The “feel” on the street by those of us working in the real estate field on a daily basis is the market is slowing down and losing a bit of steam after three strong comeback years. The results of my research on recent activity in the Redondo Beach, CA luxury home market supports and converts the feeling into fact.
There are currently three Redondo Beach luxury homes priced at or over $3,000,000 for sale. There are no Redondo Beach high-end luxury homes currently in escrow and no closed sales in the over $3M price range for the month of September.
After three plus years of a strong sellers’ market the scale is making a slow move toward neutral territory. It’s still not a buyers’ market, but with more homes to choose from and a slowing of price increases, buyers may find the opportunity to purchase a luxury home in the beach cities of Manhattan, Hermosa and Redondo or on the Palos Verdes Peninsula before interest rates begin their upward trend.
Norma Toering, Broker at Charlemagne Intl Properties
Josh Toering, Agent at Charlemagne Intl Properties
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