May Sales in the Beach Cities Real Estate Market

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Sales trends we saw in March and April continued in May, 2012 .  In Manhattan Beach closed sales increased to 60 in May (51 in March and April), an increase of 38% over May, 2011.  The average sales price was $1,678,000.  The really impressive figure to note, however, is that these sales were achieved with almost half the inventory of a year ago.  Manhattan Beach homes for sale account for less than a two month supply which hampers buyers and results in many multiple offer situations.

Hermosa Beach saw 24 closed sales in May up from 19 sales in March and 15 sales in April. but nearly flat against a year ago (May, 2011 23 sales.)  There were just 2.7 months of inventory available, and the average sales price the average sold price was $938,000.

Redondo Beach, the largest of the three beach cities, had 95 sales in May, up from 75 in March and 65 in April.  And with 103 properties in escrow you can expect high sales figures in June as well.  Inventories have dropped dramatically to just 1.7 months compared to a much more normal 4.8 months a year ago.   That is a drop from 305 units for sale in May, 2011 to just 164 in May, 2012.   The average sales  price in Redondo Beach is $679,000. 

Sales figures are based on reported sales and inventory in the CRMLS as reported by Trend Graphics and independent data collector.  If you would like to see a graph presentation, check the Real Estate Trends tab on this website.  Contact me to find out how these trends have affected your home or specific property.