Market Update for the Los Angeles Beach Cities, 2011 vs 2010
Manhattan Beach average sales price for single family homes in 2011 was down 3% over 2010 with 7 more properties selling in 2011. The average sales price for townhomes on the other hand was up 7%! Just two fewer properties sold in 2011. Why the jump in average sales price? In 2011, 9 townhomes sold over $2 million, whereas in 2010 no townhomes sold over $2 million. Hopefully this increase continues.
Hermosa Beach average sales price saw a decrease in both single family homes and townhomes, down 5% and 3% respectively. 7 fewer single family homes sold in 2011, however 21 more townhomes sold showing an excellent increase in this market segment.
Redondo Beach also showed a decrease in average sales price for both single family homes and townhomes, 4% and 3% respectively. The number of properties sold were the reverse of Hermosa Beach with 22 more single family homes selling and 8 fewer townhomes.Â
Manhattan Beach is overall the most expensive market, followed by Hermosa Beach and then Redondo Beach. The data above indicates that even though prices were generally down in 2011 from 2010, money is being invested in the most affordable areas. Manhattan Beach townhomes vs single family homes. Hermosa Beach townhomes with a significate increase in number of properties sold over more expensive single family homes. Whereas in the more affordable Redondo Beach market, there was an excellent increase in single family home sales.