After a high-flying couple of years, gravity has come to the North Redondo real estate market.
The number of homes sold fell to 326 for the full year, 43% lower than in 2021, and 32% below the 5-year average. The shortage of sales hit fast. It was a citywide concern.
Median prices are up, however, by 12% in North Redondo, and by 11% citywide. Upbeat median price data may conceal a true reversal in prices that is happening now. We see it on individual sales, rather than in full market data. Inventory is now growing, which can create downward pressure on prices.
North Redondo is always desirable and the market stays busy. Sellers in this market will be wise to do everything right. We hope to see the market stabilize in the first half of 2023.
As the Spring real estate market goes into high gear, the Tree Section is hitting record totals. The median price for Tree Section homes is very close to $3 million now, barely below the citywide median price.
You might hear people say “the real estate market is changing.” What does that mean?
In North Redondo, it means a sharp break between the early Spring market of 2022 and Summer/Fall. It stopped being “easy” to sell by June/July. Some listings got stuck.
Higher interest rates challenge buyers, who are now much more price-sensitive. Buyers sometimes seem to be waiting for sellers to accommodate them. We’re just starting to see real price adjustments as homes sell in these conditions.
The total number of sales is down 30% year-over-year, a number that is typical of the whole South Bay. But attractive, well-priced homes are definitely still selling.
It is more important when selling now to “do everything right.” Make your home look its best, price it right and have a team like EDGE behind you who can get it all done!
The Springtime real estate market in North Redondo began to show signs of flattening out, after a couple of years of rapid price increases & fast sales.
Inventory of homes for sale is up 31% over last year at this time. This is quite different from trends in nearby beach cities, even South Redondo, where inventory is much lower than last year.
Still, homes are selling fast. Those that do sell go in a median 8 days on market, one-third faster than the average for the previous five years.
Buyers face negative circumstances with higher interest rates, which limits affordability and could impact prices down the road. For now, data don’t show a downshift. If you’re looking to sell, consult EDGE for the best strategy to sell quickly for top dollar.
North Redondo accounts for more than half of all home sales in the city. With a median home price now of $1.297M, the area is actually up more year-over-year (17%) than the city as a whole.
While the most affordable North Redondo homes continue to rise in price, demand for new and newer townhomes (especially 2-on-a-lot units) continues to soar. Multiple offers are common.
Most buyers just can’t find homes easily, and are pursuing off-market deals where possible. Jumps in mortgage rates are adding to the challenges for buyers.
It’s a seller’s market, but nothing is easy or automatic. If you’re thinking of selling, consult EDGE for the best strategy to bring you top dollar.
You’ve got questions and we can’t wait to answer them.