Last year has been an excellent year for the housing market. Even while remaining steady, the opportunities for investors and homeowners have continuously flowed. The prices of real estate in Redondo Beach still perch on its all-time high, but this changed over the past 12 months due to its gradual appreciation.
What wonders does 2020 hold for the status of Redondo Beach real estate agent markets? Will the local real estate markets slow down, or will opportunities arise?
The Present Position of the Redondo Beach Market
From early 2019 up to this date, the values of local homes have increased to about 2.4%, considering that the median prices of houses in Redondo Beach is roughly around $1,030,000. Compared to its neighboring cities, Redondo Beach housing appreciation is relatively lower. Manhattan has 8.3%, while Hermosa Beach has 6.6%. All the indicators considered shows that the current housing sales in Redondo Beach are average, and slowing down. This home value may be appreciating slower compared to the bordering cities, even if they spend less time on the market.
Factors That Will Affect the Sales of Homes in Redondo Beach in 2020
Some economic and local factors will play more significant roles in affecting the home sales in Redondo Beach. The abundance of high-income jobs in Los Angeles is directly proportional to how strong the local home values and real estate market will be.
Social factors such as the 2020 Elections will affect how local buyers and sellers will perceive the state of the economy, based on how the elections will end up. This kind of trend will go for about four to six months. Another factor to consider on a statewide level is the implementation of Assembly Bill 1482, which provides standards for controlling rent throughout the entirety of California. This assembly bill will force investors to think twice when considering what type of property to buy.
Redondo Beach Home Sales Trends in 2020
Finding affordable real estate is a challenge that California residents who want to be homeowners, face. This problem has been one of the reasons why housing markets had slowed down last year. The annual appreciation of real estate has slowed down, making the rental market ripe for opportunities, and causing rent prices to spike.
With the short term trends appearing because of the new rental laws and election results, the Redondo Beach real estate forecast will continue to remain steady in the years to come. Its strong real estate market will make any educated investor that considers every playable option successful. In 2020, there will be enough opportunities for anyone who seeks down in Redondo Beach.