When you review sales in the South Bay-Beach Cities a few things stand out... sales are up and inventory is down a bit from the highs of the last few months. The biggest thing you will notice is that there is a huge difference between the median list price and the median sold price for homes in all of the Beach Cities, with the exception of North Redondo.

The biggest disconnect between the asking price and the actual sale price for homes and townhomes is in Manhattan Beach and South Redondo. In Manhattan Beach the current median list price of a home is $1,899,000 while the median sold price is $1,200,000. In South Redondo the median list price is $1,350,000 and the sold price is $730,000.

There has been a number of articles in the media recently about how sticky the prices have remained in most of the upscale areas in all parts of the country. The general consensus is that prices may soon begin to fall in these areas as the economy continues to falter. In the last few days, with interest rates bouncing around like crazy, there is concern that the flurry of home sales activity in recent months will halt if rates suddenly move upward. I believe that is true.

Pending sales are defintiely up in all the Beach Cities as many sellers have begun to lower their asking price by some substantial amounts. New listings that are priced right are also selling quickly while older listings with high prices continue to remain on the market. I suspect that in the coming months you are going to see prices finally move downward on homes that have been on the market for a long time without finding a buyer. There are a number of properties that have been for sale for well over a year. If owners are serious about selling they will have to reduce the price to a point where potential buyers find value.

The market in North Redondo saw prices adjust in 2007. As prices adapted to the demands of the market rather early we are now seeing the segment of the market possibly reaching the bottom. Last fall you could buy a starter home in North Redondo in the TRW tract for $475,000- $550,000. Those deals are gone. Prices have increased from the lows of October - December. Interest rates have played a part but so have low prices.

South Bay-Beach Cities: Sold April 2009 (click on graph to enlarge)

South Bay-Beach Cities: Sold March 2009

South Bay-Beach Cities: Sold February 2009

South Bay-Beach Cities: Sold January 2009

South Bay-Beach cities: Sold December 2008

South Bay-Beach Cities: Sold November 2008

South Bay-Beach cities: Sold October 2008

South Bay-Beach Cities: Sold September 2008

South Bay-Beach Cities: Sold August 2008

South Bay-Beach Cities: Sold July 2008

South Bay-Beach Cities: Sold June 2008

South Bay-Beach Cities: Sold May 2008

South Bay-Beach Cities: Sold April 2008

South Bay-Beach Cities: SOLD March 2008

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