Real Estate Market Stats

As I have been writing about on this site North Redondo Beach is a HOT Seller's market. For buyers, that often means that getting the deal IS the deal. With a median home value in 90278 of $781,000., many listings are still within the budget of buyers including first time buyers.

Inventory has been low for quite a while as affordable listings are scooped up. Whether you measure the absorption rate by properties that have closed or by those which have gone into escrow, we have had about a month or month and a half of available listings throughout most of 2014.

90278 home values have gone up 5.2% over the past year and Zillow predicts they will rise 0.3% within the next year. The median list price per square foot in 90278 is $416, which is lower than the Redondo Beach average of $472 (includes South Redondo Beach). The median price of homes currently listed in 90278 is $752,300 while the median price of homes that sold is $789,500. The median rent price in 90278 is $2,595, which is lower than the overall Redondo Beach median of $2,800.  About half of the households are rentals. 

If you are a buyer looking for a distressed property in 90278, that train may have already left the station. There are 0.8 homes are foreclosed (per 10,000). That's not a whole lot, even though it is still just a few basis points higher than South Redondo Beach.

Additionally, the percent of delinquent mortgages in 90278 is 2.2%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 90278 homeowners underwater on their mortgage is 4.3%, which just isn't very many in the overall scheme of things

Many properties are townhomes (condos) and a good measuring criteria is price per sq ft which for 90278 right now is at $416 for the list price and $422 for the sales price. Don't misinterpret that though because 40.5% of listed properties have had price cuts which tells me that some sellers and agents have gotten just slightly ahead of the market.

As a seller, you may be asking why, if prices are supposed to go up next year, you should list now.

Great question.

There are a number of consideration. Right now interest rates are extremely low and as they go up, prices may not. Additionally, if prices continue to go up, then more homeowners will place their homes on the market which can also stifle price appreciation. If you are committed to selling and can get the price you want now, best to take your chips off the table rather than wait and risk any reversals. Not sure how much your home may be worth? Call me directly at 310 975 5139 for a confidential meeting and personalized CMA or if you like on line tools, check your home's value at FYI, I am extremely bullish on North Redondo Beach housing and am expecting price acceleration greater than Zillow forecasts.