South Redondo Beach Market Update



Now Is A Great Time To Sell

Now Is A Great Time To Sell

December 2014 was a great month for sellers in South Redondo Beach. Though the average sales price in March is not quite what it was the month before, in February, when it reached $1,067,960.41, the average price per square foot is higher than it's been in the last few months, at $580.53 per square foot. In contrast, the average price per square foot in February 2013 was $486.09. In December 2014 , at 61 days, the number of days single-family homes spent on the market was the lowest it was in all of 2013. December 2014 would have produced the lowest number of days on the market for 2012 as well, but homes only spent an average of 56 days on the market in December 2012. The average sales to listing price was also high in March, reaching 99.4%, which is the highest it's been since November 2012, when it was also at 99.4%. Over the past 12 months, the average sales price for condos and single-family homes was $714,290.66. The average amount of days that homes stayed on the market was 78, for the year. Still, March acted as proof that things are looking up. With the highest sales to listing percentage and price per square foot of the year, the month gave hope to sellers.Read More...
Home sales in Redondo Beach reach seven year high

Home sales in Redondo Beach reach seven year high

Six-month market reports show housing industry in Redondo Beach and nationally may have entered recovery stage.  By Michelle Mears-Gerst Contract activity in the first half of the year for selling and buying homes is at its highest level since late 2006 according to the National Association of Realtors. “We have definitely seen a shift in the past six months in home sales,” said Sam Xavier from the Real Estate office of Xavier and Xavier in Redondo Beach. Xavier said the price point for entry level in his market rose from $620,000 to just over $700,000. The Pending Home Sales Index showed in May a record number of homes nationwide placed under contract to be sold.  Economists speculate some of the activity may be the result of homeowners watching the mortgage rates rise. Sellers want to get take advantage of the equity in their home and buyers do not want to miss the affordability of low interest rates. The demand from both sellers and buyers acting in speculation has helped push the market to record levels. “People can speculate all they want but we are not looking at another 2005 to 2006 surge in home prices,” said Xavier. According to Redondo Beach’s July market report, the average single family home sold was $1,349,500 and the average listing price was $1,317,182.89. Nationwide market reports also showed the first half of 2013 favored sellers who in many communities received full price offers or offers above the asking price. Xavier who specializes in real estate in the Redondo Beach community says he expects home sales over the one million dollar mark to begin to level off and remain flat but for homes prices to rise slightly at lower price points. “If you are looking to sell, sell,” said Xavier who recommends against trying to time the market. Interest rates have been steadily creeping up and sellers risk prospects losing their buying power. According to Bankrate.com interest rates on a 30-year fixed mortgage rose from 3.99 percent at the beginning of June to 4.40 percent ending the first week of July. Lawrence Yun, a chief economist at the National Association of Realtors reports the national median price for a home sale is expected to rise more than 10 percent in the second half of 2013. This would be the largest increase since 2005 when the market jumped 12.4 percent. The lack of inventory in home sales is contributing to the higher steady home listings. In Redondo Beach, the housing inventory is less than two month.  A balanced market has at least a 5.5 months’ worth of inventory. Xavier said pocket listings in Redondo Beach are growing. “We have a list of qualified buyers who are watching the market in our community and have their eye on certain school districts, avenues, style of home etc.” Xavier said homeowners who are the fence to sell should contact his team to discuss options. RIS Media recently released its 2013 Power Broker Report, which leads with the statement, “The door to the downturn has been shut and there’s nowhere to go but up.” The market is showing signs the recovery phase of the real estate market is ending. Despite raising rates it appears according to the NAR, the market is entering a long-term, sustainable phase. However, brokers have reported to the NAR the fundamentals need to stay strong like job growth, and the federal government making positive reforms with Fannie, Freddie and the FHA. There are also concerns over how the new rules for Qualified Mortgages will affect the markets. The new QM rules come out next year and can affect the FHA, VA and federal rural housing down payment requirements. To learn more about the current market conditions in Redondo Beach, contact the Xavier and Xavier team at, 310-866-7598. The Xavier team will help you navigate through the evolving home buying and selling process.Read More...
South Redondo May Market Update

South Redondo May Market Update

We have more inventory going into the second quarter. As of May 8, 2013 we have 37 active SFR’s on the market ranging from $655K- $2.995M. 12 active townhouses ranging from $650K - $1.799M and 11 condo’s ranging from $460K-$869K. Prices are continuing to rise each month. There were only 7 closed SFR’s in April and were all standard equity sales. 13 townhomes closed and all were standard sales.  There were 9 condos that sold, 8 being standard sales and 1 Probate Sale. As you can see, distressed sales are now non-existent. Average days on the market for SFR’s were 31 days down from 41 days on the market, townhouses 41 days significantly down from 68 days and Condos, 56 days down from 81 days on the market in March 2013. As you can see time to market is much lower than previous months this year and we are continuing to see multiple offers over asking price on most all South Redondo properties! We are currently in a seller’s market and we still have a shortage of housing inventory in South Redondo Beach. If you are considering listing your home for sale please contact Xavier and Xavier for a free custom market analysis to get your home listed and sold quickly and smoothly! Thank You, Sam and Bindu Xavier, Your South Redondo Real Estate Specialists.Read More...