Tipping Point for North Redondo Beach Home Prices
We often see data reporting the median sales price for sold listings. I like to also look at the median and average price point for active and in escrow listings as well because those are leading indicators of where we may be heading. Particularly as you track them over time.
For the last week or so, the median price of active listings in North Redondo Beach 90278 has been $1,000,000 with an average price of $1,017,878. The median price of properties in escrow is $900K but the average is $990K. And it is more than highly likely that those homes sell for over the asking price.
For the first six months of 2017 the average sales price in N Redondo was $958,919 and the median was $935,000.
Here's what I think we are seeing.
There's no doubt that the price point has gone up in 90278. As a result the low end is moving faster than the high and middle end which affects the median very quickly.
As of this writing the lowest priced listing in North Redondo is $615K and the there are only 5 properties under $700K with 7 listed between $700K and $800K.
If we roll the calendar back a year to July 2016 the median price was $890K and the average around $900K. But in that month there were 20 properties sold under $800K compared to only 12 available today.
As for the high end, 16 properties sold over $1M. Currently there are 27 homes listed over $1M.
So, we could be at a tipping point if these trends hold.
What Does $1M Buy In North Redondo Beach?Let's take a look at 2 properties.
2730 Spreckels Ln, Redondo Beach 90278 MLS SB17171532 $999,000
Single Family Residence 2211 Sq Ft 4 bedroom 3 baths MLS Area 153
"Don’t miss this chance to own an amazing two-story home tucked away on a quiet tree-lined street! You will love the spacious floor plan. Enter into a two story entry featuring a beautiful staircase. The adjacent formal living room boasts a 10 ft ceiling, an impressive brick fireplace and tons of natural light. The family room, kitchen and dining area with breakfast bar look out to a private rear yard which is perfect for family and friends. Two bedrooms share a bath on the first level. A large utility room offers laundry area and direct access to the two car garage. Upstairs you'll find a spacious master suite with walk-in closet, spa tub and vaulted ceilings. The other upstairs bedroom is nearly as impressive as the master and enjoys vaulted ceilings and its own bath also. This beautiful, light-filled home has new paint and carpet throughout. There are also solar panels to help keep the electricity bill affordable. A park and playground are one block away and award winning schools are nearby. This one will go fast, call for a private showing."
1915 Havemeyer Ln # B, Redondo Beach 90278 MLS SB17103796 $1,000,000
Detached Townhouse 1915 Sq Ft 3 bedroom 2.5 baths
"Fabulous Location near Jefferson Elementary, sits back and away from street for added privacy while enjoying a private backyard and patio. This rear unit town home features an open living and dining room floor plan with French doors opening to the backyard for enjoying indoor/outdoor living. There is a warm and inviting fireplace in living room. The floor plan offers large spacious bedrooms, all on the second floor. The Master Suite has two large walk-in closets and a recently updated Master Bathroom with separate shower and tub along with a double sink vanity, new quartz counter top and glass tile. The two additional bedrooms have built-in cabinetry that serves as a desk and bookcase for each room. All bedrooms have vaulted ceilings and enjoy lots of natural light. The adjacent hall bathroom is recently updated. The kitchen and eating area have slate flooring, wood cabinets and stainless appliances including a built-in wine refrigerator. The laundry area is conveniently located upstairs near the bedrooms and linen cupboards. There is new carpet, shutters and a two-car attached garage. There is an abundance of storage and also inside the garage."