Real Estate
Report: Redondo Beach Home Prices Increased In Pandemic
Redondo Beach single-family home prices skyrocketed in the pandemic, according to 2020 data.
![Single-family home sales increased in Redondo Beach during 2020, according to a new real estate report.](https://patch.com/img/cdn20/users/753660/20210211/102944/styles/patch_image/public/santa-monica-state-beach___11102722327.jpg)
REDONDO BEACH, CA — Home values in Redondo Beach and the Los Angeles coast skyrocketed during the pandemic and are expected to climb higher in 2021, according to a new real estate report.
The demand to live seaside, in retreat-style homes, increased in 2020, according to The Red Paper 2020 Press. The report was published by luxury, global real estate company The Agency and found that homebuyers began focusing on creating private getaways while sheltering at home. The beachy benefits can be a considerable draw for new homeowners with access to the ocean, bars, shops, restaurants and cafes.
In 2020, single-family home sales were highest in Malibu, Pacific Palisades, Santa Monica, along with the grouped-together markets of Beach Cities, which include Venice Beach, Manhattan Beach, Hermosa Beach and Redondo Beach.
Find out what's happening in Redondo Beachwith free, real-time updates from Patch.
"The Beach Cities are expecting a busy 2021 as demand grows and inventory dwindles," the report said. "While new inventory will be arriving to the market in the way of new construction and remodeled older homes, expect price points to trend slightly upward as the market remains highly competitive especially at entry-level prices in these marketplaces."
The median price in 2020 for single-family homes in Hermosa Beach, Manhattan Beach, Redondo Beach and Venice Beach is $1.94M. That's a 9% increase from 2019, according to the report. The median price for a condo was $1.1M.
Find out what's happening in Redondo Beachwith free, real-time updates from Patch.
The median price per square foot in Santa Monica in 2020 was $1,206, according to the report. The median price for a Santa Monica home was $2,752,100. The median price for a Santa Monica condominium was $1.05M.
Venice, Mar Vista, Marina del Rey and Playa del Rey have seen an influx of buyers who want to live near Silicon Beach, a tech center for major global media companies and innovators, including nearby Facebook, Google, Postmates, Hulu, Snap and Headspace.
Listed Westside properties are selling fast.
“The summer saw heightened sales activity, with homes from $2.5+ million selling within two to three weeks,” according to the report.
Don't miss local and statewide news about coronavirus developments and precautions. Sign up for Patch alerts and daily newsletters.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.