The Golden Hills section of Redondo Beach is essentially bounded by Prospect Avenue to the west, Artesia Blvd. to the north, and Aviation Blvd. to the east and then south. Homes in this area are typically about 1,700 sq ft in size on average and sit on lots that average having 2,700 to 2,900 sq ft. Home values here have followed a pattern very similar to the greater South Bay area in general over the last several years.
In 2001, a home could be bought for just over $400 K on average. This number climbed steadily until it hit $800 K in 2005. It stayed at that level through 2007 before dropping to $730 K in 2008. This year-to-date the average sales price has been just under $690 K. Sales volume peaked in 2002 and has been dropping since. At the peak, there were 166 single family homes sold. In 2008, this number had declined to 72 homes. In 2009 there have already been 53 sales and there are 15 homes in escrow with pending sales.
From 2001 through 2005, homes rarely sat on the market in the Golden Hills area for more than a couple of weeks. This number jumped to one month in 2006 and has been increasing since. In 2008, the average home sat on the market for two months and it is still above a couple of months this year-to-date. The current inventory of unsold homes stands at just over two months. This is a very low number and reflects all of the recent activity in this area. With the exception of two homes that have been on the market for over a year, the homes have been active for just over a month now on average.
Visit us at http://www.beachtime-realty.com. Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
