Housing Update North Redondo Beach CA: Inventory Rising, Sales Slowing

Redondo Beach CA Craftsman SFR
After the torrid pace that we saw earlier this year and during the spring and early summer, there's no doubt that sales activity is leveling off. Unfortunately, this is not helping buyers at all (at this point) as many sellers continue to over price their listings.

Currently there are 64 active MLS listings and 61 in escrow (MLS status backup or pending). Of the current active North Redondo Beahc litsings, 23 are Single Family Homes (SFR) with the balance being Townhomes and Condominiums. On average these homes have been on the market for 53 days and are listed at $785K.

During September 40 homes closed escrow in North Redondo Beach. Year to date including September 375 homes closed. At this rate we'll more or less end up with about the same number of closings as 2013 which was 511.

During September, the most expensive house that sold in North Redondo Beach was a 5 bedroom, 5 bath, 3675 SFR on a 10,000 sq ft lot with a pool at 2417 Ives in the El Nido neighborhood. (Pictured above.) This spectacular Craftsmen style SFR was built in 2000 and also featured a separate 1 bedroom guest house and a 3 car garage plus RV parking. It started out at $1,425,000 and eventually sold for $1,350,000. Merit Real Estate was the listing agent.

North Redondo Beach Million Dollar Home Sales 9.2014
Including 2417 Ives, there were 9 sales over $1M in N Redondo Beach. If I count the one that closed at $999K, then 25% of the North Redondo Beach sales were at $999,000 or over one million. That's fairly stupendous and should show where prices are headed at the beach. If I ratchet back to $899K, we're at 40% of the sales being at essentially $900K or more. We're talking about N Redondo and those are big numbers. So, still comparatively affordable but who knows for how long.

Exactly half of the properties, 20, sold for the asking price or higher. But those prices for the most part reflect the market 60 days ago and we may be entering a different cycle right now.

Of the 64 active Real Estate listings, 25 have already had price reductions. Of the 61 in escrow, 24 have had price reductions. So clearly many sellers are discovering that the only way to sell is to reduce the price first.

Curiously, or maybe not so, many price reductions occur at the lower or medium price points where sellers may be getting just a little too far ahead of the market a little too soon.  My best advice to anyone selling their home right now is to price right.

Golden Hills (MLS Area 154) continues to be hot with most Tall and Skinny SFRs finding new buyers relatively quickly. 1750 Dixon sold for $827,000 which I thought was a good deal after initially being listed for $808K which I think was too low. 1811 Goodman went for $839K. Kind of interesting pricing on these two. I think Dixon could have sold for a few dollars more if it started higher but probably Goodman started too high. Who knows.

1717 Morgan Lane which is just a little bit newer sold for a lot more: $900,000 after being listed for $920K which was definitely too high. That house is just a little bit newer but had new pipes, decks, roof and more. I can tell you that those upgrades are more extensive to do than you might think and time consuming as well.

All of these properties are your standard Tall and Skinny with the reverse floorplan (living upstairs, 2 beds down). Speaking of Tall and Skinny houses and pricing, the 2 Amir Amiri new construction units on Clark look like they are still sitting. If you recall, these are 4 bedrooms standard floor plans houses priced at $1,195,000 and $1,245,000. I'll be curious what the seller adjust the price to when it becomes apparent that people to not want to live next to Joe Kerby's auto repair. (Nothing against Joe mind you.)
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