Redondo Beach Real Estate Update March '22
Redondo Beach real estate market is tight 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 several rate increases throughout 2022. The cost of real estate is increasing. Total of 33 single family homes were sold in March, compared to 41 a year ago. Median price was $1,630,000 compared to $1,475,000 a year ago (11% increase). The average sold price was $1,929,340 vs $1,579,106 in March 2021 which represents a 22 percent price increase. Below are market details (single family homes only; data based on CRMLS):
|Redondo Beach||March 2022||March 2021|
|No. of Sales||33||41||-8|
|Days on Market||9||23||-14 days
Redondo Beach California real estate is projected to continue to grow but 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.