Redondo Beach is made up of several real estate sub-areas. The Villas North area is the furthest northern part of Redondo Beach. It is bounded by Marine Ave. to the north, Inglewood Ave. to the east, Artesia Blvd. to the south, and Aviation Blvd. to the east. The majority of housing in this area consists of condos and townhomes. However the area also includes the Redondo Beach Perfoming Arts Center and several Northrop Grumman buildings. Home values and sales trends parallel the greater South Bay region, though the number of homes sold has not rebounded this year as has been the case in most areas of the South Bay.
In 2001, a single family home could be purchased for $ 360 K on average. The average sales price had risen through the end of 2005, hitting a peak of about $ 800 K. It stayed at this level through 2007, but dropped to $ 719 K in 2008. This year-to-date, the average sales price has been $ 656 K. A typical single family home here has about 1,700 sq ft of living space.
The number of single family homes selling has been pretty steady from 2001 through 2007, averaging 50 or so homes per year. Last year there were 39 single family homes sold. As a point of reference, there were 86 condos and townhomes sold last year as well. This year has seen a significant drop in the number of home sales with only 18 year-to-date and seven pending in escrow.
From 2001 through 2005, homes were on the market for two to three weeks on average. In 2006 the average days on market hit 44 days and jumped to two months in 2007. Last year the number was 69 days. The homes that have sold this year were on the market for just under two months on average. Current inventory of single family homes stands at 10 months and the average list price is $ 730 K. For condos and townhomes the inventory stands at under three months with an average list price of $ 655 K.