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Redondo Beach real estate trends

Wondering Why You Can’t Find that Dream Home in the South Bay?

It’s no secret that it’s a frustrating world out there for home buyers.  Oh how quickly things turned from a strong buyers market to a market clearly favoring sellers.  According to Redondo Beach Realtor Keith Kyle “There is incredibly low inventory everywhere and the high demand areas of the South Bay such as Manhattan Beach, Hermosa Beach and Redondo Beach have little to offer buyers at the moment”.  To make life even more frustrating for Beach Cities home buyers, is that the moment a well priced home comes on the market, the frenzy starts with buyers often going way over asking price, waiving the appraisal contingency and simply buying homes above current market value.  The chart below sums it up pretty clearly with the number of active homes for sale in the South Bay plummeting from over 1500 a year ago to just over 600 in December of 2012.  This is while the number of closed sales has remained steady.

To view the current homes for sale visit our South Bay MLS search, or click our recent home sale page to see the most recent home sales in the South Bay cities of Manhattan, Hermosa, Redondo Beach, Torrance, El Segundo and surrounding areas.

in Communities, Golden Hills, Hermosa Beach, Hollywood Riviera, Manhattan Beach, Market Trends, North Redondo Beach, South Redondo Beach Posted by Keith Kyle
Redondo Beach foreclosures

The Days Of Redondo Beach Short Sales May Be Winding Down

Although the South Bay and certainly the Beach Cities were fairly protected fromRedondo Beach foreclosures the wave of short sales and bank foreclosures that plummeted prices in other areas of California, there were opportunities out there.  As Redondo Beach is both larger than neighboring Hermosa and Manhattan Beach, and typically caters to more first time home buyers, it felt the foreclosure brunt the most and it wasn’t a challenge to find “deals” on such properties.  Gone may be the days of short sale deals and homes selling below market value, as the inventory of both standard sales, and distressed home sales has continued to decline while demand has grown.  The influx of investors buying up short sale and foreclosures added to the pressure.  As of December 2011 there were 46 active short sales and foreclosures in Redondo Beach and just a year later the inventory was down to 9 distressed sales.  This will likely lead to rising prices as these short sales were the driving factor behind the declining prices over the past few years.

in Communities, Foreclosures, Market Trends, North Redondo Beach, South Redondo Beach Posted by Keith Kyle

Looking for a starter home in Redondo Beach?….this may take a while….

**Please note that this post is from 2013 and the market and home prices have changed dramatically since then**

I have a number of buyers looking in Redondo Beach for a single family home under $750,000. Normally that’s not too difficult to find and it’s more a question of specific location, or style, etc. The problem now is that single family homes in this price range, which would be considered “starter homes” in Redondo, can be difficult, if not impossible, to find. It hasn’t been easy lately to explain to buyers (many of whom start the search in Hermosa Beach but find themselves priced out) that there just are no homes to buy. The chart below paints a pretty bleak inventory picture with almost nothing to buy, and the few that are priced below $750,000 are not at all what they are looking for.

The chart below shows all single family homes for sale, pending and sold in the $750,000 and under price range in Redondo Beach.  The teal line represents the active homes for sale in Redondo Beach and it’s pretty clear that there are few, if any, real opportunities.  According to Redondo Beach realtor Keith Kyle, “until sellers decide that this is an optimal time to list their homes for sale, this trend of low inventory and high demand will continue.”

in Communities, Homes, Market Trends, North Redondo Beach, South Redondo Beach Posted by Keith Kyle
Keith Kyle realtor for sale sign

Want to Know Why You Can’t Find a South Bay Home?

If you’re like many South Bay home buyers, you’re probably experiencing theKeith Kyle realtor for sale sign frustration that so many others are….there are no homes to buy.  With this incredibly low inventory the few homes that do come on the market don’t last more than a few days and often sell for prices that would have been a major challenge just a few months ago.  It might be temporary, but back are the days of multiple offers, conditions favorable to the sellers, offers over the list price and a number of cash buyers to compete with.  Inventory just keeps going down with fewer and fewer available homes to by.  If it’s hard to picture just what’s happening the chart below couldn’t be clearer.  The light green bar shows the number of active homes for sale in the cities of El Segundo, Gardena, Harbor City, Hawthorne, Hermosa Beach, Lawndale, Lomita, Manhattan Beach, Palos Verdes Estates, Palos Verdes Peninsula, Rancho Palos Verdes, Redondo Beach, Rolling Hills, Rolling Hills Estates, San Pedro, Torrance.  The teal columns show sold homes and the red bar shows the pending home sales.

in Communities, El Camino Village, Fusion South Bay, Golden Hills, Hermosa Beach, Hollywood Riviera, Homes, Manhattan Beach, Market Trends, North Redondo Beach, Rancho Palos Verdes, South Redondo Beach, Torrance Posted by Keith Kyle
Redondo Beach real estate trends

Distressed Home Inventory Continues to Decline in Redondo, Hermosa and Manhattan Beach

Distressed home sales and listings continues to go down with both REO andRedondo Beach foreclosures short sale opportunities fading. The number of short sales and bank owned homes in Manhattan Beach, Redondo Beach, and Hermosa Beach have always been relatively low compared with other, more inland, areas and communities, but it appears that the inventory of these homes is at a several year low and looks to remain that way. The days of finding a “deal” in these cities may be a thing of the past. Redondo Beach, due to both the size of the city and the entry level price point options, has far and away the greatest concentration of distressed sales between the 3 cities but numbers decline there as well.

The chart below shows the most recent number of active, pending and sold short sales in Redondo, Hermosa, and Manhattan Beach.

in Foreclosures, Hermosa Beach, Manhattan Beach, Market Trends, North Redondo Beach, South Redondo Beach Posted by Keith Kyle
717 Avenue D Redondo Beach CA

October 2012 Median Home Prices In Redondo Beach and South Bay

October 2012 South Bay Median Home Prices and Sold Homes

Keep informed on the price of Redondo Beach  homes and know what direction the real estate market is heading. See below for the median price of South Bay Homes in October and see the change in average home price from 2011. Average home prices based on one month of information can vary quite a bit based on a number of factors but the information can show an overall housing market trend in Redondo Beach.

City Homes Sold October2012 Median October2011 Median Yearover Year % Change
Carson 56 $286,500 $300,000 -4.50%
El Segundo 11 $648,000 $348,500 85.94%
Gardena 58 $299,250 $260,000 15.10%
Harbor City 14 $337,500 $300,000 12.50%
Hawthorne 51 $360,000 $328,500 9.59%
Hermosa Beach 15 $835,000 $1,000,000 -16.50%
Lawndale 10 $252,500 $315,000 -19.84%
Lomita 13 $450,000 $392,500 14.65%
Long Beach 341 $302,750 $282,000 7.36%
Manhattan Beach 36 $1,137,500 $1,222,500 -6.95%
Marina Del Rey 36 $652,500 $590,000 10.59%
Palos Verdes Estates 31 $1,282,500 $1,000,000 28.25%
Playa Del Rey 16 $344,750 $335,000 2.91%
Rancho Palos Verdes 45 $870,000 $922,000 -5.64%
Redondo Beach 97 $700,000 $623,750 12.22%
San Pedro 55 $330,500 $345,750 -4.41%
Torrance 121 $467,000 $447,500 4.36%
Westchester 43 $627,000 $561,750 11.62%
in Communities, El Camino Village, Fusion South Bay, Golden Hills, Hermosa Beach, Hollywood Riviera, Manhattan Beach, Manhattan Beach Hill Section, Manhattan Village, Market Trends, North Redondo Beach, Rancho Palos Verdes, South Redondo Beach Posted by Keith Kyle

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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.