October 2016 Sales are in the books and we saw 44 properties close escrow in North Redondo Beach 90278 and 29 in South Redondo Beach. (To review the S Redondo October sales head over to 90277realestate.com.)
In North Redondo Beach, for the prior 9 months there were 364 closings averaging around 30 per month. So we're up roughly 10%. Even so, it doesn't look likely that the total sales for 2015 (533) will be topped during 2016. For that to happen, everything in escrow would have to close plus everything currently for sale and a few more not yet on the market. Most likely we see 480+ sales in 2016, a decline of around 10% compared to the prior year.
That being said, prices are up for sure.
For 2015 complete year the median price in 90277 was $814,500 and the average sales price was $839,788.
For October 2016 the median sold home sales price in North Redondo Beach was $873,500 and the average price was $929,236. If you are wondering why the average is so much higher than the median it is because for October there were more sales prices at the high end which affected the weighting.
Year to date including October we are looking at a median of $879,00 and an average of $909,993 for North Redondo Beach.
All in all a nice trend line if you are a home owner even if it does take longer to sell now, about 38 days on market this year.
For those who might be interested, year to date there were 23 sales in Hermosa Beach and 41 homes sold in Manhattan Beach CA during October. Price wise, the top end of North Redondo Beach is the lower mid range of Hermosa Beach with the difference being that in North Redondo you will get a bigger newer house on a larger lot. Further from the Beach for sure.
Let's take a deeper look into the October North Redondo Beach Sales.
North Redondo Beach Townhome and Condo Sales October 2016
This is where I always get the questions "what's the difference between a townhouse and a condo?"
From a legal description, title, and lending perspective they are one and the same. No difference at all.
From a terminology point of view we tend to describe flat units as condos and multi level properties where there is no one above or under you as a townhome. A lot of townhomes look like what in other parts of the country might be described as row houses.
To further complicate things, often people new to the area might think of Tall and Skinny SFRs in the Golden Hills as townhomes when those are SFRs and don't understand why totally detached properties that look like small houses (think 2 on a lot) are townhomes. It can be confusing.
Now that that's out of the way, here's the sales recap.
For October there were 27 townhomes or condos sold. That includes 2 truly flat units (one was an age restricted property) with the balance being townhome style. Of the townhome units, 14 were detached (no common walls) and the balance were attached to at least one other unit.
The median price was $845,000 and the average sales price was $883,626. These properties took, on average 39 days to sell.
If it seems surprising that the high end of these sales is where it is, please remember that much of the new construction in N Redondo Beach is townhomes and they are often built 2 or 3 at a time.
North Redondo Beach Single Family Residence Sales October 2016
There were 17 Houses (SFRs) sold during October with a median sales price of $898,500 and an average price of $1,001,676. The average being pulled up so much based on the over weighting of the top end. New construction Single Family Houses in North Redondo Beach are now selling at $1.5M-$1.6M+.
Sales by MLS Area
MLS Area 151 N of Artesia Blvd 22 sales
MLS Area 152 S of Artesia Blvd 12 sales
MLS Area 153 El Nido 2 sales
MLS Area 154 Golden Hills 8 sales