North Redondo Beach May 2016: Sales Remain Strong



May came in as another very strong month for North Redondo Beach Real Estate Sales with 51 closed escrows remaining on about the same pace as April which was the best month with 53 sales. So after a rather slow start to the year we are back on a very strong pace right now.

But a word of caution for sellers: inventory is increasing and we are seeing both price stabilization and even reductions. In fact, as I write this I see that there are 51 active listings (quite a coincidence) of which 36 are "new" in that they have been on the market for less than 30 days. So, if you've been waiting to sell, so have some of your neighbors and you may be in a less competitive, albeit more balanced, market.

I'm also seeing 55 homes in escrow. So all in all things are balanced and if you are a buyer, there is some light at the end of the tunnel.

Here's a few things that jump out at me looking at May sales.
  • Median Price is $880,000 but the average sold price is 952,716 indicating that.....
  • Prices are stabilizing.
  • 15 homes sold were built 2000+ and 4 new construction.
  • Prices ranged from a low of $555K all the up to $1.65M.
  • 19 homes sold for over $1M (37.2%).
  • 29 listings sold in 30 days or less.
  • 39 properties sold at or over the list price which means that.....
  • 12 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.