Market Update New Listings, Pendings and Open Houses North Redondo Beach Week of February 10th

MARKET HEADED TOWARD MORE BALANCE

If it seems to you like there weren't very many new listings in North Redondo Beach this week and the market is slowing down for new listings from the blistering pace of last year, you are absolutely correct. Over the last month or so, I've been writing about how the inventory of new construction homes for sale in 90278 has been distorting the market as to available inventory and now we are seeing how the market looks without that artificial support.

There have only been 4 new listings the week of February 10th and 2 of those went into escrow virtually immediately: 1608 Herrin in the Golden Hills and 2706 Carnegie Lane Unit C. That leaves only 2502 Vanderbilt Lane and 1719 Goodman Ave as the only new listings. Its kind of a curious coincidence that all the activity was in the east end of MLS Area 152 and The Golden Hills (Area 154). Go figure.


So, right now we are sitting at available inventory of 54 homes for sale in North Redondo Beach, 64 in escrow (MLS status Pending or Backup), but only 33 homes sold so far this year (29 in January and 4 in February). View current active MLS listings on the search map below (updates in real time).


Hopefully this is the lull before the storm. While it is somewhat beneficial to see more balance in the market, ie inventory approaching 2 months on hand rather than just one, we are well behind last year's pace of 500 sales. If sellers do not believe that they can sell for the price they want, most will not list their homes unless they are "have to sell" (divorce, death, relocation, illness, job loss, foreclosure, etc.) In fact, of the 4 new sales, the listing on Carnegie is a probate sale so at least 25% of the new listings have fallen into this category.

If there is a silver lining in this for sellers, it is that 13 properties went into escrow over the past 5 days indicating that buyers are plentiful and there is still strong demand. Of the 13 new pendings, 8 of the homes were on the market for less than 30 days and 7 for less than 15 DOM. Please note, the prices you see below are the last list price in the MLS and not the contract price. We will not know the final sales price until the escrows close.


There were the two sales that closed the week of February the 10th. I think they both are a good indication of where the market is at right now.


The "sweet spot" for buyers is still between about $675-$875K. If you have a 3 bedroom home to sell for under $650K, you will get a ton of activity if it is priced right. Two bedrooms under $500K are also in high demand. Townhomes, particularly 4 bedroom 3 on a lots are in high demand as are 3 bedroom rear "C" units. Anything built after 2000 that is in good condition is also finding a market rather quickly. It also feels as if there is an insatiable demand for Golden Hills properties.

If you've been reading my Buyer's Frequently Asked Questions series, here's part 2 of the video version.


OPEN HOUSES FOR SUNDAY FEBRUARY 16th


Follow me on Twitter @ellisposner for more Real Estate News, Trends, and Market Updates.

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