The Redondo Beach Real Estate market is hot. Very hot actually. Year to date there have been 332 closed sales through the end of July. Currently, as of this blog post, there are 65 homes in escrow and most telling there were 63 closed escrows during July which was the most activity this year so far. Great time to be a seller.
If you are thinking of selling, the best practice relative to pricing still remains "price your home to sell quickly with multiple offers". The old adage of pricing higher to "leave room to negotiate" will wind up most likely costing you money. Yes, I know this is counter intuitive but the facts and data back this up (as does my own recent sales activity).
Here's some real data.
Of the closed escrow, 34 homes sold ABOVE, yes above as in higher than the price asked in the multiple listing service (MLS). Even more telling, of the 29 homes that went into escrow during the first 30 days, 18 were above the asking price and another 3 sold at the list price. Three that sold below, went for less than $10K below and then there were a few real estate agent questionable MLS entries/double sided deals that I would prefer not to get into.
Of the 20 listings that sold for less than the asking price, 15 of those were on the market for longer than 30 days. Sometimes the price reductions were substantial with homes going for $100K less than initially listed for in a "Seller's Market".
So, what's going on?
First, many buyers now expect that hot new listings will get multiple offers and over bids so this becomes something of a self fulfilling prophesy. On the flip side, buyers know value or at least a good deal when they see it and are prepared to bid listings up.
FYI, the median price of homes in Redondo Beach right now is around $850K. Of the July sales, there were 15 homes sold above $1,000,000 in North Redondo Beach which if not a new record may be close to it. Equally powerful is that there were 12 sales in the $900's.
On the flip side, North Redondo Beach remains one of the few LA County coastal communities where you can find a SFR under $1M and where starting in the $600's you can find a nice 2 or 3 bedroom townhouse often with a direct access garage.
TOP TEN HIGHEST SALES JULY 2015 90278
|Top 10 Redondo Beach Sales over $1M July 2015|
|Homes sold first 30 days on market|
OK for those who can read the small print, yes I know that one of these shows 31 days but that's really the same thing. At least to me. More later....