Over the past few months, my South Bay real estate blog has been gushing about the overall strength of our local housing market. Second quarter data shows buying frenzy! North Redondo new construction price surges! Condo/townhome price growth! And, Valmonte going to all-time highs! These are topics that I have covered just since the beginning of July. To say the least, it has been an incredible 2021. And, while home prices are going higher in one of the strongest markets in a generation, there might be some early warning signs that buyers and sellers need to watch carefully. Although imperfect, in my opinion, the #1 indicator of where the market might go is C.A.R.’s Housing Affordability
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Month: August 2021
Palos Verdes is a massive residential housing landscape. Not only do the expansive borders prove to be a challenge in learning the market, but home values are further complicated by winding roads and rapidly changing topography that increase or decrease value by significant numbers…you need to be careful and diligent. For perspective on the size of the market, in the month of July, the Palos Verdes Hill had 881 single-family home sales. Compare that to July single-family home sales in Manhattan Beach coming in at 423 or the large city of Redondo Beach’s 431 sales. The Palos Verdes Peninsula doubled those markets’ SFR sales volume. To be fair, Manhattan Beach and Redondo Beach have large condo/townhome
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The real estate market has been on fire. Pandemic-fueled demand for single-family homes, generationally low interest rates, and sparse supply have created the perfect storm in our local real estate market and across the nation. Due to the mechanics of how the Coronavirus spreads, condos and townhomes were made less desirable in 2020 and were market laggards when compared to single-family home prices. In my annual “Fearless Predictions” blog that I wrote the first week of January, I predicted that condos and townhomes would outperform the market in the second half of 2021 thanks to the vaccine, low interest rates, and affordability when compared to single-family homes. If you would like to read all my predictions
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This week, I am out on a long vacation but thought it would be fun to quickly review the first half of 2021 sales throughout the South Bay. Below, you will find single-family home sales in Redondo, Hermosa, Manhattan Beach, along with the four cities on the Palos Verdes Peninsula. For the first six months of the year, I cover the median priced home sale, the low sale, and the high sale for each respective area. And, there will be light commentary on each city. Enjoy! Redondo Beach First Half Median Sales: 721 N. Prospect Avenue 4 beds, 3 baths, 2,077 sq. ft., 7,084 sq. ft. lot Sold Price: $1,450,000 1145 Stanford Avenue 3 beds, 3
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