MARKET UPDATE | NORTH REDONDO BEACH MAY SALES RESULTS
|May 2017 N Redondo Beach Sales|
May finished with 49 closed sales in North Redondo Beach making it the best month so far in 2017 and brining the total closed sales in 2017 to 189. Scroll down to the bottom of this article to view all the sold properties in detail with full MLS descriptions and multiple pictures.
Here's the YTD recap by month:
- January 23
- February 33
- March 41
- April 43
- May 49
Last year Jan-May there were 193 closed escrows in North Redondo. During May there were 51 closed sales. So for the same period, just a few less sales which can be a timing issue.
For the first five months of 2016 the average sales price in 90278 was $914,220 and the median was $878,250. The average days on market was 40. The highest priced home sold during that period in 2016 was $1,699,000 and the lowest was $319,000.
During the first five months of 2017, the average sales price was $957,496 and the median was $927,500. The highest priced home was $1,725,000. Coincidentally the average days on market was 40.
I'm sure the same numbers that jump out at me catch your attention. Compared to the same period last year both the average and median are up around $50K. That $50K as a percentage may be "only" around 5% but I'm going to guess that as a Seller you would rather have $50K than not. And in some cases, as I will discuss below, a lot more than $50K. Of course as a Buyer this can't be too encouraging.
Before we take a deeper look at North Redondo Sales in May here's what the other Beach Cities looked like:
- Hermosa Beach 22
- Manhattan Beach 44
- South Redondo Beach 33
REDONDO BEACH QUICK STATS MAY 2017
- 49 Total Sales
- 28 Homes in Escrow 15 days or less
- Lowest Priced Sale $575,000
- Highest Priced Sale $1,339,000
- 24 Sales Over $1M
- 20 Single Family Residences Sold
- 29 Townhomes/Condos Sold
- Average Sales Price $957,496
- Median Sales Price $927,500
- Days on Market 40
- Over List Price 23
- Under List Price 20
- MLS Area 151 - North of Artesia Blvd 21 Sales
- MLS Area 152 - South of Artesia Blvd 15 Sales
- MLS Area 153 - El Nido 8 Sales
- MLS Area 154 - Golden Hills 5 Sales
HERE'S WHAT I FIND INTERESTING
Very High Demand for Traditional Single Family ResidencesWhile many listings are receiving multiple offers and selling over the MLS asking price, it seems that Single Family Residences - houses, are getting higher up bids with some traditional tract homes getting the highest over bids.
Of the 20 SFR listings, 11 sold over the asking price, 1 at the asking price and 8 below the asking price. The average days on market for this group is 13 days, much lower than N Redondo as a whole and the average sales price pretty consistent with N Redondo at $957K. The median price was $1M, above the N Redondo median by quite a bit.
Much of this might be explained by two trends. First there is huge demand for Golden Hills Tall and Skinnies which are SFRs. although Golden Hills sales were a little bit softer than previously.
Second whether it is 1950s tract home or larger newer SFRs there are just fewer traditional houses available then Townhomes and Condos.
Here's a few examples of properties which sold over the asking price.
2520 Harriman Ln, Redondo Beach 90278 MLS PV17065078
Listed for $759,000 and sold for $804,000 after 7 days on market. Three bedrooms, 1.5 baths, 1258 Sq Ft built in 1957, 4996 Sq Ft lot. At this price less than most 3 bedroom 3 on a lot Townhomes.
"This great single story, cottage-style North Redondo Beach home is flooded with natural light throughout. Wonderful home for both the first time home owner and for the down-sizing home owner! The front yard is enclosed which makes it great for sitting on the porch and watching your (animals) play... With an almost 5,000 square foot lot, entertaining outdoors - both in the front and back yard - can be year 'round with our great California weather. Wood floors throughout except in Kitchen and separate Laundry Room where there is travertine. Three bright bedrooms and 1 1/2 baths. This is a home that can be lived in and loved as is, or you can let your architectural imagination run wild with dreams of lifting the ceilings for added drama, adding another set of french doors off the Master Bedroom, expanding, creating a huge garden, building a pool, adding fun "outdoor furnishings" like a built-in bbq/refrigerator, fire-pit and water feature...there are endless opportunities to play. And speaking of playing - this house is within walking distance of Washington Elementary and Adams Middle Schools."
2803 Timothy Av, Redondo Beach 90278 MLS SB17070384
The previous example seems pretty tame all things considered. How does this one strike you?
Three bedrooms, 1.75 baths, 1882 Sq Ft listed for $929,000 and sold for $1,200,000. Not a misprint! That's $271K over the asking price. I get it about the number, basically Tall and Skinny SFRs in the Golden Hills of the same Sq Ft are selling for that price. So why not for a traditional house on a rather large 6,605 Sq Ft lot?
"Very desirable TRW track of North Redondo Beach. A lot of square footage for the money. 1,882 square feet of living space on a 6,605 square foot lot (55x120). 3 bedrooms with 1 3/4 bathrooms. Large family room off the kitchen. Separate utility room. Enclosed patio room. Air Conditioning and Solar Panels. Freshly painted interior. New carpeting in the bedrooms. Laminate/Pergo (?) flooring in the living/dining areas and family room. Newer vinyl windows and sliding doors."
Let's look for one not quite so dramatic. How about......
18325 GREVILLEA Av, Redondo Beach 90278 MLS 17216624
This flip property was listed for $949,000 and sold for $1,056,000 after 13 days on the market. It is a 4 bedroom 3 bath 2427 SqFt house on a 6009 Sq Ft lot. And get this. Redondo mailing address but Torrance services.
"Gorgeous fully remodeled & upgraded home located within walking distance of shops, restaurants, parks, movie theater & less than 5 minutes from 405 fwy. Over 2400 sq. ft. of well designed space with an open floor plan that combines a living room, dining room, & kitchen area into a large common area. Home has a great flow and floorplan, with all rooms being large and an oversized Master Suite that has 3 closets, a deluxe Master Bath, and direct access to the back yard. This turnkey home has been fully updated, featuring all new hardware inside the house including stainless steel appliances, quartz counters, new bathrooms, and all new flooring throughout. This upgraded beauty also has a new roof, new double paned windows, all new copper plumbing, new Central A/C & Heating system, new electrical panel, newer water heaters, and new low maintenance landscaping. Move right in! With a convenient location, turnkey condition, good schools & a great floorplan, this home is a great value!"
Comparable Resales May Sell for Higher Prices than New
I wrote about this extensively here. Short version is that some 2013-2015 resales are selling for higher prices than virtually identical new construction. And often by a lot. It doesn't make much sense to me. Read the article and draw your own conclusion.
Not Every Home Sells Over the List Price
As stated above 23 listings sold over and 20 under with 6 selling at the list price. It's interesting when you parse these as to price range.
The 10 least expensive, $575,000 to $760,000 saw 6 sell over the asking price and 2 at the asking price with only 2 below. Of the properties sold at a discount to list one went at $4K lower and the other at $19K.
Of the ten most expensive sales, 6 sold below the list price and 3 above with one going at asking price. Most of the reductions were in the $10K range with $20K being the highest.
Here's an important stat as mentioned above: 36 out of 49 homes were in escrow in 30 days or less with 24 of those going at list price or over. When you look at the first 15 days 28 properties went into escrow and 23 of those sold at or over (mostly over) the asking price.
Note to Buyers: these are good guidelines as to what to expect when you are looking at new listings. While not every home sells over the asking price, I can tell you which ones will and which won't.