HHC South Bay Real Estate News

The South Bay Beach Cities Real Estate Listing Shortage

Hady Chahine — Sun, 03 Feb 2013 01:44:21 +0000

What a difference a year makes. Last year at this time there were 380 active listings for homes for sale (single family residential, townhouse, and condominiums) in the 3 South Bay Beach Cities – Manhattan Beach, Hermosa Beach, and Redondo Beach. As the month of February starts there are only 179 total listings across the Beach Cities, down a whopping 52.89% from a year ago.

The number of homes for sale is down across all of the Beach Cities sections but the Manhattan Beach Tree and Hill sections and the South Redondo Beach West of PCH and South of Torrance Blvd. sections have been hit particularly hard by the lack of inventory. Year over year the Manhattan Beach Tree section has 73.43% less home for sale listings than a year ago. The Hill section is even worse off, down 75% from a February 2012. South Redondo Beach hasn’t been hit quite as hard but the West of PCH section is down 53.66% and South of Torrance is down 57.5% from a year ago.

With demand for Beach City homes still strong the lack of homes for sale is causing major changes in the market. A number of sales are now being completed before homes even hit the MLS. With such slim inventory available more and more sales are being made through real estate agent networking groups. Word spreads quickly when a new home is coming up for sale and with plenty of buyers looking agents are forced to make offers quickly, often before the listing hits the MLS.

The last few years of dropping prices and high inventory were a boon for buyers. This year is looking more and more like the first true sellers market since the 2008 crash.

28414 Seamount Drive – Must See Palos Verdes Open House Sunday 1-4pm

Hady Chahine — Sun, 09 Dec 2012 20:05:39 +0000

Amazing 4 Bedroom in Palos Verdes – 8348 Square Foot Lot – Must See

We’re hosting an open house today from 1-4pm at 28414 Seamount Drive in Palos Verdes. This is an amazing home with a huge landscaped backyard featuring custom stonework surrounding a beautiful salt water swimming pool and jacuzzi. The remodeled kitchen features custom cabinetry, tiled backsplash, granite counter tops and stainless steel appliances. Truly a must see!

For additional details go to http://hhcrealestate.com/28414-seamount-drive-palos-verdes/10528 and stop by today at our open house. This is priced to sell fast so if you’re interested come by today or call Hady Chahine at 310-404-5361 to schedule a private showing.

Manhattan Beach Real Estate Market Update

Hady Chahine — Thu, 08 Nov 2012 01:39:05 +0000

As we predicted October was not a good month for the Manhattan Beach real estate market. For the month there were a total of 32 homes (Single Family Residence, Condominium, Townhouse) sold, up slightly from September’s 25 but still down significantly from the summer months. The Sand section continues to remain the strongest market area with 1o homes sold in October at a median price of $1,850,000.

The overall market median sales prices have also been dropping since summer, dipping to just over $1.2 million in October. The Sand and Tree sections have maintained their high median sale prices, hitting four month highs in October, but the median values for homes sold in the Mira Costa and Hill sections have dropped significantly since summer.

The drop isn’t due to lack of demand but lack of desirable inventory for sale. The Estimated Months of Inventory measure dropped to only 2.66 in October, down from 3.6 in September. In October there were only 85 active listings throughout Manhattan Beach, down from 94 in September. When you take a look at the recent drop in active listings it’s easy to see why home sales are down.

Active listings are down 38% from October 2011. In May of this year we had a high of 51 homes sold. This was directly correlated with the fact there were 142 active listings, also a high for the year.

It’s looking like the inventory trend is going to continue for the remainder of the year. The good news is if you are looking to sell right now is a great time. The lack of inventory coupled with the historically low mortgage rates is keeping demand for new listings high.

To get the complete Manhattan Beach market report for October please contact Hady at 310-404-5361 or click here to submit a request.

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Torrance Real Estate Market Update

Hady Chahine — Thu, 11 Oct 2012 00:46:12 +0000

September was another strong month for the Torrance real estate market but overall market is in danger of slowing down the next few months due to a lack of inventory. For the month of September there were 92 homes sales throughout the various areas of Torrance, including 10 sales in Hollywood Riviera.

The median sale price was $541,875. Both the number of sales and median sale price compare favorably month to month and year to year. August of this year saw 82 sales recorded with a median sale price of $540,000. For September of 2011 there were only 71 sales at a median price of $530,000.

Unfortunately inventory throughout Torrance is drying up. In September there were 202 active listings and 92 sales for a Sales/Listings ratio of 45.54%.

This extremely high Sales/Listings ratio has caused the Estimated Months of Inventory measure to drop to 2.2 months. This is likely going to result in a major drop in sales in October unless there is a dramatic increase in new listings the next few weeks.

For additional information on the Torrance market please contact Hady at 310-404-5361 or click here to submit a request.

Hermosa Beach Real Estate Market Update

Hady Chahine — Tue, 09 Oct 2012 20:32:13 +0000

September was a solid month for the Hermosa Beach real estate market with 23 sales recorded, up from 20 in August and equal to the 23 sold in July. The Sand Section was most active with 10 sales. The Valley section had its biggest month this year with 8 sales, while the Hermosa Beach East Section maintained its average for the year with 5 sales in the month. For the year to date the Sand Section leads the Hermosa market with 89 sales, followed by HB East with 45 and the Valley section with only 33 homes sold.

September was a particularly strong month in terms of median price sold with a market median of $1.23 million, up from $865,000 in August.

Year over year stats are even more impressive with sales up from 15 at a median price of $910,000 in September of 2011.

Unfortunately there are signs that the market may be in for a slower October. Just like the Manhattan Beach market, lack of inventory is starting to become an issue. The estimated months of inventory has dipped below 3 months for the first time this year. Active listings in September dropped to 67, down from a peak of 85 in July. With the tighter inventory we’re likely to see a drop in homes sold in October. The good news is if you are looking to sell it’s a great time to list.

For additional information on the Hermosa Beach market please contact Hady at 310-404-5361 or click here to submit a request.