September Slow Down in the Hollywood Riviera real estate market? Statistics don’t lie. We can compare this September 2018 to last year at the same time 2017 and find that fewer single family homes have sold this year – 65 SFR homes have sold in 2018 vs 82 this time last year.
When we look at ‘pending’ or how many single family homes in the Hollywood Riviera neighborhood are in escrow – there are currently 6. This time last year there were 14 homes in escrow last year.
The number of homes currently in escrow is a telling sign of what is currently happening, especially when combined with the currently Active or For Sale homes in the Hollywood Riviera right now. There are 19 homes currently listed for sale in our MLS area 128 / Hollywood Riviera. This time last year – September 2017 – there were only 8. So our inventory has doubled and what is in escrow is less than half of what it was this time last year.
I would argue that there are many homes currently for sale that are over-priced and that doesn’t help the situation.
The word on the street would alert you to the fact that the market is ‘softening.’ The numbers above would seem to concur.
We shall see what happens as we continue the rest of 2018.
As always – staged homes that are priced well are still selling quickly! If you want help with staging and pricing…give us a call! Kelly & Laura
Coming up with average prices for home sales in the Hollywood Riviera and/or any other South Bay city can be challenging when there are many outliers in the data. Removing those outliers is really the only way to come up with a true average.
For instance, one home sold in the Hollywood Riviera this year for over $22 million dollars. It was a very special home sitting on the bluff overlooking Torrance Beach and it was not just one home…it was two homes for the price of one! Talk about throwing off the numbers…not only was this home sold for 14 times the average price, but it was really a comparable in the area for two homes. So, if you are running numbers you must remove this sale from the data to come up with anything truly meaningful.
If the average price is somewhere in the $1,500,000 range, and most of the higher end homes are now selling above the $2 million dollar mark, then really a home that sold for $3,500,000 is also an outlier. Now, it’s nowhere near the $22 million dollar outlier but it’s still out there and can throw off the numbers.
Bottomline….the average price of homes sold in the Hollywood Riviera this year is way up. Our inventory is still very low…there are only 11 single family homes currently for sale. And of those 11 homes, a couple of them are way overpriced and really don’t count if you ask me. If someone grossly overprices their home, it really is not ‘for sale.’ Especially, if that individual won’t consider coming anywhere near its actual market price when an offer is received. So, in fact, in my humble opinion, right now there are really only 8 out of those 11 homes that are ‘really for sale’ and priced in the zone that will garner offers from potential buyers.
There are 13 homes currently in escrow in the Hollywood Riviera. So, as you can see, homes are still selling. Homes that are priced well and in good condition are still selling and often in a multiple offer situation. Buyers are very savvy today and the current market strategy that is working for most sellers is to prepare your home for sale – doing things like painting, de-cluttering, and other similar updates – and pricing the home right at or below its determined market value. It is best to hire a local realtor to help you determine that market value. Local realtors are much more familiar with the comparable properties and will have been inside most of those comps.
Give Kelly & Laura a call today to help you get your home sold this year!
Check out our new Hollywood Riviera home for lease – great deal for this spacious and inviting home with 4 bedrooms/ 2.5 bathrooms with city/mountain/peek-a-boo ocean views for only $4,100 per month! 321 Calle Mayor, Redondo Beach, CA 90277. It’s available now for rent – give us a call to set up a private showing!
And we also have – 500 Avenue F in Redondo Beach’s Avenues for lease. Another spacious home full of Hollywood Charm and Style. 3 bedrooms/office/3.5 bathrooms in approximately 3,000 sq feet. 500 Avenue F, Redondo Beach, CA 90277. It’s also available now for lease….give us a call to set up a private showing. Kelly (310) 613-2465