Buying Real Estate in Redondo Beach? Condos, Townhouses, and Single Family Homes for Sale

If you've been in the market to buy Redondo Beach Real Estate during the Spring and Early Summer of 2012 you may have noticed a few trends:
  • Inventory (homes for sale) is half of what it was one year ago.
  • Listings are selling quickly with multiple offers and often above the price listed in the MLS
  • Bank Owned Foreclosures (REOs) listed for sale have declined, and
  • Prices have gone up.
In other words, over the first six months of 2012, we have very quickly gone from a Buyer's market to a Seller's market. This is likely to continue for as long as demand outstrips supply and interest rates remain historically low and at all time lows.

So, let's take a quick look at what's for sale at the high end, low end , and middle of the market.

HIGH END SINGLE FAMILY LUXURY HOMES FOR SALE IN REDONDO BEACH

If you are in the market for a single family house, 3000 sq ft or over, on a 5000-7500 sq ft lot, the first three choices above offer excellent value, build quality, and location compared to almost any other homes else for sale in the Beach Cities or South Bay. The last two homes (on Speyer) are actually 3 levels and are a variation of the "tall and skinny" format with a downstairs bonus room opening to the backyard and a rooftop deck with neighborhood views.

For 2012 so far, there have been 5 home sales in North Redondo Beach over $1M with the properties already sold comparable to the 5 currently offered. The highest sold price so far in 2012 has been $1,230,000 for a 5 bedroom new construction single family house on Robinson in MLS Area 151.

If you are selling a $1M plus home in Redondo Beach, the current inventory is adequate for the next 6 months and we can project an absorption rate of approximately 1 house per month.

REDONDO BEACH REAL ESTATE FOR SALE UNDER $500,000

This list does not include the Senior Condos located on Artesia Blvd.

For slightly less than $500,000, buyers can find 3 bedroom attached townhouses on quiet east-west streets. Most of these will need kitchen and bathroom updates or remodels and buyers may be pushing back on the pricing as these would have sold for mid-high $4's late 2011. But, those daysa re gone and not likely return.

In the above list, we have included the short sale at 4528 182nd St because it appears as a Redondo Beach MLS listing even though the property is in the Torrance School District and has Torrance services. The bank owned foreclosure on Aviation is priced extremely aggressively due to the location.

Year to date there have been 56 property sales in Redondo Beach under $500,000. That would seem to indicate that the current inventory, or at least the more desirable units, will sell rather quickly and that the prices will hold or increase, particularly on the 3 bedroom units at about 1500 sq ft or greater.

FOUR BEDROOM DETACHED TOWNHOUSES FOR SALE

The market demand for 4 bedroom attached and detached townhouses remains strong and this is a segment where we've seen some of the greatest price appreciation. In fact, some properties have fallen out of escrow and come back on the market at a higher price point! If you are selling a detached two on a lot 4 bedroom townhouse in good to great condition, and a good Redondo Beach location, you will be very pleasantly surprised. These properties remain some of the best values along the coast.

For more information regarding Buying or Selling Redondo Beach Real Estate call 310 975 5139.

For South Redondo Beach Real Estate visit www.90277realestate.com and remember to check out Socalistings on Facebook.