When it comes time to purchasing your Redondo Beach home there are a lot of factors to take into consideration. Here are the top five factors home buyers in California say are the most important to them.
There are a lot of assumptions about the housing market, but some of those beliefs may be causing you to miss out on a great house. Here are a few of the biggest misconceptions that home buyers have.
It’s no real secret that good schools help drive real estate values in certain neighborhoods and communities. Buyers with kids want to be in areas with good schools and that higher demand helps keep values up. Even those without kids greatly benefit from a strong school system. The stronger the schools the more insulated a market is from any downturns. That was very evident in Redondo Beach that saw home prices drop during the recession and housing crisis, but only a very small amount compared with other local areas that do not have as strong a school system.
A recent CAR study showed that 47% of home buyers said good schools were very importan, 23% said that they were somewhat important, 11% said not very important and 19% said that it was not important at all.
The 19% may not realize just how much of an influence schools play on values and demand. Good elementary schools are often part of a good community and without question most buyers would like to live in a good community.
The Redondo Beach Unified School District is highly ranked and that creates a very high demand, especially for families thinking of living in this coastal community.
The study also conclued that 43% of consumers age 34 or under believe highly rated schools are very important. 58% of consumers earning more than $100,000 a year think that highly rated schools are very important.
The one bedroom Village condos in Redondo Beach are a great indicator of
the South Redondo real estate market over time as the units are all the same size and configuration. The ocean views make a big difference as well as the floor it’s on, but in general the units are pretty similar. Therefore the changes in values year over year make for a good indication of the direction the market is heading. See below for information on the sales so far in 2018 and how they compare with 2017 and 2016. It indicates while prices are still high the market is softening with a smaller increase in values from 2017 as well as a longer average days on market.
As of September 10th, 2018 has seen 5 one bedroom condos sold at a median price of $630,000 and an average price of $628,000. That averaged out to around $1,015 a square foot for the year. Another important number was the average days on market for 2017 which was 35.
| Address | Price | $/Sqft | |
| 650 | The Village #211 | $ 600,000 | 969 |
| 610 | The Village #311 | $ 645,000 | 1042 |
| 610 | The Village #315 | $ 630,000 | 1018 |
| 620 | The Village #108 | $ 610,000 | 985 |
| 650 | The Village #108 | $ 655,000 | 1058 |
2017
In 2017 8 one bedroom condos sold at a median price of $615,000 and an average price of $621,000. That averaged out to around $993 a square foot for the year. Another important number was the average days on market for 2017 which was 19.
| Address | Price | $/Sqft | |
| 650 | The Village #214 | $ 590,000 | 953 |
| 630 | The Village #311 | $ 615,000 | 994 |
| 620 | The Village #107 | $ 615,000 | 994 |
| 660 | The Village #108 | $ 594,000 | 960 |
| 630 | The Village #211 | $ 635,000 | 1026 |
| 610 | The Village #311 | $ 670,000 | 1082 |
| 650 | The Village #212 | $ 650,000 | 1050 |
| 630 | The Village #210 | $ 599,000 | 968 |
In 2016 10 one bedroom condos sold at a median price of $552,550 and an average price of $557,800. That averaged out to around $900 a square foot for the year. Another important number was the average days on market for 2016 which was 29.
| Address | Price | $/Sqft | |
| 650 | The Village #210 | $ 545,000 | 880 |
| 630 | The Village #207 | $ 550,000 | 889 |
| 660 | The Village #309 | $ 600,500 | 970 |
| 650 | The Village #104 | $ 520,000 | 840 |
| 640 | The Village #312 | $ 590,000 | 953 |
| 630 | The Village #109 | $ 520,000 | 840 |
| 660 | The Village #310 | $ 570,000 | 921 |
| 620 | The Village #206 | $ 545,000 | 880 |
| 630 | The Village #204 | $ 555,000 | 897 |
| 630 | The Village #115 | $ 582,500 | 941 |
Many buyers are concerned with interest rates rising and that’s certainly valid as a higher interest rate means a higher monthly payment which most often means that you can’t afford a home you might have only months earlier. Taken in historical standpoint the current rates are dramatically lower than at just about any other time. The chart below shows the interest rate on conventional and conforming 30 year fixed rate mortgages. As we’ll see we’ve basically seen rates drop consistently since the high water mark of 16.3% in 1981. It certainly makes todays current rate in the mid 4% range seem pretty enticing.
July 2018 was a solid month for home sales in Redondo Beach CA with 74 closed sales and a median list price of $1,133,000 and a median
sales price of $1,126,000.
The highest price sale of the month was $2,462,000 for a beautifully remodeled craftsman home at 421 Calle De Aragon in the Hollywood Riviera. The home offered 3,000+ square feet, 5 bedrooms, 4 bathrooms, a very nice sized yard and great city and ocean views. The home was listed by Pamela Soladar of Palm Realty.
To view all the homes sold in July 2018 in Redondo Beach see our article on July 2018 Redondo Beach home sales.
The lowest price sale of the month was priced at $600,000 for a one bedroom condo near the beach in South Redondo at 1400 S Catalina #205. The condo offered 1 bedroom, 1 bath and 786 square feet. Originally listed for $614,500 the home was on the market for 51 days. The listing agent was Ross Moore of Remax Estate Properties
Click here to see the current homes for sale in Redondo Beach CA
