Last year brought a dose of real estate reality to San Marino, which alone among Los Angeles County’s wealthy areas had managed to avoid the housing bust.
The San Gabriel Valley town endured a 7.2% decline in its median home price, erasing gains of the previous two years. Overall, 2011 turned into a battle of the beach cities.
Hermosa Beach was the big winner where home price gains were concerned and Malibu the biggest loser among ZIP Codes with medians above $1 million where at least 50 existing single-family homes were sold, according to statistics from San Diego-based DataQuick. But appearances can be deceiving.
Local luxury communities that showed the most price gains last year were largely just regaining previously lost ground. And because the median is the point at which half the homes sold for more and half for less, changes in the mix of what sold affect the median price.
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Category: Southern California