Redondo Beach, CA Real Estate Market Activity Snapshot For October 2018

Redondo Beach, CA Real Estate sales have seen a higher number of homes that closed in October 2018 than in October 2017. While the listing price for October 2018 was lower as compared to a year ago, monthly price of homes for sale was up from previous month amid continued low inventory levels. The sold price of homes that closed was higher for the month.

Homes for Sale, Sold and Time of Close by the Numbers

For October 2018, a total of 172 homes in Redondo Beach, CA were for sale. The number of Homes for Sale that sold was 70 in October 2018 vs. 46 in September 2018 and 67 that sold in October 2017. Of the 70 homes under contract to close during the month of October 2018, the median time marketed for sale was 13 days. Compared to September 2018, the median time on market was 16 days. In relation to the homes for sale that were competitively priced in Redondo Beach, the homes that sold over the prior 6-months were selling within a range of 8 to 17 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).

A Close Look of Stats Data

• The Number of Closed Sales of homes for sale that sold was 70 in October 2018 compared to 46 during September 2018 and 67 in October 2017.

• The Number of Active Listings of homes for sale was 172 in October 2018 compared to 146 during September 2018 and 136 in October 2017.

• Median Sale Price for these homes that sold was $1,054,500 in October 2018 compared to $1,022,500 during September 2018 and $1,100,000 in October 2017.

• Median Price per Square Foot for these homes that sold was $562 in October 2018 compared to $557 during September 2018 and $578 in October 2017.

• Median Days on Market for the homes that sold was 13 in October 2018 compared to 16 days during September 2018 and 12 days in October 2017.

• The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 2.6 in October 2018 compared to 2.1 during September 2018 and 1.8 in October 2017. (Note: This index is typically represented as a MSI number.)

Here are some current charts on housing activities in the area:

Data Analytics, Market Insight And Effects

The 70 homes sold that actually closed represented 40.7 percent of 172 available homes for sale in Redondo Beach, CA during October 2018. The sold price for Redondo Beach, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was down by 4.1 percent versus a year ago. And, this month’s median sold price for these homes that sold has gained 3.1 percent in October 2018 compared to September 2018. The month’s medan price-per-square-foot for homes that sold has gained 0.9 percent from September 2018, and for the 12-month period it dropped 2.8 percent from October 2017 reversing a positive annual trend going forward.

Homes in October were selling faster than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 2.6 suggests that it would take 2.6 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows healthy market absorption of housing inventory of Redondo Beach, CA homes for sale. At this MSI level, it translates to a market absorption rate of 38.5 percent and demonstrates strong buyer demand.

Here are current charts on Price/SqFt and Supply of homes in the area:

Some Homes Did Not Sell

Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 23 in Redondo Beach. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.

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