A few days ago, the local papers were reporting some negative headlines with regard to the national real estate market. A potential buyer came to me with a counter offer and referenced this headline as a way to back up his low offer. The very same day, as I made my way through the paper, there was a regional real estate article which highlighted the positive increase in median sales and sales volume comparing 2009 to this year. I guess you can pick and choose the news article that can back up your approach.
The national real estate market is irrelevant in my view. I prefer to use data from the MLS (multiple listing service) . I also reference the article from the August 25, 2010 Daily Breeze page A 15 that notes that in Redondo Beach (this does not include all the Riviera), the median home price is up 5.4% from July 2009 to July 2010.
To be more precise, the MLS data shows that the Hollywood Riviera tracks average sold prices up 2% this year from 2009. Also in the Hollywood Riviera: there has been a 38% increase in the number of homes sold this year over last year in the first half of the year.
With the large number of homes in escrow in the Riviera right now, we are on track for a dynamite year in homes sales in 2010!
Everyone has a different point of view huh?
