Redondo Beach Market Update January '22
Redondo Beach real estate market is hot with higher home prices, lower sales due to the very low inventory. The homebuyer demand continued to exceed the supply of houses and condos. It resulted in sellers receiving multiple offers and pushing prices up. Another contributing factor were low mortgage interest rates and expectations of substantial rate increases throughout 2022. Total of 10 single family homes were sold in January 2022, 60 percent decrease compared to 2021. Median price was $1,448,660 compared to $1,1,350,000 a year ago (7% increase). The average sold price was $1,671,632 vs $1,347,628 in January 2021 which represents a 24 percent increase. Below are market details (single family homes only; data based on CRMLS):
|Redondo Beach||January 2022||January 2021|
|No. of Sales||10||21||-60%|
|Days on Market||12||30||-18 days
Redondo Beach California real estate is projected to grow at a slower pace. The low inventory, homeowners staying put, will continue to push home prices up. The one unknown is the real impact of rising mortgage rates which would reduce the homebuyers ability to buy in their price range.
Real estate is local - every neighborhood or community is different. If you're considering selling your home, Contact us and we'll provide you with a free local market report and free home evaluation. Call (310)918-5027 to set up a no-obligation consultation.