Redondo Beach Real Estate Market Trends

Zillow Median Home Values
I'm a little more optimistic than Zillow regarding Redondo Beach price appreciation in the coming year. While I don't expect to see the same hockey stick effect in the major spike since 2014 (wow), I think price appreciation will be better than a flat line.

Here's why.

Compared to rents, owning is a far better option and Redondo Beach remains in my estimation the best deal all things considered in coastal LA County when you factor in lifestyle, schools, freeway access, proximity to jobs and many other factors.

Let's take a deeper dive.

August closed escrows in North Redondo Beach continued on a steady pace with 42 homes sold which while lower than the 64 sales recorded in July still reflects a healthy market that remains tilted towards sellers.

Many properties are still selling at or above the MLS offered price and these most often go into escrow the first 10-15 days on market. Certainly after 30 days the it is less likely to see a listing go above the asking price although it does happen if, for example, something had fallen out of escrow.

Looking at the four MLS Areas 151 and 152 remain about equally divided in sales with 15 properties sold North of Artesia Blvd and 18 sold in Area 152 South of Artesia Blvd. Golden Hills had 7 sales and the price appreciation in that neighborhood continues. The highest priced sale was in El Nido, MLS Area 153 which as always in under represented in volume compared to the others.

As for actual price movement, nineteen homes sold above the MLS list price and ten sold below. Does that mean the others sold at their list price? Yes, over 70% of homes that closed escrow in August were at or above the listed price.

Back to the graphic upper left.

This is Zillow's median  Zestimate valuation on any given day. So around $850K is what they think the median home price is. I would tend to agree but based on some different data points.

For the 90278 August sales I was discussing, the median is $795,000. However when I look at all the sales, both North and South Redondo Beach (90277-90278), that median price point is $839,000. (If you are interested in a similar analysis for South Redondo Beach jump over to 90277realestate.com.)