North Redondo Beach Market Recap December 2016
North Redondo Beach homes are still in very high demand and you can expect the low inventory and Seller's Market of the past few years to continue into 2017.
It is very likely that even though many properties are selling at their previous highs prices will go higher but at a slower pace than the blistering price acceleration we saw over the past few years.
Based on three metrics:
- sale-to-list price ratio
- the frequency of price cuts
the market temperature in 90278 is considered "hot".
There were 43 closed escrows in North Redondo Beach during December of 2016. That is up from 40 during November and closer to the 44 closed escrows during October.
For the full year, there were 491 total sales in North Redondo averaging 41 closing per month putting Q4 at or above the annual average on a monthly basis. (A separate post will review the full year 2016 results.)
As of this posting there are only 33 properties in escrow and with only 41 active MLS listings in North Redondo Beach this is still a fairly strong Seller's Market with just about 30 days of available inventory based on closings and less than a month of inventory based on properties under contract.
If you are considering selling your home during 2017, the timing could not be any better than right now before there are further interest rate hikes which will affect Buyer's purchasing power. Same thought for Buyers" if the right property presents itself there is no reason to wait because even if prices stay flat your monthly payment will increase as rates increase.
Key North Redondo Sales Metrics
The following numbers are based on December closings taken directly from the MLS.
- Average Price: $900,681
- Median Price: $850,000
- Highest Price: $1,795,000
- Lowest Price: $355,000
- Average Days on Market: 22
- Single Family Houses: 18
- Condos/Townhomes: 25
- Over $1M: 12
- Under $1M: 31
- MLS Area 151 N of Artesia: 11
- MLS Area 152 S of Artesia: 15
- MLS Area 152 El Nido: 7
- MLS Area 154 Golden Hills: 10
To learn more visit 90278realestate.com.