Is the Real Estate Market in The Village Slowing?

Does the recent listing and sale at 640 The Village #105 indicate that the market may be slowing….or was it just a victim of circumstances and timing.  This was a one bedroom, first floor unit without much of a view but it sold considerably below any sale in 2018.  The home sold at $579,000 after considerable time on the market.  The condo was originally listed on October 19th, and went into escrow after 2 full months on December 20th.  While the time of year didn’t help it may definitely be more than just timing.  Again the home was in clean condition although the kitchen needed some updating and upgrading as well as the bathroom.  Having said that it was still very surprising to see it sit that long and sell at that price.  The previous 5 sales (since September) are below and the lowest priced one bedroom (other than 640 #105) sold at $640,000.  Only time will tell if the market is cooling or whether it’s just temporary like the weather.

See the current condos for sale in The Village

1 Bedroom Condo Sales in The Village Since September 2018

  Address Sales Price – List Price $ per Ft Bed/Bath Sq Feet Year Built Date Sold
640 The Village #105 $579,000 – : $599,999 $935.38 1/1,0,0,0 619/A 1974/PUB 1/16/2019
610 The Village #205 $640,000 – : $634,999 $1,033.93 1/1,0,0,0 619/A 1974/ASR 10/17/2018
610 The Village #214 $648,375 – : $665,000 $1,047.46 1/1,0,0,0 619/A 1974 10/16/2018
650 The Village #204 $662,000 – : $645,000 $1,069.47 1/1,0,0,0 619/A 1974/ASR 10/3/2018
630 The Village #112 $640,000 – : $660,000 $1,033.93 1/1,0,0,0 619/A 1974/ASR 9/3/2018

The the Real Estate Market in The Village Softening?

The one bedroom Village condos in Redondo Beach are a great indicator of the South Redondo real estate market over time as the units are

Kitchen with a view

all the same size and configuration. The ocean views make a big difference as well as the floor it’s on, but in general the units are pretty similar. Therefore the changes in values year over year make for a good indication of the direction the market is heading.  See below for information on the sales so far in 2018 and how they compare with 2017 and 2016.  It indicates while prices are still high the market is softening with a smaller increase in values from 2017 as well as a longer average days on market.  View the current oceanview condos for sale in The Village Redondo Beach

2018

As of September 10th,  2018 has seen 5 one bedroom condos sold at a median price of $630,000 and an average price of $628,000.  That averaged out to around $1,015 a square foot for the year.  Another important number was the average days on market for 2017 which was 35.

  Address Price $/Sqft
650 The Village #211  $                  600,000 969
610 The Village #311  $                  645,000 1042
610 The Village #315  $                  630,000 1018
620 The Village #108  $                  610,000 985
650 The Village #108  $                  655,000 1058

2017

In 2017 8 one bedroom condos sold at a median price of $615,000 and an average price of $621,000.  That averaged out to around $993 a square foot for the year.  Another important number was the average days on market for 2017 which was 19.

View from a 2 bedroom

Address  Price  $/Sqft
650 The Village #214  $                  590,000 953
630 The Village #311  $                  615,000 994
620 The Village #107  $                  615,000 994
660 The Village #108  $                  594,000 960
630 The Village #211  $                  635,000 1026
610 The Village #311  $                  670,000 1082
650 The Village #212  $                  650,000 1050
630 The Village #210  $                  599,000 968

2016

In 2016 10 one bedroom condos sold at a median price of $552,550 and an average price of $557,800.  That averaged out to around $900 a square foot for the year.  Another important number was the average days on market for 2016 which was 29.

Address  Price  $/Sqft
650
The Village #210  $                  545,000 880
630
The Village #207  $                  550,000 889
660
The Village #309  $                  600,500 970
650
The Village #104  $                  520,000 840
640
The Village #312  $                  590,000 953
630
The Village #109  $                  520,000 840
660
The Village #310  $                  570,000 921
620
The Village #206  $                  545,000 880
630
The Village #204  $                  555,000 897
630
The Village #115  $                  582,500 941

Welcome to 620 The Village #216 in Redondo Beach CA

If you’ve ever dreamed of life at the beach, this may be your reality.  Wake up to cool ocean 620_The_Village_#216_masterview1 copybreezes, boats sailing past your bedroom window, and every evening a new show as the sun sets into the ocean.  Every day can feel like a vacation with this wonderfully updated 2 bedroom corner unit condo with panoramic ocean views.

This beautifully updated 2 bedroom condo has it all….panoramic ocean views, resort like complex, cool ocean breezes, living room, bedrooms and kitchen bathed in natural light, 2 pools and 2 spas, state of the art fitness center and upgrades throughout.  Live the vacation lifestyle as it’s just better at the beach….all located within walking distance of King Harbor, the Redondo pier, and world famous Redondo Beach.  Contact listing agent and Redondo Beach specialist, Keith Kyle for more information or for a private tour.