There’s nothing like marketing 101 tactics to get people motivated. This month’s Refin Market Demand email informed me that there were 577 Redfin users looking at El Segundo listings.
For a town of this size that’s a lot of people. But that fact/figure alone is useless. Many of these “users” could be agents. Many could be people like me just browsing and I would assume the great majority looking can’t afford the buy in.
On paper to afford a $1.3 million dollar home a buyer needs to have $250k in the bank plus an annual income of ~$225k with little to no monthly debt (I figured $1000/month in debt). The bank is also going to want to see an additional $50k in savings.
The reality is that in SoCal and especially in Los Angeles a lot of people make that kind of money. But there are a ton of other factors to consider before someone narrows their search to this airport infested town.
So relax, sit back and wait. Like all the other bubbles, this one shall too be relieved of it’s pressure.
Redfin April’s Market Demand:
In April, the median sale price for homes in zip code 90245 was $1,005,000, up 4.2% from March, when it was $964,500.
Market Trends in 90245
Median sale price: $1,005,000, up 4.2% from March
Median listing price per square foot: $549, down -4.6% from March
Median sale price-to-list price ratio: 97.4%
Number of sold listings: 17, up 183.3% from March