Redondo Beach Market Trends | February Mid Month Update


REDONDO BEACH MARKET TEMPERATURE


Other than the recent rain we've seen in the LA area the Market Temperature in Redondo Beach is "hot". A recent Open House I did on my listing at 2502 Rockefeller saw almost 25 couples a day on Sat and Sun and 5 offers. So, no doubt those other Buyers aren't going away anytime soon and there will continue to be multiple offers until the pent up demand is satiated. Which is not likely to happen anytime soon.

If you are a Buyer don't expect to see any major uptick in inventory anytime soon for all the same reasons that inventory has been persistently low: home owners are locked into historically low interest rates and for the most part only moving when there is a major life change such as job relocation, divorce, loss of employment, illness, etc.

For Sellers, while the market is certainly "hot", the recent uptick in interest rates has caused Buyers to expect more. Your home has to be presented well and priced right or you may get showings and activity but will not see the multiple offers we all crave.

MID MONTH REPORT CARD


February is obviously a short month with fewer business days but even so we are running behind what I would like to see in some categories.

North Redondo Beach 90278

  • Closed Escrows 11
  • Open Escrows 53   
  • Active Listings 42

South Redondo Beach 90277

  • Closed Escrows 12
  • Open Escrows 37
  • Active Listings 42

I like to see run rates of around 40+ sales per month for each zip code. While it is mathematically possible to hit that over the balance of the month, I would be surprised if we end up out of the 30s.

After very weak closed sales in January of 22 properties in 90278 and 19 in 90277 it may look to some casual observers as if sales are "slow". With March being a longer month and more listings starting to hit the MLS, expect to see a string finish to Q1 2017 as we enter the traditional selling season.