Redondo Beach Home Prices, Trends, and MLS Search

Maybe it was the Black Friday sales after Thanksgiving or possibly Cyber Monday but however we got here, there are only 38 homes listed for sale in the MLS (multiple listing service) in North Redondo Beach CA 90278. Even considering that this is supposedly a slow time of year to sell Real Estate, this is an extremely low inventory level.

By comparison, and this may seem wrong when you first read it, there are 92 homes in escrow in North Redondo Beach (MLS status backup or pending) and 23 have "sold" meaning the escrow has closed so far through 24 days of November.

This is inevitably leading to an increase in sold prices by any measure. The buyer looking for a "deal" is best served by understanding that the deal is to be had by buying now before homes prices or interest rates go up or both. If the appraisers weren't so conservative right now, we would possibly even be seeing greater price acceleration with mortgage interest rates firmly below 4% and in many instances even below 3.5%.

So, back to available Redondo Beach homes for sale and price trends.

The greatest availability is found on homes priced between $500K and $700K where is where more than half the inventory is currently priced. The lowest priced 3 bedrooms are in the low $500's and we're unlikely to see a 3 bedroom listed for sale in the MLS below $500K anytime soon unless it is a short sale priced to get an offer now. As we have discussed previously, this is also the price range that is most compelling for buyers to convert from renting to buying as the monthly carrying cost may very well be less to own than to rent.

As for Single Family Homes listed in the MLS, you have to be willing to go over $550K for anything and that doesn't even buy that much. SFRs are about 35% of the inventory right now ranging in price from $549K for a short sale on Harriman Ln up to $1.179M for a new construction single family home at 2620 Robinson St. That property goes out at a little above $400 sq ft and has just over 2900 sq ft of living space. Robinson is not the most expensive SFR MLS listing in N Redondo Beach. That distinction goes to 2919 Gibson Pl for a 3449 sq ft SFR built in 2004 and currently listed for $1.219M.

Detached townhouses have also all but sold out. There were a number of detached 2 on a lots including new construction that were priced up to the high $800's. All gone. There is one detached townhouse in the Torrance section of North Redondo which is a non starter for most buyers and then there is ex Laker player and assistant coach Brian Shaw's corner lot detached townhouse at 2023 Dufour Ln in MLS area 151 Villas North (of Artesia Blvd). That property is priced at $999K in the MLS and offers 5 bedrooms in 2840 sq ft.

So that leaves buyers with for the most part the choice of a bunch of 20-40 year old attached townhouses in various states of either deferred maintenance or various updates.

The other trend we are seeing is homes selling before they hit the MLS. This is particularly true for new construction. For example, the very well done new 3 on a lot project at 1915 Grant (pictured above), it appears units A and C may have sold before they were listed in the MLS. Too bad, really nice new townhouses.

Not that we have a crystal ball or anything, but we're expecting to see the current inventory trend continue through next spring, of not longer. As a result, we are predicting home prices in North Redondo Beach CA 90278 to continue to increase up to 15% above today's prices for 2013 unless interest rates rise substantially or Congress throws us off the fiscal cliff and beyond by changing the mortgage interest deduction or other aspects of the tax code that make home ownership with a mortgage so compelling for millions of Americans.

Do you want to buy a home in Redondo Beach CA. Follow these links to search the MLS for North Redondo Beach CA 90278 Homes for sale: All Redondo Beach 90278 MLS Listings; Redondo Beach Single Family Homes for Sale; Redondo Beach Condos and Townhouses for Sale, Redondo Beach Short Sale and REO MLS Listings.

For similar information on South Redondo Beach, visit www.90277RealEstate.com or www.90254RealEstate.com for Hermosa Beach CA and www.90266RealEstate.com for Manhattan Beach CA. Call 310 975 5139 for more information or to buy, sell, list or invest in South Bay Beach Cities Real Estate.