Inventory Low | Mortgage Rates and Median Prices Up

As we pull out of January and actually start dating our checks correctly for 2018 you would anticipate starting to see more listings coming on the market. In fact, we seem to be going in the opposite direction and Redondo Beach inventory is very low. In fact I've never seen North Redondo have so few homes for sale as this weekend: there were only 18 active listings. Sure, I get it Super Bowl Weekend but even so, 18 listings? South Redondo is in better shape with 45 active listings but as most of those are priced higher than 90278 they will take longer to sell.

The total Redondo Beach inventory would still equal a Seller's Market for either zip code alone.

Yes, I did put that in bold because it really gets my attention. What I am saying is that if we were to add all the inventory together and then calculate market advantage, they benefit is still to the Seller's.

The low inventory is a contributing factor to the rising prices because this is all about supply and demand. Curiously, even though interest rates have been trending up for the past few weeks and took quite a jump at the end of last week, this has not tended to tamper down price or demand.

My prediction is that as Buyers are getting priced out of Hermosa and Manhattan Beach, we'll see a lot of demand in the $1.5M to $2.5M range and anything below that will still be in high demand as it is "affordable".