Redondo Beach Market Update Townhomes Condos Houses For Sale Closed In Escrow

While the national elections and ensuing incessant media coverage has certainly placed a cloud over the real estate market, desirable properties and those that are well priced (which is often one and he same) continue to see activity.

The fourth quarter historically does see some slowdown in activity as people focus on the holidays, celebration and family times.

That being said, if you are a buyer looking for a "deal",  this may be your best opportunity to time the market before interest rates go up.

For sellers, you can rest assured that any buyer in the market this time of the year is most likely very serious and not just kicking tires.

That being said, here's your weekly update for Redondo Beach CA for November 1-8 2016

North Redondo Beach Week in Review

Through the first week of November in North Redondo Beach there were 9 closings, 12 homes went into escrow and 4 new listings.

A few things jump out at me looking at the first week in November.

First is that the high end keeps pushing upwards with 7 of the 12 properties that went into escrow listed above $1M and 4 above $1.3M. These are simply not price points we have historically seen in 90278. Ever. This also follows the trend of last month's sales with the higher end pulling up the average selling price, if not the median, to over $900K.

Six of the seven new escrows over $1M were in the Golden Hills with 4 of those being on either Harper or Stanford Ave the two streets furthest west in North Redondo. (graphic to the left).

I should also bring to your attention that the highest priced property, 1114 Stanford listed at $1,750,000 sold off market (0 DOM). Amazing. I would also point out that we are seeing a lot of new or newer construction at the higher price points and that should not be a surprise to anyone.

Over the past few years I have been advising buyer clients that a) North Redondo Beach is the best coastal value in LA County and b) the westernmost streets adjacent to either Hermosa Beach or Manhattan Beach will see rapid price appreciation because of the extreme price savings achieved going just a few blocks further east. Both of these predictions are now coming to fruition.

Including the 12 homes that went into escrow over the last week, there are 62 properties in North Redondo Beach under contract. Presumably a good portion of those close this month even though we will lose a few days of processing around Thanksgiving. That being said, it will still be a mad dash all in all to get to the 533 closes sales we saw last year (2015).

The 58 active homes for sale we currently see listed in the MLS definitely trend higher than earlier this year. In fact, as you can see on the chart below, as the month's supply of inventory has trended down, the DOM, days on market tends to follow because when buyers see less properties available the tendency is to jump on what is available.

North Redondo Beach Market Report

Click on the picture or follow this link for an up to date report.

A few observations. First is that properties are taking a lot longer now to sell than previously and often doing so below the asking price.

Second is that the days on market is distorted due to the "active under contract" status in the MLS which has replaced the backup offer status. There needs to be some standardization and a calculation made from the initial date the listing was active up to when it goes under contract. This will help the public understand better what is going on.

MLS Search Newest Listings in North Redondo Beach

Click on the picture or follow this link to view the newest listings.