Redondo Beach Market Trends: The Beat Goes On

Redondo Beach Inventory and Prices Up

Last week we saw 24 new listings hit the market: 7 in South Redondo Beach and 17 in North Redondo. The price acceleration  continues in 90278 with as of this post only 11 out of 49 listings priced under $900,000 and 22 priced under $1M. New construction at the high end is definitely pulling the market higher. The new normal for 3 on a lot North Redondo Townhomes seems to be $1.1-$1.2M which a year ago could buy a very nice detached 2 on a lot. Go figure.

I'm also seeing an interesting trend where properties come on the market and then are immediately (or within a few days) reduced.

A five bedroom Single Family Residence (SFR) came on the market at 2314 Pullman listed for $1,750,000 and then was reduced to $1,699,000 which was probably more realistic because 0ver 90% of new construction homes are selling for less than the original asking price. 

None the less it is a very nice property with formal living room, formal dining, plus a large family room with fireplace. The kitchen has a large island with wine cooler and breakfast nook, all stainless steel appliances (refrigerator included). The master bedroom has a balcony and corner fireplace, spacious master bath with a large shower, separate laundry room with sink, ceiling fans and skylights, back yard has jacuzzi, BBQ, chat height fire pit.

None the less $1.7M is still a very big number for North Redondo with only 11 homes ever selling for over $1,650,000 in the history of the MLS.

Pushing the price point for new construction detached 2 on a lots is also 1918 Dufour and 3307 Green priced at almost $1.5M. Not a typo. 

"New Mediterranean-style Townhome with a flair of modernity and a single-family home feel, situated on a corner lot in North Redondo. First floor features a formal living room, family room, powder room, bar area, and extra-large kitchen with stainless steel appliances. The second floor holds the master bedroom, which has its own balcony and walk-in closet. Jacuzzi tub and double sinks in the master bathroom. Second bedroom has its own bathroom, whereas the third and fourth bedrooms share a jack & jill. Two-car attached garage and backyard large enough for cozy gatherings."

Yes these are gorgeous homes that share no common driveway and at over 2700 SqFt are larger than most two on a lots. 

Through 20 days of the month there have been 31 closed sales in North Redondo Beach. With a staggering 75 homes in escrow expect that this month might log more sales than last month. In South Redondo Beach there are 56 homes in escrow, 61 active listings and 22 closed sales so far.

So, the beat goes on. Expect to see new listings come out on Wednesday or Thursday with the most competitive being in escrow by the following Weds-Thurs. And at higher prices.