North Torrance homes for sale

Are Contingent Offers Starting to Be a Workable Strategy?

By Keith Kyle

In the past two months I’ve had three contingent offers accepted.  Not only were the offers accepted but my clients homes were not even on the market yet.  I spent much of 2017 submitting contingent offers for these clients only to be rejected time and time again.  Often times we were competing against 15-20 other offers and some were all cash….we didn’t have a chance.

So is that changing?

It may just be timing, luck or the right situation, but sellers seem to be considering contingent offers in the current Redondo Beach real estate market.  It’s key to submit a VERY strong offer in regards to price and terms, but sellers may be realizing that the buyer’s homes will likely sell fairly quickly.

For those that don’t know what a contingent offer is…..there are many situations in which a home buyer needs to sell their home to have enough money for the down payment and to qualify for the loan.  When you submit an offer that requires the buyer to sell their home to make it work…that’s a contingent offer.  It adds a whole additional level of uncertainty to the sellers of the home being purchased.  No longer is their just a home inspection, appraisal and loan on their house……but likely a home inspection, appraisal, and loan on the buyers sale as well.  The uncertainty is the reason most sellers won’t consider it unless it’s the only option.

In a sellers market with multiple offers and high demand, getting a contingent offer accepted is a long shot at best, but maybe the recent wave of acceptances is a sign that things are changing slightly.

Redondo Beach Real Estate in September – By the Numbers

Just like the rest of the Beach Cities, the Redondo Beach real estate market is on fire.  August saw 113 home sales.  Here’s a quick recap of the Redondo market based on todays date of 9/19/17:

Active Listings

  • Current active homes for sale: 111
  • Average list price:  $1,887,000 (which is very skewed due to a $25M listing, $16M listing and $13M listing)
  • Median price of homes for sale:  $1,199,000
  • Average list price without $25.0M, $16.0M and $13.0M listings:  $1,440,000
  • Average days on market:  63
  • Highest price:  $25,000,000
  • Lowest price:  $469,000

Pending Sales

  • Number of pending home sales:  103
  • Average list price:  $1,169,000
  • Median list price $1,049,000
  • Highest price: $4,999,000
  • Lowest price:  $464,000

Closed Sales (past 30 days)

  • 104 closed sales
  • Average list price:  $1,188,000
  • Average sales price:  $1,179,000
  • Median list price: $1,089,000
  • Median sales price: $1,073,000
  • Highest sale: $3,250,000
  • Lowest sale: $437,000

 

Redondo Beach Nears $1,000,000 for July Median Home Prices

July was a crazy month throughout the South Bay with double digit year over year percentage changes in most of the cities. There was no real rhyme or reason to it with some cities way up and others way down. Redondo Beach real estate was one of the exceptions to the massive percentage changes with a very modest 6% increase in home prices over July of 2016.  Overall Redondo Beach saw 95 home sales with a median price of $975,000.

City Homes Sold July 2017 Median July 2016 Median Year over Year % Change%
Carson 60 $480,000 $445,000 8%
El Segundo 20 $1,055,000 $1,310,000 -19.5%
Gardena 65 $549,000 $454,000 21%
Harbor City 15 $439,000 $550,000 -20.2%
Hawthorne 35 $730,000 $562,000 30%
Hermosa Beach 19 $2,025,000 $1,410,000 43.6%
Lawndale 15 $515,000 $430,000 19.8%
Lomita 21 $598,000 $585,000 2.1%
Long Beach 331 $520,000 $471,500 10.3%
Manhattan Beach 48 $2,449,000 $2,200,000 11.3%
Marina Del Rey 36 $921,000 $974,000 -5.4%
Palos Verdes Estates 28 $1558,000 $1,800,000 -13.4%
Playa Del Rey 20 $613,000 $629,000 -2.5%
Rancho Palos Verdes 63 $1,345,000 $1,160,000 15.9%
Redondo Beach 95 $975,000 $920,000 6%
San Pedro 63 $542,000 $542,000 0%
Torrance 113 $687,000 $617,000 11.4%
Westchester 33 $1,185,000 $1,116,000 6.2%

June 2017 Home Sales and Home Prices for Redondo Beach

By Keith Kyle

June 2017 was a big month for home sales in Redondo Beach CA with a fairly huge number of homes selling.  The summer months are always an active market and this year was no different with 117 homes closing escrow.  Thats well above the normal number of Redondo homes selling in a month.  Median home prices were up just a bit over June of the previous year with the median home in Redondo Beach selling at just under $970,000 which was a 2.5% increase from June of the prior year.  Click here to track all of the important real estate trends for Redondo Beach CA.

City Homes Sold June 2017 Median June 2016 Median Year over Year % Change%
Carson 61 $445,000 $450,000 -1.1%
El Segundo 15 $800,000 $1,135,000 -29%
Gardena 70 $461,000 $430,000 7.2%
Harbor City 19 $465,000 $547,000 -15%
Hawthorne 45 $592,000 $624,000 -5.1%
Hermosa Beach 26 $1,718,000 $1,274,500 34.8
Lawndale 12 $535,000 $519,000 3.1%
Lomita 18 $565,000 $555,000 1.8%
Long Beach 419 $523,000 $470,000 11.2%
Manhattan Beach 57 $2,467,000 $1,924,000 28.2%
Marina Del Rey 34 $968,000 $900,000 7.6%
Palos Verdes Estates 46 $1,679,000 $1,533,000 9.5%
Playa Del Rey 34 $683,000 $603,000 13.3%
Rancho Palos Verdes 75 $1,240,000 $1,200,000 3.3%
Redondo Beach 117 $969,000 $945,000 2.5%
San Pedro 82 $510,000 $500,000 1.9%
Torrance 184 $673,000 $635,000 5.9%
Westchester 42 $1,090,000 $1,050,000 3.8%
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What’s Your Redondo Beach Home Worth in Today’s Market

What is your home in Redondo Beach worth?

Find out the value of your home in today's real estate market

Whether you are interested in selling your home or just curious to know the value of your home, we’re here to help.

Using the very latest MLS and selling data combined with our insight into current market conditions and knowledge of what home buyers are looking for we can give you a very good idea of the value of your Redondo Beach home in the current market. Please tell us a little about your home and we will put together a full report on the value of your property.

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Redondo Beach CA Home Sales and Prices for December 2016

By Keith Kyle

December was a pretty typical month in Redondo Beach real estate with 75 home sales at a median price of $900,000.  December traditionally is a much slower month but with the continued demand for Redondo Beach homes, there doesn’t seem to be such a thing as a slow month.  Click here to see the sold homes in Redondo Beach for December.  For the current homes for sale visit our active listings page.

City HomesSold December2016 Median December2015 Median Yearover Year % Change%
Carson 54 $450,000 $420,000 7%
El Segundo 14 $816,000 $1,171,000 -30.3%
Gardena 44 $504,000 $413,000 22.1%
Harbor City 9 $523,000 $404,000 29.5%
Hawthorne 37 $575,000 $520,000 10.6%
Hermosa Beach 17 $1,380,000 $1,625,000 -15.1%
Lawndale 8 $393,000 $521,000 -24.6%
Lomita 6 $473,000 $535,000 -11.6%
Long Beach 298 $490,000 $435,000 12.6%
Manhattan Beach 38 $1,863,000 $1,831,000 1.7%
Marina Del Rey 21 $955,000 $945,000 1.1%
Palos Verdes Estates 25 $1,550,000 $1,675,000 -7.5%
Playa Del Rey 20 $658,000 $612,000 7.5%
Rancho Palos Verdes 47 $1,088,000 $945,000 15.1%
Redondo Beach 75 $900,000 $855,000 5.3%
San Pedro 58 $515,000 $485,000 6.3%
Torrance 112 $656,000 $585,000 12.1%
Westchester 32 $943,000 $892,000 5.7%

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Vista Sotheby’s International Realty is one of the top real estate brokerages in the South Bay and Southern California with offices in Redondo Beach and throughout the South Bay

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Redondo Beach Real Estate & Homes. All rights reserved. Information deemed reliable but not guaranteed

Keith Kyle – Licensed Realtor – Vista Sothebys International Realty – DRE#01712785

The listing information set forth on this site is based upon information which we consider reliable, but because it has been supplied by third parties to our franchisees (who in turn supplied it to us), we cannot represent that it is accurate or complete, and it should not be relied upon as such. The offerings are subject to errors, omissions, changes, including price, or withdrawal without notice. All dimensions are approximate and have not been verified by the selling party and cannot be verified by Sotheby’s International Realty Affiliates LLC. It is recommended that you hire a professional in the business of determining dimensions, such as an appraiser, architect or civil engineer, to determine such information. Sotheby’s International Realty ® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission.