2013 proved to be a good year for real estate. Listings received multiple offers, prices increased rapidly, buyers got historically low interest rates.
Here are some specifics for the North Redondo Beach Area 151:
A total of 184 homes sold this year.
176 of the sales were on the MLS.
8 of the sales were off market and/or pocket listings.
The average Days on Market was 51.
The average List Price was $725,000.
The average Sold Price was $722,150.
There were a total of 14 short sales and 2 REOs.
2013 was a strong market. Many homeowners gained equity in their homes due to rising prices. The number of distressed sales decreased immensely from the two years prior when they represented approximately 15% of the market. Prices continued to climb and buyers continued to pay those prices.
Highest Priced Single Family Residence
2210 Robinson Street: 5 bedroom new construction with 3,078 sq. feet.
The record is still held by 2615 160th Street which sold for $1,500,000 in 2011. This was an off-market sale which may not accurately represent market value at that time. The next highest sale was 2110 Ruhland Ave which sold for $1,450,000 in 2008.
Highest Priced Townhome
1931 Nelson Ave, #B: 4 bedroom with 3,580 sq. feet. Built in 2005.
The record is held by 2023 Dufour Ave which sold for $1,275,000 in 2007.
The pace at which prices are climbing has slowed down, but inventory is still low. For the most part, sellers are getting their asking prices and a little more. As homeowners gain equity, we may see more inventory hit the market in 2014. But until then, there’s enough demand to continue to bolster prices.
If you’re a seller, the lack of competition makes this a great time to sell. With few choices, you can garner more money for your property.
As a buyer, you should be as aggressive as possible. Buyers are competing with each other because inventory is low, making it very easy to chase the market up. For example, if you were buying a 4 bedroom town home built in the 90s in North Redondo in the beginning of 2013, you would pay approximately $775,000. Now, a similar town home would sell in the mid $800s. A newer townhome typically sold for mid to high $800s a year ago. Now, they are selling for low to mid $900s and closer to $1,oo0,000 for the larger ones.
I sold this home for $26,000 over asking for $775,000. It received three offers in three days.