FEBRUARY 2017 BEACH CITIES REAL ESTATE UPDATE
This is a story of micro markets within markets as we have some vastly different inventory levels and price points within a rather small geographical area the Beach Cities of Redondo Beach, Hermosa Beach and Manhattan Beach CA.
By far North Redondo Beach 90278 is the most competitive neighborhood right now with persistent low inventory pushing price points higher on an almost weekly basis as buyers scramble to get into escrow before mortgage interest rates trend higher.
During February 33 properties closed escrow in 90278 compared to 22 in South Redondo Beach, 16 in Manhattan Beach and 9 in Hermosa Beach. Why? Price.
The average sales price in North Redondo was $919,145 compared to $1,267,955 in South Redondo Beach, $1,901,438 in Manhattan and $1,207,389 in Hermosa. Interesting that Hermosa and South Redondo are running somewhat parallel right now but that's a topic for another post.
Short version of this story is that with it costing about 25% less in North Redondo than in the closest proximity Beach Cities there is crushing demand. (To view full listing information and pictures scroll down.)
As of this posting there are 45 active listings in North Redondo Beach compared to 42 in South Redondo, 41 in Hermosa Beach and a whopping 103 in Manhattan Beach.
The North Redondo Beach inventory is very heavily weighted towards new construction priced over $1M. In fact 17 of the listings are new construction.
Of the 12 listings priced below $900K, only 3 are below $700K and one of those is a senior condo.
Welcome to the new North Redondo Beach housing market.
- 33 total sales
- 11 Single Family Residences
- 22 Townhomes/Condo
- 10 Sales MLS Area 151
- 19 Sales MLS Area 152
- 4 Sales MLS Area 154
- Average Days on Market 46
- Average Sales Price $919,145
- Median Sales Price $895,000
- 10 sales above $1M
- 10 sales between $800K-$1M
* MLS Area 151 is North of Artesia Blvd, 152 South and 154 Golden Hills.