North Redondo Beach Market Recap December 2016
North Redondo Beach homes are still in very high demand and you can expect the low inventory and Seller's Market of the past few years to continue into 2017.
It is very likely that even though many properties are selling at their previous highs prices will go higher but at a slower pace than the blistering price acceleration we saw over the past few years.
- sale-to-list price ratio
- the frequency of price cuts
the market temperature in 90278 is considered "hot".
There were 43 closed escrows in North Redondo Beach during December of 2016. That is up from 40 during November and closer to the 44 closed escrows during October.
For the full year, there were 491 total sales in North Redondo averaging 41 closing per month putting Q4 at or above the annual average on a monthly basis. (A separate post will review the full year 2016 results.)
As of this posting there are only 33 properties in escrow and with only 41 active MLS listings in North Redondo Beach this is still a fairly strong Seller's Market with just about 30 days of available inventory based on closings and less than a month of inventory based on properties under contract.
If you are considering selling your home during 2017, the timing could not be any better than right now before there are further interest rate hikes which will affect Buyer's purchasing power. Same thought for Buyers" if the right property presents itself there is no reason to wait because even if prices stay flat your monthly payment will increase as rates increase.
Key North Redondo Sales Metrics
The following numbers are based on December closings taken directly from the MLS.
- Average Price: $900,681
- Median Price: $850,000
- Highest Price: $1,795,000
- Lowest Price: $355,000
- Average Days on Market: 22
- Single Family Houses: 18
- Condos/Townhomes: 25
- Over $1M: 12
- Under $1M: 31
- MLS Area 151 N of Artesia: 11
- MLS Area 152 S of Artesia: 15
- MLS Area 152 El Nido: 7
- MLS Area 154 Golden Hills: 10
Compared to anywhere else in LA County, Buyers are still finding that the price point in Redondo Beach offers great value when the lifestyle, jobs, schools, proximity to work and travel are all factored in.
Let's take a deeper look at North Redondo Beach December Sales by neighborhood.
REDONDO BEACH MLS AREA 154 GOLDEN HILLS
There were ten sales in the Golden Hills neighborhood ranging in price from $652K for one of the few townhomes in the neighborhood up to $1,410,000 for a 2755 SqFt Tall and Skinny SFR on Harper right on the Hermosa Beach border.
Five properties, including the least and most expensive, sold above the MLS list price, one at exactly the list price and 4 below the last list price. If you are looking in this neighborhood expect to pay at least $1M for most Tall and Skinny SFRs.
Here's all the Golden Hills listings that sold during December:
REDONDO BEACH MLS AREA 153 EL NIDO
There were 7 sales in El Nido ranging in price from $660K for a condo on Meyer up to $1,610,000 for a 5 bedroom SFR on Speyer.
Four homes sold above the MLS list price, one at exactly the list price and 3 below the last list price. There are many Single Family Houses in this neighborhood ranging from 1950's tract homes up to newer construction 5 bedroom mansions. Expect to see more builders looking to acquire lots here in the near term.
Please note that many of the homes east of the train tracks have Redondo Beach mailing addresses but Torrance services.
Here's all the El Nido listings that sold during December:
REDONDO BEACH MLS AREA 152 S OF ARTESIA BLVD
There were 15 sales in MLS Area 152 making it the most active for the month. There is somewhat more density here due to the many 2 and 3 on a lots. The affordability often hits the sweet spot of Buyer's price range and the neighborhood is centrally located to everything South Bay.
Prices were as low as $355K for a senior condo on Artesia up to $987,000 for a 4 bedroom detached two on a lot on Harriman.
Five homes sold above the MLS list price, 3 at exactly the list price and 7 below the last list price.
Here's all the listings that sold during December in MLS Area 152:
REDONDO BEACH MLS AREA 151 N OF ARTESIA BLVDLast but certainly not least is MLS Area 152 which includes the cluster of Single Family Houses in the "TRW Tract". If you are not familiar with the TRW Tract, it is the most north east quadrant of North Redondo Beach bound by Inglewood Ave to the East, Manhattan Beach Blvd to the North, Vail to the West and Robinson to the South. You can find a nice SFR in the TRW Tract under $1M and as with El Nido expect some larger SFRs to be built there over the next few years.
Prices started at $408,800 for a senior condo on Artesia up to the highest priced sale in N Redondo for the month which was $1,795,000 for a 5 bedroom SFR.
Seven homes sold above the MLS list price, 2 at exactly the list price and 2 below the last list price.
Here's all the listings that sold during December in MLS Area 151:
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