Tuesday, August 28, 2007

North Redondo: Market Snapshot August 28, 2007

North Redondo new construction townhome

I'm going to start posting market Snapshots for North Redondo. This will give you an idea about homes prices in the upper end ( Manhatttan Beach) and entry level ( North Redondo). Prices for Hermosa Beach, South Redondo and El Segundo fall between these two areas.

North Redondo has always been the most affordable of the Beach Cities. Townhomes in North Redondo are usually the first step for many buyers looking for a home in the Beach Cities. Over the years two on a lot townhomes have become favorites with buyers who can't afford a stand alone home but need something with a yard. Builders have adapted to this market request by buyers by designing most of the newer townhomes with yards for both front and rear units.

First time buyers like the fact that there are still units that can be purchased for under $650,000 that are about 2 miles from the beach and get the afternoon breeze. Most of these units have a patio or deck, good closet space, nice size rooms and a two car garage.

Most of the elementary schools in Redondo Beach are California Distinguished Schools. Jefferson Elementary has scores that rival those of Manhattan Beach. Lincoln and Madison also have great scores and terrific programs.

So let's take a look at North Redondo. Sales and inventory have been very stable in North Redondo since the first of the year. The has been particularly true for the townhome market. Inventory has hovered around 65-75 listings with about 25-35 sales each month. The last two months have seen sales volume decline from the high point of the spring.

Currently there are 59 homes and 75 townhomes for sale in North Redondo.There are 18 homes in escrow and 23 townhomes in escrow. Prices range from $499,000 for a 2 bedroom townhome to $1,699,000 for a new construction 5 bedroom 4 bath 3800 sqft home.

North Redondo Beach: Market Snapshot August 28, 2007
(click on graph to enlarge)

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