Redondo Beach Real Estate Market Update: MLS Changes of Status

If you've been on a house hunt in Redondo Beach CA recently, you are probably very aware that available housing inventory has been declining, prices are increasing, and any reasonably priced desirable properties are getting multiple bids usually above the MLS listing price. This is true for all types of homes (condos, townhouses, single family residences) and in all price ranges.

The week of October 8th is a pretty good snapshot of why we've quickly switched from a buyer's to a seller's market in Redondo Beach and the Beach Cities in general.

There were only 6 new MLS listings in North Redondo Beach 90278. That's right, not a misprint, just 6 new active Redondo Beach listings. During the same week, 10 homes closed escrow (MLS Status Sold) and 12 listings went into escrow (MLS status either "backup" or "pending"). As a point of clarification, 2 of the listings (1618 Carver and 2610 Vanderbilt Ln Unit C) are being counted twice because they went into escrow the first week they were listed. That leaves us with net new 4 MLS listings in 90278 this week and one of those, 2319 Ralston Lane, is a recycled expired MLS listing.

So, it doesn't take a lot of number crunching to 

Probably our favorite new MLS listing this week (already in escrow), was  1618 Carver St (pictured above). This 3 bedroom, 2.5 bath 1881 sq ft single family Golden Hills home has stunning city and mountain views from the great room window on the second floor to the rear facing east. The home has a number of updates and remodeling and shows very well. (Sellers have impeccable taste.) As with most Golden Hills "Tall and Skinny" single family homes, it sits on a 2500 sq ft lot. It was initially listed for $759,122 (yes, you guessed it, the extraordinary Robert Freedman of RE/MAX Beach Cities in Manhattan Beach). We can share with you that with multiple offers (we believe at least 4) it went above list price but well within our predictive range of +/- 3% of listing price. We'll have to wait until it closes to tell you more. As far as we know, the buyer is represented by Shorewood Realtors Hermosa Beach.

These are the listings reported by the multiple listing service as sold during the week of 10/8/2012:

 A few quick observations:
  • 30% of the closed sales are short sales. 
  • The short sales sold at or above the price listed in the MLS.
  • 2 of the three short sale listings were listed by Shorewood Realtors Hermosa Beach.
  • It's a 3% plus or minus market. Most listings will sell within that range depending on how long they have been on the market, short sale or standard sale and how well the property was priced initially.

The use if backup and pending has created a lot of consumer confusion. Here's some guidelines and hints to sort this out.
  • Backup means that while the seller has accepted an offer, "backup" offers are being entertained in case the current escrow cancels.
  • Many of the national websites such as Realtor,com, Zillow, Trulia etc display backup MLS listings along with active MLS listings.
  • Pending usually means that the buyer has removed all buyer contingencies and that the parties are waiting for the escrow to close.
  • Confusion is created because some listing agents place properties in pending even though all buyer contingencies have not bee removed while others place the property in backup as soon as escrow is opened.
So, these are the North Redondo Beach homes that went into escrow, either pending or backup, per the MLS during the week of 10-8-2012.

Whether you want to buy, sell or invest in Redondo Beach Real Estate, we hope you find this update useful. Buyers, good luck in your home search. Feel free to call 310 975 5139 at any time for help in your house hunt and answers to all your real estate questions. To make things easier, here's some quick MLS searches for Redondo Beach homes for sale.

Redondo Beach MLS Search: Real Estate Listings for Sale less than $500,000