2017-02-22

Redondo Beach Home Values



Redondo Beach Home Values


Everyone loves to check out their home's value with instant online estimates. It seems that whenever you go to Facebook you'll even see one popping up in your news feed. Maybe even from me.

While these are all a lot of fun, the truth is they are not very accurate in Redondo Beach - even the ones that I offer (see above - but use it anyway!)

Maybe these online estimates are more accurate in other cities, particularly master planned communities with a few variations of the same floor plan. But around here, not really.

Here's why.

Redondo Beach Homes for Sale: Interactive MLS Map Search

Interactive Map Search


These are all the homes for sale in North and South Redondo Beach listed in the MLS including Single Family Residences (houses), Townhomes and Condos. The map will update in real time whenever you visit this site so come back often!

For the list version follow this link or click here for the full screen version of the interactive map.



QUICK SEARCH REDONDO BEACH PROPERTY LISTINGS


North Redondo Beach Homes for Sale
North Redondo Beach Townhomes | Condos
North Redondo Beach Houses
South Redondo Beach Homes for Sale
South Redondo Beach Townhomes | Condos
South Redondo Beach Houses

2017-02-20

Redondo Beach New Construction, Inventory and Prices



BUYING A HOME IN NORTH REDONDO BEACH?


If you've been in the market to buy a home in North Redondo Beach you may very well be frustrated by the persistent lack of inventory. As of this post there are 41 active listings and 50 in escrow. based on the "under contract" analysis that is less than 1 month of inventory on hand. (Using the historical run rate of approximately 500 sales per year yields the same result.)

But if we dig deeper, 16 of the 41 listings (39%) are new construction homes with an average days on market of 140! Wow. It should therefore be no surprise that any reasonably priced resale in average or better condition sells after the first weekend Open House and sometimes before.

Actually, digging deeper into the current available inventory two other data points jump out.

First, 3 of the listings are age restricted condos to 55+. So, that takes many Buyers out of contention and in my opinion makes the "true" inventory 38 units.

Second, net of the 55+ properties there are only 17 properties in 90278 listed for under $1M. Adding the 4 under $1M in South Redondo Beach and the 2 in Hermosa Beach it makes for a tough environment for Buyers on a budget in the Beach Cities. (Needless to say Manhattan Beach starts at $1M plus.

So, here's what is happening these days.

A new listing hits the MLS and every potential Buyer probably gets an instant notification on their mobile app of choice. They then head to the weekend Open House which is jammed. Offers are reviewed on Monday or Tuesday and the price gets bid up. A lot in many instances. Then Wednesday-Thursday new listings hit and the cycle starts anew.

Meanwhile, the new construction sits inflating both the inventory numbers and price points.

Many builders will start their new construction list prices very high to test the market. But while these properties are sitting Sellers of resale homes price their listings based on a discount to the new homes (because all things being equal no one will pay more for a resale than new).

At some point the builders may sell at a discount thereby bringing the gap between new and resale closer.

2017-02-16

Redondo Beach Pocket Listings and Off Market Properties



THE MYTH OF THE POCKET LISTING


Every year I sell a few properties that aren't listed in the MLS and don't show up on Zillow, Trulia, or any of the other major websites. Sometimes these are my listings or a property an agent in one of my networking groups knows about. For the most part the sales price is more or less "market value".

In fact this week I showed a few off market "pockets" to some prospective Buyer clients. None of them went anywhere. Hold that thought for a few paragraphs.

Many agents working Open Houses these days are telling Buyers that they have a (secret) list of pockets that you can see but only if you work with them. It is the 2017 version of that great urban legend of 2009-2010 the "Shadow Inventory". Back then, Agents were telling naive Buyers that there were great deals to be had in a (secret) list of foreclosures that only that agent had. Sure. But because everyone wants a bargain some Buyers bought into it.

Today's twist on this old theme is driven by Buyer frustration at the low inventory. And, make no mistake, it is persistently low. But most of the Agents touting their secret list really have nothing and are just trying to pick up new Buyer prospects.

WHY WOULD A SELLER NOT LIST THEIR HOUSE IN THE MLS?

2017-02-15

Redondo Beach Market Trends | February Mid Month Update



REDONDO BEACH MARKET TEMPERATURE


Other than the recent rain we've seen in the LA area the Market Temperature in Redondo Beach is "hot". A recent Open House I did on my listing at 2502 Rockefeller saw almost 25 couples a day on Sat and Sun and 5 offers. So, no doubt those other Buyers aren't going away anytime soon and there will continue to be multiple offers until the pent up demand is satiated. Which is not likely to happen anytime soon.

If you are a Buyer don't expect to see any major uptick in inventory anytime soon for all the same reasons that inventory has been persistently low: home owners are locked into historically low interest rates and for the most part only moving when there is a major life change such as job relocation, divorce, loss of employment, illness, etc.

For Sellers, while the market is certainly "hot", the recent uptick in interest rates has caused Buyers to expect more. Your home has to be presented well and priced right or you may get showings and activity but will not see the multiple offers we all crave.

MID MONTH REPORT CARD


February is obviously a short month with fewer business days but even so we are running behind what I would like to see in some categories.

North Redondo Beach 90278

  • Closed Escrows 11
  • Open Escrows 53   
  • Active Listings 42

South Redondo Beach 90277

  • Closed Escrows 12
  • Open Escrows 37
  • Active Listings 42

I like to see run rates of around 40+ sales per month for each zip code. While it is mathematically possible to hit that over the balance of the month, I would be surprised if we end up out of the 30s.

After very weak closed sales in January of 22 properties in 90278 and 19 in 90277 it may look to some casual observers as if sales are "slow". With March being a longer month and more listings starting to hit the MLS, expect to see a string finish to Q1 2017 as we enter the traditional selling season.

2017-02-14

Redondo Beach Townhome for Sale: 2411 Carnegie Lane Unit C


2411 Carnegie Lane Unit C Redondo Beach CA


This is by far one of the nicest 4 bedroom 3 on a lot rear unit townhomes you will find in North Redondo Beach. Built in 2005 by Casner Construction everything about this rear end unit on a quiet section of Carnegie Lane is exceptional. Downstairs are two bedrooms both of which have wood frame doors leading to the oversize backyard. There is also a full bath and direct access to the 2 car garage. Upstairs are 2 more bedrooms and 2 full baths, one ensuite in the master bedroom and the other in the hall. The great room is much larger than typically found in 4 bedroom 3 on a lot floorplans as is the "to die for" kitchen with double ovens and gorgeous counters and cabinets. There are also real hardwood floors upstairs that have recently been refinished. Tons of detail through out including high ceilings, wood doors, 8 foot doors, coffered ceilings, crown molding. There is a large private backyard accessed through doors in both downstairs bedrooms and 3 full baths. Wow. Conveniently located near shopping, freeways, restaurants, malls, and only 15 minutes to the beach, don't miss out on this one! Put it on your list to see because you will want it to be your new home. Priced at $875,000.


3D VIDEO TOUR

2017-02-03

North Redondo Beach Market Update | January 2017 Sales


January 2017 North Redondo Beach Market Update


It should not be surprising that considering the seasonality, increase in interest rates and general economic uncertainty that closed sales in North Redondo Beach slowed to only 22 properties during January.

By comparison, there were 19 closed sales in South Redondo Beach 90277, 14 in Hermosa Beach, and 23 in Manhattan Beach CA. This is one of the few times in recent memory that Manhattan Beach outsold North Redondo.

As of this post there are 47 active listings in North Redondo Beach and 43 in Escrow. So looking at absorption rate we are at 2 months based on sales and one month based on the under contract calculation.

If you are a Buyer, we are still in a Seller's Market right now by either calculation. If you are a home owner the market conditions are still very favorable if you are considering selling in 2017.

Key North Redondo Beach Market Metrics for January


The following numbers are taken directly from the MLS data:

  • Prices Range $740,000 up to $1,725,000
  • Average Sales Price $989,886
  • Median Sales Price  $927,000
  • Average Days on Market (DOM) 44
  • 11 Homes Sold Lower than the List Price
  • 6 Sold over the List Price
  • 6 Homes were New Construction
  • 10 Properties were Single Family Residences (SFRs)
  • 12 Sales were Townhomes
  • MLS Area 151: 10 Sales
  • MLS Area 152: 4 Sales
  • MLS Area 153: 1 Sale
  • MLS Area 154: 7 Sales

Let's take a look at some individual sales.