This is my first post on El Segundo home sales. Sales volumes here tend to be low and so it can be difficult forecasting trends or making historic comparisons over specific time frames. For example, last month there were only six closings, bringing the year-to-date total to 11 sales. Last year over the same period there were 17 sales. What makes this drop particularly noteworthy is that all of the other cities in the South Bay area have actually had significant increases in total sales this year. The good news in the sales numbers is that the median price last year over these two months settled in at $636,000, whereas, for this year the price has jumped to $680,000. Again, the low sales volumes make doing these types of comparisons somewhat problematic, but there still may be some telling signs in the numbers. A closer look at last year’s closed sales shows that four of the sales were of 40 year old condos priced between $260,000 to $285,000. Nonetheless, even with these sales removed in an attempt to better gauge the strength of the remaining sales activity, the median price only moves up to $660,000, which still reaffirms the gains in this year’s price.
The number of closings may be off from a year ago, but the number of open escrows climbed to 19 when seven new sales were added in February. There may very well be a large increase in closings over the next month or two as these escrows wind their way through the process. The inventory of active listings stands close to four months with the addition of seven new homes on the market this past month. This relatively low inventory level may impact sales activity in the summer months.
The price range of sold El Segundo homes in February was $550,000 to $758,000. This is an additional differentiator from the other South Bay cities with respect to home sales in that the ratio of highest to lowest price sales prices is a small fraction of what might be seen elsewhere. In Manhattan Beach or Hermosa Beach the ratio can and often does exceed ten to one.
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Posted by Tony Cordi 
