So we're sitting at historic lows for listings in North Redondo Beach with only 28 active as of this afternoon. No, I haven't had too much of that green beer on St. Patrick's Day. Less than 30 homes for sale. There's actually almost double that amount in escrow.
Based on last year's average of 45 homes sold per month in 90278, we have a little more than 2 weeks inventory. That's why we are seeing so many multiple offers, over bids and tough terms coming back from the sellers.
How long does this last? Depends on who you ask but there are a few theories floating around.
One is that this goes on for quite a while because the factors that created this situation - high rents, few move up buyers, historic low interest rates, etc aren't about to change anytime soon.
Another theory is that we hot a critical mass where the demand and prices have gone up so much that everyone who is on the fence about listing and selling decides to jump in and get out while the prices are high. the only thing that may disrupt that would be a dramatic increase in interest rates.