Redondo Beach Housing Market 2016

Redondo Beach, California has seen very swift sales of residential real estate for the past year. The Real Estate market is always evolving and changing. There are several statistics that can be reviewed to determine “what is happening in the market.” The following is a review of the residential real estate sales data for Redondo Beach, California for the months of May, June, July, and August 2016.

Month/ Days on Market/ Average Sale Price

May 2016	27	$944,000
Jun 2016	20	$974,900
Jul 2016	30	$959,000
Aug 2016	32	$999,000

A review of the chart above demonstrates that the homes listed for sale took an average of about a month to sell (Days on Market), which was consistent all four months. The “Average Sale Price” increased significantly from May to August, increasing by over $50k.

When reviewing data, it is important to look at multiple factors. The next data speaks to the total amount of properties available.

Month/ Total Number of New Listings/ Months of Inventory

Oct 2015	86	2
Nov 2015	67	4
Dec 2015	34	2
Jan 2016	74	3
Feb 2016	82	4
Mar 2016	109	2
Apr 2016	116	2
May 2016	106	2
Jun 2016	135	2
Jul 2016	109	2
Aug 2016	112	2

A review of the chart above shows how much total inventory is available for purchase in a given month. While the new number of homes that are listed for sale has been in the low 100s for much of 2016 (increasing throughout the year), the total months' worth of inventory has remained steady at “two months.”

This “Total Number of Months of Inventory” is a good indicator that as the inventory has been coming to the market; there is a strong pool of buyers who are buying these properties very quickly. One could conclude that a home that is priced similarly to the comparable sales in Redondo Beach, will sell within about two months on average.

These statistics are general and represent all styles of properties sold as well as all homes sold at any price. If you are searching for a home, or trying to establish an accurate valuation of your property, please contact Matthew Hoffman directly for a Free custom market analysis.