Are Sales Softening, Prices Going Up or Both?
May 2017 sales are in the books and South Redondo Beach homes homes sold at a faster pace than in April but certainly are not moving as quickly as North Redondo Beach.
Scroll down to see all the listings that sold in South Redondo Beach during May including pictures.
Year to date through 5 full months, South Redondo has seen 135 closings. In the same timeframe last year we saw 162 properties sold and May 2016 logged 38 sales in 90277.
So are we seeing a softening of the market in South Redondo? Let's take a deeper dive before we start writing headlines screaming that sales are down 14-17%.
Here's some quick stats for May:
- Total Sales 33
- Lowest Price $400,000
- Highest Price $2,250,000
- Average Sales Price $1,271,182 up from $1,191,00 in April
- Median Sales Price $1,286,500 up from $1,245,000
- Average Days on Market 14 down from 27 during April
- Properties Selling Over Asking Price 19 vs 13 in April
- Single Family Residences 14
- Condos / Townhomes 19
- New Construction Homes 5
- 26 were in escrow in 15 days or less
- 29 out of 33 homes in escrow in 30 days
Currently there are 69 active listings and 52 listings in escrow. Based on the closed sales calculation that would give us about 2 months of available inventory and using the under contract calculation there is just under 2 months of inventory. Still a "Seller's Market" for sure.
So what do you think? Here's my take.
If you are a Seller you have to be enthused to see the roughly $40K uplift from last year at this time. No matter what your home is worth, $40K more is great. I wouldn't focus as much on the unit sales being down because in general these are very healthy numbers.
But pay attention to the very telling stat that properties that sell do so quickly. Of the 69 current active listings, 39 have been on the market for 30 days or longer.
MAY 2017 SALES DETAIL SOUTH REDONDO BEACH