|Redondo Beach Golden Hills Homes are in High Demand|
I knew it was coming based on the number of properties in escrow but was still somewhat surprised when I saw the final closed sales in North Redondo Beach 90278 for April 2016: 53 properties closed escrow. This was up substantially from Q1 when there were only 89 sales in total. And with 67 listings in escrow as of this blog post we can expect another strong month for closings during May.
The flip side is that we have been trending at about 30 active listings in 90278, except for Thursday mornings, at any given point. So whether based on sales or properties "under contract", the absorption rate available inventory looks to be over 100% and somewhere between 2-3 weeks. Great for sellers, not so much for buyers.
Here's a few things that jump out at me looking at April sales.
- Median Price is $882,000 but the average sold price is 935,662 indicating that.....
- Prices are still going up with no end in sight (yet).
- 20 homes sold were built 2000+ and 4 new construction.
- Prices ranged from a low of $565K all the up to $1.5M.
- 21 homes sold for over $1M (39.6%).
- 11 sales in the $700's, 7 in the $800's and only 5 in the $9's
- 27 listings sold in 30 days or less
- 29 properties sold at or over the list price which means that.....
- 24 homes sold at a discount to asking.
- The longer the listing was on the market, the more likely it sold for less than asking price.
REDONDO BEACH GOLDEN HILLS
Homes in the Redondo Beach Golden Hills neighborhood are in high demand. Very high demand to be more precise with 15 out of 53 closed listings occurring in MLS Area 154. Prices ranged from $715K up to $1.5M.
Eight listings sold at or above asking and seven below. For properties that did get bid up, $50K over asking was not uncommon at all. SFRs were 14 of the listings with one detached 2 on a lot townhouse thrown in for good measure (pictured above - very rare to find in this neighborhood).
If you are in the market to buy a Golden Hills "Tall & Skinny" be prepared to spend $1M or more for a nicer newer example or a remodeled older 70's 80's property. Median price for April was $1,025,000.
Buyer demand seems equally split between the Triangle area adjacent to Manhattan and Hermosa Beach and the streets around and within walking distance to Jefferson Elementary. Anything larger than the standard 1888 SqFt reverse floorplan 3 bedroom on a 2500 SqFt lot will bring a higher price particularly with a neighborhood or mountain view.
Here's the April Golden Hills sales recap.
MLS AREA 152 - VILLAS SOUTH
This is the area south of Artesia Blvd which, east of Aviation Blvd and North of parts of Golden Hills and El Nido. Whatever the market conditions, this area seems to have a lot of activity. For April there were 16 sales primarily townhomes, both attached and detached. You'll find most of the Redondo Beach 3 on a lots in this neighborhood. If you are not familiar with 3 on a lot townhomes, these condos usually feature the same floorplan as Tall & Skinny SFRs. That is living room, dining room, kitchen and master bedroom upstairs with 2 bedrooms down.
Right now you can expect to pay around $800K for one of these townhomes with front and rear units selling for more. The rear units, with an exclusive use backyard, sell at a premium as do some 4 bedroom properties.
You'll also find 2 on a lot townhomes, both detached and attached as well as 2 bedroom townhomes. At $800K you start to get the nicer properties and around $1.2M a detached townhouse that is very much like a SFR except for the shared driveway.
MLS AREA 151 - VILLAS NORTH
|New Construction 2 on a lot|
Also thought of as "East" East Manhattan Beach this neighborhood is located south of Manhattan Beach Blvd and North of Artesia just east of Manhattan Beach at a fraction of the price. The power towers and electric lines run through this area so at least there is a greenbelt underneath to compensate. The "TRW Tract" comprised of SFRs is located in the northeast quadrant.
For April, this neighborhood outperformed the others with 19 closed escrows.
REDONDO BEACH EL NIDO
The forgotten land of primarily SFRs located south of Ripley to 190th St and east to the Torrance border saw only 3 sales. Just not a lot of activity there right now for whatever reason. My prediction is we will see a price spike after West Torrance SFRs become totally unreasonably priced. Sort of like right now!