Real Estate and homes for sale in Manhattan Beach, Hermosa, Redondo Beach, Torrance and El Segundo

Real Estate and homes for sale in Manhattan Beach, Redondo Beach, Hermosa, Torrance and El Segundo

Redondo Beach Real Estate Market Update – Trends and Statistics

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Welcome to Redondo Beach real estate trends and market statistics for this wonderful coastal community in the South Bay.  We hope that the information below is helpful, whether you are considering buying a home in Redondo, or selling your property in North or South Redondo.

Click here to see detailed reports for:

Active Homes on the Market,  Pending Escrows, and Sold Redondo Beach Homes – Top

See also the current homes for sale in Redondo Beach

Average Price Per Square Foot- Top

Average Days on Market and List Price – Top

Average Sold Prices Compared with Average List Prices – Top

Median Home Prices (all types) – Top

Months of Inventory based on closed sales – Top

Manhattan Beach Market Update – Current Stats and Statistics

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Whether you are considering buying a home in Manhattan Beach, selling your home or just interested in keeping up with the market, information is critical.  We have helpful information and charts to show you what the market is doing and whether it’s a buyer’s market, seller’s market or somewhere in between the two.

View the current homes for sale in Manhattan Beach

See the information to see how many homes are on the market and selling compared with past months, how close sales prices are to list prices, the average days on market and more.  As of 11/21/19 – October 2019 is a neutral market

Home For Sale in October 2019: 101 units.

• Down 22.9% compared to last month
• Down 4.7% compared to last year

Home Closed in October 2019: 23 units.

• Up 4.5% compared to last month
• Down 32.4% compared to last year

Home Placed under Contract in October 2019: 51 units.

• Up 88.9% compared to last month
• Up 75.9% compared to last year

*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales

Current number of homes for sale as well as pending home sales and recent sales

 

About the For Sale vs. Sold Report

  • For Sale numbers are the snapshot of the number of property for sale at the end of the month.
  • Pended numbers represent the number of properties that went into the “pending” status for that month.
  • New Listing numbers represent the number of properties that are new listed for that month.
  • Sold numbers represent the number of properties that are sold for that month.

What Does For Sale vs. Sold Report Do?

  • It helps determine the trend of market supply and demand.
  • It helps determine whether the current market is a seller or buyer market.
  • It helps determine the minimum length of the listing period.
  • It helps identify which price range the majority of the properties are in, within a given area.
  • It helps focus on where the buyer’s activities are and the market condition in those areas.

How to Use For Sale vs. Sold Report?

  • Use with Average Price Per Sqft Report to set competitive listing price.
  • Use current inventory level to determine market condition. The current inventory level is derived by dividing the monthly listing number by the monthly sold number which is shown in Months of Inventory graph. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.
  • A download trend of listing inventory and an upward trend of the number of properties sold indicates the seller is in a better negotiating position.
  • An upward trend of listing inventory and a downward trend of the number of properties sold indicates the buyer is in a better negotiating position.

You Should Know

  • The properties sold figures are derived from recorded transactions.
  • Current monthly sold figures might be adjusted upward on the next month’s report. This is to account for any closed transactions that are reported late.

Average Price Per Square Foot in Manhattan Beach

(keep in mind that this is often not the best determinant of value due to proximity to the beach, age, views, etc.

Days on Market (columns) and % of list price homes sold at

Average Home Price For Sale V Sold

Months of Inventory

Dealing With Home Inspection and Repair Challenges During Escrow

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One of the more treacherous parts of an escrow is the home inspection and request for repairs.  Often times the buyer thinks that the home inspection is a “checklist” of what needs to be fixed while the seller either thinks their home is perfect or “it was just fine for us so why does the buyer need things that work fine upgraded or repaired”.  Finding middle ground isn’t always easy but a good realtor can help address some of the challenges before they even come up and help manage expectations as how to get through a very challenging situation.

As the chart below shows, 80% of home inspection reports show at least something needing to be fixed.  In our opinion that’s even on the low side….in our experience there are always issues.  We always recommend to both our buyers and sellers to be reasonable.  On the buyer side stick to actual problems or repairs.  If it’s an issue that the buyer will have to immediately pay for to have repaired…it’s a reasonable request.  The biggest challenge items are either those called out as not up to “current “code, or items towards the end of their service life.  Buyers need to understand that the statement “not up to current building code” does not mean it’s necessarily problematic.  Codes change all of the time and unless it’s a clear safety issue, it’s usually best to stick with actual repairs.  Items at the end of their service life really depend on the item, the cost and how extensive the rest of the repair list.  We’ve found that asking for everything usually ends with the seller dismissing any repairs….even the reasonable ones.

Keith Kyle is a top producing realtor and Torrance real estate specialist with Vista Sotheby’s International Realty in the South Bay.  Contact Keith for more information on how the home inspection and escrow process works in Torrance real estate.

Why You Should Have a Home Inspection

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Home Inspections – Information for Home Buyers

Whether you’re buying an older home or new construction in the South Bay, a home inspection is an absolute necessity. A home inspection will assess the building code conformity as well as all the systems and structural components that make up the building, such as:

  • Structural elements, foundation, framing etc
  • Plumbing systems
  • Electrical systems
  • Heating and Cooling systems
  • Roofing
  • Cosmetic condition, paint, siding, etc.
  • General Environmental Issues.
  • See information on undertanding the home inspection

 

When you’ve decided upon the South Bay home you want to buy and you’re about to sign the residential purchase agreement (the offer), make sure there is an inspection contingency in that contract allowing you to get your own professional Home Inspection. “Pre-Selling” or “Pre-Listing” inspections are not common, however, in some cases, a savvy seller may have had their own structural inspection done which they usually will provide to a prospective home buyer. If they are wise, they will have arranged to have any discovered problems corrected. However, I still insist that my buyer clients have his or her own independent inspection done. Normally, upon acceptance of the offer,  you will have 17 days to have the inspection completed, analyze the report and respond to the seller. We will be your eyes and ears at the structural inspection should it not be possible for you to be present yourself.

In the event that hidden problems are revealed through the structural inspection process, you may do one of two things:

1) If the inspection reveals conditions that change your desire to buy the home, you may terminate the purchase agreement by notifying the seller in writing and provide a copy of the inspection report disclosing the problems.

2) You may submit a list of the problems discovered in the inspection report, known as a request for repair, to the seller and request that the seller make the necessary corrections and repairs before the deal is closed, or adjust the price accordingly.

The Inspection Report

When you interview a home inspector, ask him what type of report format he provides. There are several types of reports used by inspectors, such as computer generated reports, the checklist format and the narrative style report. Some reports are completed and generated on site and some may take up to a week to complete. There are good and bad points to all of these formats.

Make sure that the inspector will take pictures that explain their descriptions and potential problems.

Hire an inspector that gives detailed descriptions of the home and potential problems instead of vauge and easily missinterpreted descriptions.

“Bathroom Shower Enclosure: Condition – Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing drain and pan at base of tile.”

As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to interpret, should your knowledge of construction be limited.

Make sure, if you do not understand something, that you ask questions. Items in the inspection report that are not serious quite often can be interpreted by a nonprofessional to be a major factor. A good home inspector should be able to put things into perspective and answer all your questions. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you.

Take the time to become familiar with your home inspection report. If the report has a legend, key, symbols or icons, read and understand them thoroughly. The more information provided to you about the property, the easier it will be to understand the overall condition. If possible, try to be present when the inspector is doing the inspection. You do not have to be there during the entire process, but if you can walk through with the inspector at the end so he can show you the findings of the structural inspection, you will learn a great deal about the home you are about to purchase.

Our Newest Listing in Redondo Beach – 610 The Village #302

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Welcome to the Village in Redondo Beach CA….where vacation style living awaits.thevillage

If you are looking for an oceanview condo at an affordable price…this may just be the home for you.  610 The Village #302 is a rare top floor ocean view studio in the heart of Redondo Beach. Enjoy the great ocean and Redondo pier views as well as the refreshing beach breezes. This is true vacation style living. Enjoy 2 sparkling pools, multiple jacuzzis, beautifully landscaped grounds with streams and water features, access to the state of the art fitness center at neighboring Ocean Club, on site store and more.

Located just east of King Harbor and the Redondo Beach pier and just steps to the beach. Studio units rarely come on the market and this may be your opportunity. In addition to it’s ideal location in the community, #302 has 2 parking spots which is fairly unheard of for studios in the complex. 610 The Village offer elevator access with no steps from the garage. Come take a look at this wonderful home and carve out your little piece of paradise.  Contact us for more information or for a private showing

  • Listed by Keith Kyle of Vista Sotheby’s International
  • Priced at $485,000
  • Studio with 1 full bath
  • 410 sq feet
  • Low HOA of $268

Video Tour of 310 The Village

Photo Gallery of 310 and The Village Complex

Why Buy a Home Instead of Rent?

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Information for First Time Home Buyers

When you’re thinking about buying your first home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:

Smart Investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.

Tax Advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned Housing Costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.

Improvements to Your Taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

If you have more questions about making the decision to buy a home, please feel free to call or email.  Back to the first time buyers tips and information page

View the current homes for sale in the South Bay or search by city, area or neighborhood

 

 
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