Market Update North Redondo Beach Sales August 2016

North Redondo Beach Sales Remain Strong in August
August sales are in the books and 45 properties closed escrow in North Redondo Beach CA 90278 bring the year to date total to 326 properties sold. During the same period in 2015 we saw 369 sales. The falloff in closed transactions can most likely be attributed to the very low inventory we saw earlier in the year. If the current flood of new listings continues we should not be much behind where we finished last year by the time we get to December 31. The major difference will no doubt be sales prices which have spiked significantly.

How much? I'm glad you asked.

Last year during August there were 42 sales. The average selling price was $809,970 and the median was $797,500. The most expensive sale was $1,449,000 and the least expensive $202,329.

This year during August as mentioned above there were 45 sales with the average selling price clocking in at $937,888. The median was $925,000. Lowest sale was $428,000 and the highest $1,499,000. While it may not seem as if the top end went up much, there were 17 sales over $1M this year compared to 6 last year. Looked at another way that means that 38% of the North Redondo Beach properties sold are now $1M plus compared to 14% last year.

By comparison in South Redondo Beach there were 47 sales ranging from $389,000 up to $2.295M. There were 28 listings sold over $1M (61%). The average selling price was $1,089,295 and the median was $1,080,000.

Let's take a deeper dive into North Redondo Beach August sales.



REDONDO BEACH GOLDEN HILLS

Ten homes sold in the Redondo Beach Golden Hills accounting for 22% of the total sales for the month. Surprised? I'm not. The Golden Hills remains one of the most in demand South Bay neighborhoods. As I've written about previously, considering that this neighborhood is further west than parts of East Manhattan Beach at a fraction of the price, many buyers are chasing these Tall & Skinny SFRs on 2500 SqFt lots. Out another way, you could pay around $1.4M for a brand new gorgeous 2000+ SqFt house in the Golden Hills or roughly the same price (or more likely more) for a 3/1 1100 SqFt tract home in Liberty Village in Manhattan Beach.

A few things jump out at me looking at these sales.
  • 9 out of 10 homes sold over the asking price and the one that sold below went for only $10K under.
  • Remodeling is rewarded. A mid 80's 3/2.5 that was totally done went for $1.2M.
  • There will be multiple offers!


MLS AREA 151

This is the neighborhood just east of East Manhattan Beach bound by Aviation Blvd on the west, Inglewood Ave on the east, Artesia Blvd on the South and Manhattan Beach Blvd on the north. You will find everything from Single Family Residences to flat apartment like condos to attached and detached 2 on a lot townhomes. So there is far less conformity than in the Golden Hills.

The so called "TRW Tract" a neighborhood of SFRs is located in the furthest north east quadrant. Lot size in the TRW tract can be quite large with some in excess of 8000 SqFt.

There is a very large nice park located in the area and 2 Elementary Schools.

The power lines run through this neighborhood and proximity can be a drag on price as can houses close to or on any of the 4 main thoroughfares. As a result you need a lot of market knowledge to truly determine value. Great neighborhood for those who want easy freeway access or the Manhattan Beach lifestyle at Redondo Beach prices.

There were 14 sales during August (31%)





MLS AREA 152

This  neighborhood, located south of Artesia Blvd and bound on the west by Aviation Blvd is usually where you find the most sales activity and August was no exception. Think Vanderbilt, Carnegie, Rockefeller and Grant, home of the 3 on a lot townhomes and the other streets south of Grant bleeding into Golden Hills. Lots of density, not much conformity and lots of transitions.

There were a solid 20 sales, including the most expensive property sold at $1,499,000. With 44% of the sales and prices starting in the low $6's, if you are looking to buy in Redondo Beach, your new home may be here!

FYI, there is a large age restricted "Senior" complex in this neighborhood so when you see those prices in the low $4's, don't get too excited unless you are over 55.


El Nido

I've been saying it for a while now, some of the properties in this neighborhood are under valued. Large lots, SFRs -  many of which are new or newer, and convenient location. Somewhat of an "inversion" because many of the same houses in either West Torrance or South Redondo would sell for a lot more. Only one sale in August.


So that's it for this month, let's see what September brings.

If you like this kind of information, check out my Hermosa Beach and Manhattan Beach websites!