North Redondo Beach Real Estate Market Overview
Homes for sale in North Redondo are in very high demand.
Buyers find that the price point offers great value when the lifestyle, jobs, schools, proximity to work and travel are all factored in. Chances are very strong that even though many properties are selling at their previous highs these homes will only go higher over time.
There were 40 closed escrows in North Redondo Beach CA 90278 during November of 2016. (To see all the closed listings, scroll down to the bottom of this page for full descriptions, pictures and more.)
While there were 44 closed sales during October, I would certainly not view this as a 10% decline by any means. November has fewer business days and a major holiday when many offices are closes.
As of this posting there are 50 properties in escrow so we can expect to see a very strong finish to the year as most of these listings close escrow before the end of the year.
With only 47 active MLS listings in North Redondo Beach so this is still a fairly strong Seller's Market with just over 30 days of available inventory based on closings and less than a month of inventory based on properties under contract.
By comparison there were 32 closed escrows in South Redondo Beach 90277, 16 in Hermosa Beach and 33 in Manhattan Beach CA to round out the Beach Cities.
Year to date through November in North Redondo Beach there have been 448 closings putting us at an average run rate of just about 41 properties per month. This makes it unlikely to surpass last year's 533 closed sales which was very strong.
The average sales price YTD has been $911,795 with a median price of $875,000.
For the month the average sales price was $930,177 and the median was $857,000 indicating movement on the high end being balanced by lower priced properties.
If you are a home owner thinking of selling those numbers are certainly well received. For buyers maybe not so much.
Prices for November ranged from $549K for a two bedroom condo up to $1,630,000 for a resale 5 bedroom over 3,000 SqFt house.
Nineteen properties sold below the last MLS list price, with 18 selling above the list and the balance selling for the last list price. As a broad generalization, expect that the longer a property is listed the more likely it sells for under the asking price.
The average days on market for November was 45 which is above the year to date average of 39.
There is no doubt that homes in 90278 have hit some new highs in 2016. During November 13 homes sold for over $1M with 2 over $1.6M. These new highs are what is pulling the average above the median price.
The Multiple Listing Service (MLS) divides North Redondo Beach into 4 sub markets as define below with the number of sales following:
- MLS AREA 151 North of Artesia Blvd 18 sales
- MLS AREA 152 South of Artesia Blvd 14 sales
- MLS AREA 153 El Nido 2 sales
- MLS AREA 154 Golden Hills 6 sales
Townhomes vs SFRsFor November there were 16 SFRs (houses) sold and the balance were townhomes and condos.
Let's take a deeper dive into what's going on. For the South Redondo Beach November Sales recap please visit 90277realestate.com.
North Redondo Beach Luxury Homes
For the sake of this analysis, let's consider "luxury" to be properties that sell for over $1M.
As a buyer, if your budget is $1M up to $1.7M in 90278 for the most past you can expect to be looking at some combination of new construction, 4-5 bedrooms, 2500+ SqFt, great location.
Here's the list of what sold over $1M, for the individual detail scroll down to the bottom where you can explore each property in depth.
Luxury Pick of the Month
It is hard to pick a favorite in this group with so many great properties to choose from. The prize goes to 2021 Morgan Lane (pictured above and below) based on location, SFR, price per SqFt and the unique floor plan. Originally listed for $1.7M, reduced to $1,649,000 and sold for $1,607,500.
"New construction 5 Bedroom, 4.5 Bath. Beautiful new floor plan with custom-made cabinetry and handrails which leads you to an open and spacious 2nd floor. Premier appliances will make you feel even more secure in this unique home. Master suite with large balcony and a magnificent view of the city. One complete suite on the the ground floor for guests or maid. Walking distance to the renowned Jefferson Elementary School is perfectly convenient for new and young families. These are only a few of the most remarkable features about this property."
North Redondo Beach Starters
Think of this group as the "entry level" which for the sake of this discussion we'll consider homes that sold under $700K. The logic is that represents 25% of the market and is still considered affordable by most compared to renting.
In this category expect to find mostly 2 bedroom condo or townhome resales (although there were 2 SFRs). The average home was built in the 70's and around 1300 SqFt.
Here's the list.
Starter Pick of the Month
The pick here would be 2607 Nelson Ave Unit B (pictured above). Two bedrooms townhouse style.
"A spacious and bright two-bedroom townhome in Redondo Beach – ready for you to move in! The main level of this home boasts an amazing open floor plan with high ceilings and beautiful beams. The living room is so inviting with a stone gas fireplace and sliding glass doors that lead you to a wonderful private patio, perfect for outdoor living. Just past the living room is a formal dining room and updated kitchen with granite counter tops, over-looking your living room. Imagine entertaining friends and family in this large space! The high ceilings and open feel continue in the master bedroom. Don’t miss the amazing bonus space just off the master bedroom with a large skylight ideal for a reading nook or office! A second bedroom, a bathroom in between and plenty of storage space complete the upstairs of this home. Other amazing features of this home include direct access to your two-car garage and laundry conveniently located inside! Located near restaurants, shopping and just a few minutes from the beach."