The South Bay Association of Realtor reported that overall housing sales (single family homes, condos/townhouses, residential income) in Redondo Beach in 2008 were down 34% compared to 2007. SBA recorded 651 sales in 2008 compared to 989 sold in 2007. The drop in homes sold has had a big impact on the number of listings on the market as well. For the month of December only 230 properties were listed as active for sale down from a 2008 peak of 385 in May.

2008 Redondo Beach Real Estate Sales

As the year progressed the median sold price declined steadily falling from a peak of $797,000 in January down to $680,000 in December.

2008 Median Housing Sold Price for Redondo Beach

One of the few encouraging trends was the increase in percentage of sold price to original listing price. Clearly sellers were forced to re-evaluate their price expectations, which likely is directly related to the drop in for for sale inventory as the year progressed.

Redondo Beach Sale/List Price for 2008

Redondo Beach Housing Inventory December 2008

This entry was posted on Wednesday, February 11th, 2009 at 5:50 pm and is filed under South Bay Real Estate Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.