South Bay area Real Estate Sales for 2010

As reported May 18, 2010 on DQNews.com (DataQuick) in Southern California as a whole, homes sales volume dipped slightly last month (see first 3 paragraphs and link to entire report below).

Here in the South Bay sales held steady, significantly ahead of March and April 2009 (see chart below) and the number of pending sales is higher than at any point in the past 18 months. Days on market are down and properties are holding, on average about 95% of their list price (based on 2674 sales in April).

Low interest rates, tax breaks and perceived bargains on homes are still the leading reasons for a percentage of buyers, low interest being the most compelling. Contrary to what many people (not in the market) believe, there are transactions happening. Banks are lending and buyers are closing deals and here locally the majority of properties purchased are not REOs or Short Sales. Of the 416 Single Family Residences, Condominium or Townhomes sold since January 1, 2010 (sample area: Walteria, the Hollywood Riviera, Southwood, West Torrance, North and South Redondo Beach) only 57 were classified as In Foreclosure, Notice of Default, Real Estate Owned or Short Pay.

Southern California home sales dip, median price rises from ’09

Southern California’s housing market leveled off last month as sales activity migrated ever-so-slightly from inland bargain areas toward entry- and mid-market neighborhoods closer to the coast. The overall median price was unchanged from the month before, but it jumped compared with April 2009’s low point, a real estate information service reported.

Sales of new and resale homes totaled 20,299 in Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties last month. That was down 0.9 percent from 20,476 in March, and down 1.0 percent from 20,514 for April 2009, according to MDA DataQuick of San Diego.

It’s possible that a significant number of sales that would otherwise have closed escrow in April were delayed until May as buyers tried to take advantage of new state tax credits effective May 1. In addition, those who rushed to sign a sales contract last month before the April 30 deadline for a federal home buyer tax credit would likely close escrow in May or June.

This report covers the entire Greater South Bay area. If you are interested in similar information on a more specific segment or multiple areas, please contact me with you needs.

The full report includes charts and data on: the Number of Homes For Sale vs. Sold vs. Pended, Average Price per SQFT, Average Days On Market and Sale Price/Original List Price Percentage, Average Price of For Sale and Sold.