This article describes the trends in home sales in the South Bay area of Los Angeles in July and August. In particular, the cities of Manhattan Beach, Hermosa Beach and Redondo Beach are being studied.
As early as 2002, a total of 250 single-family homes were sold in these three cities in July and August. It is interesting that since then such a number of sales in these two months has not been achieved. In fact, the number of sales has largely declined each year before this year. Last year, the number of units sold decreased (or, at least, we hope it was) in 117 units sold in July and August. This year there were 128, about half the action seven years ago.
A brighter story can be very good at average selling prices. In 2002, the average single-family home sold for only $ 800. The average selling price steadily increased until, in 2006, it reached a maximum of $ 1.6 million per house. In other words, the average price doubled in just four years. In 2007, the price dropped to $ 1.43 M, and then last year it dropped to $ 1.31 million. This year, the number seems to be rising again, with an average selling price of $ 1.39. The good news is that the number of units sold and the average selling price increased this year. This may be a sign that the overall market is turning around.
One possible explanation for price increases in 2006 is the reliable availability of funds with a lower rate from 2003 to 2006. The number of homes selling more than $ 2 million has increased. US and even more than $ 5 million. USA. Given that about a quarter of the homes sold in 2006 exceeded $ 2 million, it is possible that most of the average price increase compared with previous years is related to this trend of increasing the number of premium home sales, in particular, the availability low interest rates then.
