Redondo Beach Market Trends: Condos and Townhomes

Redondo Beach Townhouse and Condo Sales
Whether you are looking to buy or lease in North or South Redondo Beach, chances are that many of the properties you come across will be Townhomes or Condominium. For the record, both are "condos" on the legal description and from a lender perspective. 

When we are referring to flat, apartment style properties we usually use the term condo while Townhome is reserved for multi story dwellings often with their own direct entrance from the street. Some Realtors will refer to multi level units in large buildings as Townhomes as well.

So how have these properties been performing over the last year? In a nutshell. very well.

The graph above indicates that while available units for sale have gone up 37% but under contract (in escrow) properties have increased 43%. While the sold bar seems to not be keeping up with the new listings, that is a timing issue and looking at the under contract number we're still in a Seller's market.

The reason this is still considered a Seller's market is that the months of inventory is still well below 3. I prefer the calculation in the following graph which consider UC (under contract) compared to sold because as I said before, closed escrow is a timing issue as much as anything else. To be fair your could say that not everything under contract closes. Some properties do fall out of escrow. Yes, I know you are shocked to hear that.

Often Buyers focus on price per SqFt. Good news it is up 12%.