There's a lot of real estate data and news on the internet these days and much of it can be misleading at best. One of the stats I see floating around is that pending sales are down. Not sure exactly why that is news because with inventory down in many areas it only follows that pending sales are also down.
What is also getting people confused is that in the midst of all this, prices continue to go higher. That's also a function of more buyers chasing fewer listings. So yes, on a national or regional basis we may see new open escrows and overall sales volume falling off which in a normal market would indicate a softening. But in this market it just means we are resetting expectations as to number of units sold.
For August, prices ranged from $539,000 for a 2 bedroom condo in Brookside Village up to $2,610,000 for a 5 bedroom 5378 Sq Ft SFR on Avenue D.
The median price in 90277 was $1,258,750 and the average closed price was $1,335,389. We've been tracking both recently because with the top end in many markets going up, either metric may not correctly give a good indication.
On average, homes were on the market for 36 days but that is highly distorted by 2 listings that lingered for over 200 days. What you really need to know about days on market is that out of 53 sales, 35 were in escrow in 30 days or less. Of those 19 sold over the asking price, 5 at the asking price and 11 for less than offered. During the same month in North Redondo Beach, with 61 closed sales, 51 were in escrow in 30 days or less and only one of those sold for less than the asking price.
Through the first seven months of 2017, there were only 221 South Redondo homes sold, averaging 31.5 per month. This makes the August sales stand out even further. But before we all jump for joy too much, let's take a look at where we are today, as of this blog post.
Currently there are 71 active listings with 41 in escrow.