically true. Our market with the exception of the last few years is a stable market. There are no huge tracts of abandoned homes. The number of foreclosures in the Beach Cities, in a really rotten market, is lower then in most areas of the LA County. We will see more over the coming months which is to be expected… given the current market. But you won’t see hundreds of vacant townhomes in North Redondo or weeds growing in Tree section yards or boarded windows along the Strand in Hermosa.

Even the most bearish of bears really doesn’t want to see that type of market because it would mean you could never be secure when buying a home. Think Detroit or parts of Texas that have never had their housing markets recover. So that said.. what’s happening in the Beach Cities.. a little of everything. Inventory is still up in most cities. Pending sales are better then we have seen in the last 5 months and closed sales are up in almost every city. Prices are more negotiable then they have been in years but no markets where prices are crashing. This is probably what the market will continue to look like in the coming months.. inventory is always up in the summer.. sales are slow… rates are pretty stable for the moment so perhaps there are a few good deals to be made.

 South Bay-Beach Cities: SOLD April 2008(click on graph to enlarge)

South Bay-Beach Cities: Sold February 2008

South Bay-Beach Cities: Sold January 2008

South Bay-Beach Cities: Sold November 2007

South Bay-Beach Cities: October SOLD 2007

South Bay-Beach Cities: September SOLD 2007

South Bay-Beach Cities: August SOLD 2007

South Bay- Beach Cities: July Sold 2007

South Bay-Beach Cities: Sold June 2007

South Bay-Beach Cities: Sold May 2007

South Bay-Beach Cities: Sold April 2007

South Bay-Beach Cities: Sold March 2007

South Bay-Beach Cities: Sold February 2007

South Bay-Beach Cities: Sold January 2007