Do School Systems Make a Big Difference with Real Estate Values – Absolutely
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.
price of $1,112,556. When the sold price is higher than the average list price it indicates a very strong sellers market.
the average sales price at $744,270. The median list price was $729,000 while the median sold price was at $715,875. The highest sale of the month was $1,750,000 for a 4 bedroom home in South Torrance in the Seaside Ranchos neighborhood at 5006 Sharynne and the lowest priced sale was a condo at $265,000.
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.