Redondo Beach / Area 151: Home Sales August 2013

North Redondo Homes Sales August 2013

Seventeen homes sold in August 2013 in Area 151 in North Redondo. This is 2 less than the number of homes sold in July, and 4 homes less than sold one year ago in August 2012. In most cases, it has continued to be a sellers’ market although buyers still have the advantage of buying homes at prices below the peak of the bubble and at low interest rates.

New construction is still a good buy considering you can spend the same (and even more money, in some cases) and get a town home that is up to 7 years old. Most homes are still selling quickly… many within the first week. And this translates into offers coming in immediately followed by a couple of days of negotiations before an offer is accepted.

One of the sales that really surprised me is 2144 Perry Ave. It’s a single family that had an addition. It does have a lot of square footage, but there is only a one car garage and it’s lacking in the quality department. this one sold for $1,115,000. This surprised me and many of my colleagues, but it showed that buyers are still feeling that desperation to get in the market and ultimately willing to pay a premium.

Address Sq Ft. Lot Year B/B DOM Sold Price Original List Diff
2219 Curtis Ave, #C * 1,060 7,499 1975 2/2 7 $464,000 $499,000 -7%
1900 Voorhees Ave, #B * 1,471 1987 2/3 6 $553,000 $495,000 +12%
2512 Gates Ave, #B * 1,610 7,526 1999 4/3 48 $667,500 $663,999 +.5%
2811 Barkley Lane 1,064 5,872 1947 3/1 21 $669,000 $669,000
2225 Mathews Ave, #C * 1,718 14,687 2000 3/3 8 $700,000 $649,000 +8%
2223 Voorhees Ave, #B * 1,955 7,504 1981 3/3 8 $708,000 $700,000 +1%
2415 Thomas Ave 1,590 6,550 1945 4/2 49 $722,150 $724,900 -.4%
1918 Ruhland Ave, #B * 2,477 7,513 1987 3/3 0 $725,000 $725,000
1921 Nelson Ave, #A * 2,054 7,480 1990 4/3 56 $750,000 $775,000 -3%
2116 Plant Ave, #A * 2,050 6,655 1989 3/3 5 $817,500 $799,000 +2%
2205 Nelson Ave, #B * 2,387 7,495 1986 3/3 34 $820,000 $769,000 +6.5%
1913 Nelson Ave 2,180 1959 4/3 49 $828,000 $859,000 -3.5%
2003 Curtis Ave, #A * 2,085 7,501 1990 4/3 9 $830,000 $779,000 +6.5%
1914 Ernest Ave, #A * 2,300 7,500 2004 4/3 1 $910,000 $910,000
2109 Plant Ave, #B * 2,357 7,504 2006 4/3 11 $930,000 $929,000
2021 Gates Ave, #B * 2,508 7,481 2013 4/4 1 $959,000 $959,000
2204 Plant Ave, #A * 2,500 6,645 2007 4/3 6 $959,900 $959,900
2144 Perry Ave 3,134 7,509 1947 5/4 14 $1,115,000 $1,150,000 -3%

Taking the Real Estate Market’s Temperature: A Seller’s Market

For the past several months in the South Bay, we’ve been experiencing a frenetic market where listings are sold in days, if not hours. If you blink, you miss them. Multiple offers on properties have effectively pushed prices up quickly. And there is no sign of a slow down yet. With that being said, this is a great time to be a seller. If you’ve been thinking about selling, you may want to take advantage of this climate: very little competition and desperate, aggressive buyers.

If you wait too long and put your home on the market when everyone else does, then buyers will have their pick of their homes and prices will begin to stabilize. However, if you remain ahead of the curve, you will benefit from this buyer frenzy we are experiencing.

If you would like to discuss your options in more depth, don’t hesitate to contact me at 310.542.9054.

The chart above represents the Properties for Sale vs. Sold Properties vs. Properties in Escrow (pending) in North Redondo (zip code: 90278) for the time period of December 2012 – May 2013. You can clearly see that the number of homes for sale have not been able to keep up with the homes sold.

 

 

North Redondo For Sale vs. Sold Aug 2012 – Jan 2013

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In this graph you can see that inventory continues to dwindle. And in the past few months, the number of transactions that have closed actually out numbers the number of homes for sale. Buyers are desperate for properties. This could be a great time to put your home on the market, if you have been considering it. As I stated in an earlier post today, many properties are get multiple offers and the prices are being pushed up.