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South Bay 2021 First Half Median, Low, and High Home Sales

Richard Haynes
south bay 2021

This week, I am out on a long vacation but thought it would be fun to quickly review the first half of 2021 sales throughout the South Bay.

Below, you will find single-family home sales in Redondo, Hermosa, Manhattan Beach, along with the four cities on the Palos Verdes Peninsula. For the first six months of the year, I cover the median priced home sale, the low sale, and the high sale for each respective area.

And, there will be light commentary on each city.

Enjoy!

Redondo Beach First Half

Median Sales:

Low Sale:

High Sale:

The 2021 median price in Redondo Beach for the first half of the year was $1,452,500, highlighted by a listing I was lucky enough to represent. While over $1.4 million is not an easy feat to afford, the 1145 Stanford Avenue home was an excellent, move-in ready Golden Hills tall and skinny that many buyers looking in Redondo could have landed.

The low sale was a fixer in El Nido, an area I have been bullish on for a while. Where else can you find a property well-below $1 million price for a single-family with a backyard and Redondo schools? Prices used to be a lot cheaper before the pandemic but as you can see there is a ton of value to be found if you are willing to bring your hammer.

Lastly, the high sale was the west side of Paseo De Playa…the “PV Bluffs of Redondo” (…I just made that up). Technically, this is in the city of Torrance, but has a Redondo address. It is more fun to share sales on Paseo De Playa so we will cheat this time around.

Hermosa Beach First Half

Median Sales:

Low Sale:

High Sale:

Median price for Hermosa Beach single-family homes landed at $2.46 million. Both of the median sales above closed in the East Hermosa Beach sub-market. One being an updated turnkey option around $1,000 a square foot, with the other very livable but discounted to $817 a foot to allow for an updating budget.

The low sale, at $965,000, is about as low as you’ll ever see in Hermosa Beach. This is an ideal covered land play and a great lot for a potential new home down the road.

The high sale was an incredible price and home in a coveted pocket of Hermosa Beach. It was actually the second highest sale of all-time in the city, just missing the record by $200,000. And yes, this beat out all of the MLS records on the Hermosa Strand too.

Manhattan Beach First Half

Median Sales:

Low Sale:

High Sale:

The median priced home for the first half of 2021 in Manhattan Beach came in at $3,192,500. If you look at the two middle sales, they exemplify the extremes of the city based on what area and asset-type certain buyers look for today. One is a 4,400 square foot home needing some love selling at $721 a square foot, while the other sale was a small 1,150 square foot two bedroom Sand Section option with huge views closing for a whopping $2,787 a square foot.

The low sale was a development opportunity in East Manhttan Beach on an undersized lot. It closed for $1,238,750 which is an investor special.

With regards to the high sale, that was a corner lot Strand home selling for $16.25 million.

Palos Verdes Estates First Half

Median Sale:

Low Sale:

High Sale:

The median priced sale in Palos Verdes Estates closed for $2,235,217 on Via Valmonte. I had not one, but two clients offer on this property…and, unfortunately, both missed. There were a total of seven offers and my clients offered HIGHER than this final closing price. That is a bit misleading because the winning offer price was originally much higher and to an all-cash buyer. In escrow, the price was reduced significantly when an old abandoned septic tank was discovered in the backyard. Certainly not cheap to remove and the price was reduced as a result.

The low sale occurred on PV Drive North, again in Valmonte, for $1.25 million. It closed off-market and almost certainly would have sold for a couple hundred thousand dollars higher if it came to the MLS. Be careful on your off-market deals sellers! The first half was so hot, you’d be crazy not to bring it to the open market. This sale suffered as a result of going off-market.

The high sale was a massive $9.25 million spec home in Montemalaga. This was a six-year effort from lot purchase to sale, along with multiple agents representing the seller. While the developer likely turned a profit at a $2.8 million acquisition price, the true ROI on a six year hold in no way compensated for the risk. Buying “FAANG” stocks (Facebook, Apple, Amazon, Netflix, Google) over the same time frame likely did much better and with far less risk…all without lifting a finger and letting those CEOs do all the work. A beautiful home and view, but a disappointing business venture.

Rolling Hills First Half

Median Sale:

Low Sale:

High Sale:

For the Rolling Hills market, the median sale was at $4.232 million. What can I say, that is a huge number! Rolling Hills has broken all kinds of records thanks to the Coronavirus pandemic and the 1st half median price is simply amazing.

The low sale on Outrider at $2.1 million is about as low as it gets for Rolling Hills. The fact that it was updated and move-in ready is quite incredible considering the market. It was a very nice buy even if it is very far on the eastern border, near Miraleste Intermediate School.

The high sale was another second-highest sale of all time, like its Hermosa counterpart, for $16.68 million. I wrote about this sale and others in a post last month titled: “Record Home Sales on the Manhattan Beach Strand and Rolling Hills.”

Rancho Palos Verdes First Half

Median Sales:

Low Sale:

High Sale:

The median priced sale in Rancho Palos Verdes was $1.7 million. There happened to be a whopping five homes that closed at $1.7 and is a nice sampling all over the city.

The low sale closed for $800,000 in the Eastview area. Today, Palos Verdes single-family homes rarely sell below $1 million, except for Eastview sub-market, which was annexed by Rancho Palos Verdes from the city of Los Angeles a number of years ago. Children still have the choice to go to San Pedro Los Angeles Unified options or Palos Verdes Unified (and homeowners do not have to pay the Palos Verdes school property surtax).

The high sale is an incredibly huge sale for $8 million way out by Trump National Golf Course. It takes what seems like forever to get there, even if you live in PV. The pandemic created the perfect storm for “rural” homes and this amazing new construction with gorgeous Pacific Ocean views checked almost every box for high-end buyers wanting to get out of the city.

Rolling Hills Estates First Half

Median Sales:

Low Sale:

High Sale:

Last but not least, Rolling Hills Estates’ median price landed at $2.314 million. You can see another wide range between two options. A $677 a square foot closing or a $999 a square foot closing. Which one do you like best?

The low sale is located within the Silver Spur sub-market with a $1.16 million price. This small pocket is the most affordable area in Rolling Hills Estates and can offer a lot of value to the right buyers.

The high sale is from where else? A Rolling Hills Country Club home closing at $6 million, of course. Rolling Hills Country Club has had one of the most incredible home price runs due to the gated country club environment and the Coronavirus pandemic driving high-end buyers to expensive enclaves in the suburbs.

Final Thoughts

If you are a buyer or seller in one of these cities, I hope you find some of the 2021 first half sales informative, or at the very least, a fun exercise.

Next week, I return from my vacation and will have a fresh blog, along with a new listing debuting in Rancho Palos Verdes. Stay tuned and happy summer!

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