Redondo Beach has several sub-areas from the perspective of real estate. Earlier today, I wrote on the Villas North section and will cover the Villas South area in this post. This area is bounded by Artesia Blvd. to the north, Ripley Ave. to the east and the south, and basically Aviation to the west. Home sizes range from 1,300 to about 2,000 sq ft. Lot sizes are usually less than 5,500 sq ft. This area is home to a few very popular schools and parks. It will soon be the home of the beautiful new North Redondo Beach Public Library scheduled to be completed in July 2010. Home values have followed a pattern seen in the greater South Bay area over the last several years.
From 2001 by 2007, the average sales price of a single family home sold in this area rose from $357 K to $896 K. In 2008, the average sales price dropped to $734 K and has been about $600 K this year-to-date. It should be noted that in 2008 there were five times more condos and townhomes sold in this area than single family homes. The average sales price for a townhome was $679 K last year.
My examination focuses on single family home sales though there are many more townhomes sold here. The number of sales for single family homes fluctuated between 22 to 46 homes between 201 by 2008. This year-to-date, the number has dropped to 15 with three pending in escrow. The Villas North and Villas South areas have not however seen the same rebound in the number of homes sold as most other parts of the South Bay have.
Homes were on the market for one month or less between 2001 by 2006. Like all other areas, this shifted in 2007. It hit two months in 2008 and was just under 70 for the homes sold this year. Remarkably, there are currently only four single family homes on the market in this area.