Thanks for joining. I’m Ashley Novak. I’m a local real estate agent here in the South Bay. We post new videos here every Wednesday with real estate tips and about the local area. If that’s something of interest to you. Make sure you hit the subscribe button and the notification button so you will never miss a video.
Now let’s talk Redondo Beach!
Redondo Beach had 57 new listings in October and 97 sales. Listings were down 31% from 83 this time last year and sales were up 14%. The median sales price was $1.36M up 26% from $1.075M year over year! That is a massive increase! 10% is amazing appreciation so 26% is unheard of, but we are seeing this double-digit appreciation across Los Angeles because of the lack of inventory. Average days on market was 24 days, which means from the time a property is actively listed to the time it is sold it’s taking 24 days!
The list price to sales price was 104% so if you are in the market just know that the list price is a starting point. Make sure you are budgeting an extra 3-5% above the list price. Buying real estate in 2021 is like buying a Tickle Me Elmo during Christmas in the 90s. It’s fiercely competitive! There are a lot of buyers out there who have been outbid over the past year and they are going all in because they know where prices and interest rates are headed in 2022. Those of us who have been in the trenches have felt a bit of a cool off, but truthfully we’ve gone from frenzied to less frenzied because prices are still white hot and the data reflects that.
So what does this all mean if you are a home buyer or seller in Redondo Beach? Inventory is wayyyy down all over Los Angeles, but in Redondo Beach, we have less than a 1-month supply of inventory, price/square foot is very strong and homes are selling at 104% of their list price on average. Sellers are in the. driver’s seat! Historically, a 6-month supply of inventory is categorized as a buyer’s market. This might be the best seller’s market that Redondo Beach has ever seen! Buyers are offering up their first-born child to get their offer accepted. You want a lease back after closing? Check! You want a 90-day escrow? Check! You want 30 days in the home for free after escrow closes? Check! Sellers are king in this market!
For the buyers, there is still a light at the end of the tunnel we are seeing more and more homes come to the market every day citywide and with interest rates still at historic lows, you have maximum purchasing power to get your dream home or trade up, but buyers need to be prepared because if you find something you like, 24 days from list to sold is fast and furious and sellers have options so make sure you’ve sat down with your real estate agent and created a strategy for getting your offer accepted.
Be cautious of what you hear about the national housing market. Los Angeles is massive and has a mountain range running through it and each micro market has its own characteristics, own demographics, and own factors affecting pricing and ultimately sales.
If you have been thinking of buying or selling in Redondo Beach or the Los Angeles area, we would love to sit down with you and have a strategic planning session to help you navigate not only the challenges, but also identify the opportunities that we are seeing in today’s market.
In the description below, we have included links to a Redondo Beach relocation guide, seller’s guide, buyer’s guide along with some other great tips and resources and all of our information so you can easily reach us! Drop a comment or like if you enjoyed this video and hit the subscribe button to get weekly content on all things real estate! We are so grateful for you and we look forward to seeing you back here next week!