North Redondo Beach had a nice recovery from Jan-Feb when sales were paltry but with low inventory of only 32 homes for sale, 90278 remains the hottest South Bay market by far.
With 38 sales in March, we are looking at less than 30 days of inventory on hand making for an extreme Seller's market.
Because the price point drops significantly from Manhattan and Hermosa Beach which may be part of what makes 90278 so hot.The median sales price was $862,000 and the "average" sales price was just about the same at $863,393. So, still "affordable" at least as things go these days.
Last year during March there were 54 sales so that's quite a drop off but mostly attributed to inventory shortages. Q1 2015 sales were 108 in N Redondo and this year Q1 sales were 89. That's a 17% drop off. With 32 active listings and 69 on escrow 90278 is an extreme Seller's market.
Prices may continue to escalate with the huge buyer demand we are seeing.
My opinion is that Redondo Beach has the potential to show the most appreciation in the South Bay over the next 5-7 years and South Redondo Beach may outperform 90278 once the public gets more familiar with the Redondo Beach Pier Revitalization plans. In particular I see a very big uptick in the homes North of Torrance Blvd on both sides of PCH.
Inventory in 90277 is a little healthier than 90278 with 44 active listings, 62 in escrow, and also 38 sales in March. Q1 South Redondo Beach had 87 sales this year, pretty much on par with North Redondo Beach. Last year during the same time period there were 79 sales so you see where the trend line is going.
For March 2016, the average selling price was $1,215,867 and the median price was $1,050,000. Homes are taking about 55 days to sell in 90277.