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 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. 

Torrance CA Real Estate Market Update March '22

Torrance CA real estate market data reflects the continuing seller's market.  Low inventory (the inventory of homes for sale is now even lower than a year ago) and home buyers trying to take advantage of low interest rates before the Fed hikes, create the imbalance between demand and availability resulting in multiple offers and rising prices. 

As outlined below, home prices in Torrance real estate increased by 11% and 13%,  average and median sold prices respectively , for single family homes (houses).

Data for single family homes only; based on CRMLS

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; Click below to get INSTANT TORRANCE HOME EVALUATION:

Torrance CA Real Estate Market Update March '22

Why Downsize To a Smaller Home?

Why Downsize To a Smaller Home? In what situation would it be advantageous to sell your house and buy a condo or a smaller house?

Life events can have a major impact on what you need from your home, and retirement is one of the biggest changes many of us face. This period of your life can mean doing more of the things you enjoy, like traveling, visiting with loved ones, or taking on new hobbies. But what does that mean for your home?

If you’re looking for ways to focus more on the important things in your life, the answer could be downsizing. A recent article from The Balance talks about why it could be a great option, saying: “There are many reasons to buy a smaller home—or to downsize from your present home—but sometimes, the idea that “less is more” is what propels homeowners to buy a smaller home.”

You Can Find the Right Home for Your Needs

The 2022 Home Buyers and Sellers Generational Trends from the National Association of Realtors (NAR) provides more information on why people of retirement age choose to move. It shows the need for a smaller home, the desire to be closer to loved ones, and retirement itself as three of the top reasons homebuyers over the age of 55 make a move.

If you’re in this group, changing priorities may be top of mind for you today, and that could be driving your decision to downsize. After all, as your lifestyle changes, what you need in your home likely changes, too.

Plus, as The Balance notes, moving into a smaller home can open your schedule up even more. When you downsize, you can spend less time maintaining your home and more time with the people you love or exploring newfound hobbies. That’s a recipe that can lead to less stress and increased happiness.

Your Equity Can Make a Big Impact When You Downsize

Home equity plays a big role when you sell your existing house and move. It could be a great tool to use to help you downsize. According to the latest Homeowner Equity Insights report from CoreLogic, the average homeowner gained about $55,300 in equity over the past 12 months. Dr. Frank Nothaft, Chief Economist at CoreLogic, explains how important price appreciation and equity gains are for existing homeowners:

“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth, . . . For low- and moderate-income homeowners, home equity has historically been a major source of wealth.”

As home prices rise, your equity does, too. So, you may have more equity than you realize because of the record levels of home price appreciation over the past year. Those equity gains could allow you to make a larger down payment on your next home. And putting more money down can lead to a smaller monthly mortgage payment, which can give you greater financial freedom. It can also be a significant help in navigating today’s competitive housing market, since offering more money up front could help your offer stand out.

Contact us today and we will help you to find the best option in your situation.

If you're an active senior and would like to move into one of our beautiful South Bay 55+ communities, you found the right place and senior experts.  Click below to view the South Bay, Torrance, Redondo Beach and Palos Verdes senior 55+ communities.  

South Bay 55+ Communities and Condos For Sale

Another downsizing options would be a smaller single story home as you approach retirement.

Single Story Houses For Sale

Why Buy a Condo?

Why Buy a Condo? If you’re a first-time buyer looking enter the housing market but struggling to find a home to buy, condominiums could be a great alternative for you. 

Many active seniors prefer a 55+ condo in our South Bay 55+ communities when deciding to downsize and enjoy the maintenance free lifestyle.  

Whether you're looking for your first home or downsizing, Contact us and we'll find you the right South Bay condo.

Find Your New South Bay Condo Here

Below we explore reasons condos may be an option to consider when looking for a homes:

Exploring Condos Could Add Options That Fit Your Budget

Supply challenges are a reality across the board in today’s housing market. Broadening your home search to include condos could increase your overall pool of options. Just keep in mind, condos generally differ from single-family homes in average space and floorplans.

In a recent article, Bankrate covers some of these differences:

“Condos are generally more affordable because they come with less space — you likely won’t have your own backyard, for example, and the interior tends to be smaller than the square footage of a single-family home.”

But if the size of a condominium meets your needs, they could match your budget as well. So, if budget is top of mind for you, a condominium could be a great fit within your target price range.

Buying a condo is a great way to break into the market and start building equity that can help power a future move up. The condo you purchase today may not be your forever home, but it can be a great stairstep that can help you buy your dream home later on.

Owning and living in a condo is also a lifestyle choice.

While it’s true they may be smaller than single-family homes, the amenities condos provide could be a draw for many buyers. Less space in your home might mean minimal upkeep, lower maintenance, and more time for you to spend doing the things you enjoy.

To understand if condo life is for you, Bankrate recommends asking yourself a few simple questions: “Hate to mow the lawn and trim the hedges? What about pressure washing your driveway? Are your finances such that having to lay out $5,000 or more for a new roof will be a burden? . . . Condos tend to work best for those comfortable with most of the aspects of apartment living, minus the built-in maintenance.”

Ultimately, talking with an expert real estate advisor is the best first step to determining if condo living might work for you.

Summary:

Condominiums are a great option for many buyers, especially those looking to buy their first home. If you’re willing to consider condos in your search, you could find something that’s in line with your target numbers and your needs. To learn more, reach out to a trusted real estate professional with expertise in the condo-buying process.

Call (310)918-5027 for expert advise.  We'll be happy to help!

Below are shortcut links to help you find a new condo in a specific South Bay area:

Torrance Condos For Sale

Redondo Beach Condos For Sale

San Pedro Condos For Sale

Palos Verdes Condos For Sale

Manhattan Beach Condos For Sale

Benefits of Owning a Home

The past two years have taught us the true value of homeownership, especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial and financial benefits of owning a home. If you’re looking to buy a home today, think about all the ways homeownership can impact your life.

Homeownership Has Impactful Personal and Emotional Benefits

Owning your home gives you a significant sense of pride because it’s a space that is truly yours. And as a homeowner, you can customize your home to your heart’s desire. Having a space you’ve put your stamp on enhances the pride and sense of ownership you may feel.

And that sense of ownership can extend beyond your shelter to help create social, community, and civic benefits as well. That’s because the average homeowner stays in their home for longer than just a few years. That means you’ll naturally feel a stronger connection to the community around you the longer you live there. This can help you experience a greater sense of belonging and a greater stake in your community as a whole. As the National Association of Realtors (NAR) says:

“Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”

Owning a Home Is a Significant Step Toward Financial Stability

In a financial sense, homeowners benefit from home price appreciation, equity gains, and having a shield against some of the effects of inflation. These benefits can have a big impact on your life. As you gain equity through home price appreciation and paying down your mortgage, you build your net worth. And in times of inflation, your 30-year fixed-rate mortgage can help you stabilize one of your largest monthly expenses for the duration of your loan.

Lawrence Yun, Chief Economist for NAR, explains how you can start to see these lasting effects of homeownership as soon as you make your purchase:

“Owning a home continues to be a proven method for building long-term wealth. . . . Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage.”

Knowing you’ve made a good investment soon after your purchase is powerful. And that may give you confidence in your decision to buy a home.

Bottom Line

The benefits of owning a home are foundational. As a homeowner, you can feel proud of the space you call home and know you’ve made a sound financial investment. To learn how homeownership can help you, contact a local real estate advisor - Krystyna Ryan at (310)918-5027 to start the conversation today.

Find Your New Home Here

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 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. 

Torrance Real Estate Market Report January '22 

Torrance CA real estate market was still tight last month, with higher home prices, low inventory, bidding wars. Property prices reached new highs and more buyers have been priced out of the market. The mortgage rates inched up but still are historically low which is helping buyers' affordability a bit.

Total of 48 single family homes were sold in January, 17 percent fewer than a year ago. Median sold price was $1,040,000 compared to $925,000 in January 2021. Below are market details (single family homes only; data based on CRMLS):

Torrance California real estate is projected to continue to feature increasing prices and low inventory. The rising mortgage rates may slow the price growth however. Stay tuned for future reports or contact us for details.

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. 

Redondo Beach Market Summary for 2021

Redondo Beach CA real estate market was characterized by higher home prices, increased sales despite 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 in 2022.

Total of 414 single family homes were sold in 2021, 23 percent increase compared to 2020. Median price was $1,500,000 compared to $1,335,000 a year ago (12% increase). The average sold price was $1,672,238 vs $1,530,199 in 2020 which represents a 9 percent increase. Below are market details (single family homes only; data based on CRMLS):

Redondo Beach California real estate is projected to quite similar in 2022.  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. 

Torrance Real Estate Market Report 2021 vs. 2020

Torrance CA real estate market was characterized by higher home prices and increased sales. 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 rate increases in 2022.

Total of 952 single family homes were sold in 2021, 23 percent increase on y-o-y basis. Median price was $1,037,000 compared to $899,450 a year ago. Below are market details (single family homes only; data based on CRMLS):

Torrance California real estate is projected to quite similar in 2022.  The low inventory, homeowners staying put, will continue to push home prices up.  

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. 

South Bay Real Estate Market Report for 2021

South Bay real estate recorded increased home values and sales in 2021. Below are selected real estate market reports for major markets in South Bay CA and Beach Cities. Below you'll find property listing and selling data in real time - click on provided links to see current listings and sold homes in last 3 months (all info is based on CRMLS; single family homes only). You may create your own market report, save and receive email update.

 Contact us for your Free Home Evaluation.  Call (310)918-5027 today. We'll be happy to help!

REDONDO BEACH

414 single family were sold in Redondo Beach last year. Average selling price was $1,672,238; median sold price was $1,5M, average days on the market 20 days. Number of sales went up by 23% as compared to the previous year; Median price went up by 12 percent, Average sold price went up by 9 percent.

Redondo Beach Market Report 

TORRANCE

952 single family homes were sold in Torrance in 2021 compared to 774 homes sold in 2020 - 23 percent increase. Average sold price was $1,o74,890 compared with $943,340 a year ago, which represents a 14 percent price increase.  Median selling price was $1,037,000 - 15 percent higher than a year ago ($899,450); average days on market - 15 vs 21 days in 2020.

Torrance Market Report

SAN PEDRO

Total of 409 single family homes were sold in San Pedro in 2021 compared with 353 sales a year ago, which is a 16 percent increase. Median sales price was $870,000 vs $756,000, which represents a 15 percent increase y-o-y. Average sold price was $935,033 vs. $779,893 a year ago - 20% price increase. It took 11 days fewer to sell a house (21 days vs 32 days in '20)

San Pedro Market Report

These are samples of real estate market reports for some South Bay markets.  

Every neighborhood is different. If you're thinking about selling your home, please contact us and we'll provide you with a Free market report for your home and area.