After A Big Jump In Pending Home Sales – Real Estate Slowed by Corona Virus Impacts

We saw a very impressive jump in the number of home going into escrow with both month over month numbers increasing dramatically in 2020.  That seems to have changed quickly with the impacts of the Corona virus on the Lawndale housing market.  While that’s not great news for home sellers, it certainly will present opportunties for home buyers in the area.  Acoording to South Bay realtor and Lawndale specialist Keith Kyle, “it’s inevitable that the very hot market doesn’t slow down a bit as it becomes harder to get financing and buyers income situation’s become less clear”.

Take a look at the chart below to see the “active” listings each month along with pending sales (red line) and closed sales.  The pending sales went up both January and February by quite a bit, but March saw the beginnings of the impact.

The Affordability of Homes in Lawndale CA

One of the extremely appealing aspects of Lawndale is the more reasonable home prices. Redondo sits just east from North Redondo Beach (just across Inglewood Ave) but the price differences can be dramatic. In general Lawndale average home prices are almost half of average North Redondo Beach home prices. See the chart below for the past 15 months of comparisons between the two South Bay areas. View the current homes for sale in Lawndale and the current homes for sale in North Redondo Beach 90278

Date 18-Sep 18-Oct 18-Nov 18-Dec 19-Jan 19-Feb 19-Mar 19-Apr 19-May 19-Jun 19-Jul 19-Aug 19-Sep 19-Oct 19-Nov Past 15 Months
Lawndale Avg. Active Price 638 617 615 610 665 686 645 664 663 669 640 681 560 605 679  $                  642
Redondo Beach Avg. Active Price 1043 1111 1145 1159 1150 1102 1043 1077 1145 1097 1088 1128 1087 1129 1034  $              1,103
Lawndale Avg. Sold Price 508 524 540 501 573 530 570 563 643 548 622 577 574 595 553  $                  561
Redondo Beach Avg. Sold Price 1001 1022 1061 1000 931 1093 960 1118 1044 1081 1124 1106 1023 1046 1017  $              1,042
Lawndale Avg. Sq. Ft. Price (Sold) 391 389 472 388 423 455 454 389 414 601 413 440 385 475 451  $                  436
Redondo Beach Avg. Sq. Ft. Price (Sold) 501 550 555 553 607 554 568 557 590 588 571 622 551 597 578  $                  569
Lawndale Median Sold Price 500 493 579 572 587 525 653 560 672 577 638 583 634 663 519  $                  584
Redondo Beach Median Sold Price 995 977 1070 990 919 1014 923 1062 985 1045 1100 1080 1015 1070 1000  $              1,016

Home Values in El Camino Village versus the rest of Lawndale CA

The neighborhood of El Camino Village is small community encompassing a pocket of both Lawndale and Gardena.  Frankly speaking it’s somewhat made up but it has definitely made a difference when it comes to property values. Unlike some of the other nearby areas of Lawndale and Gardena, El Camino Village has a more neighborhood feel with mostly one story single family homes on nice tree lined streets. There are only a very limited number of apartment buildings, duplexes, commercial etc. giving it a very upscale feel.  See the current homes for sale in El Camino Village.

So How Much Of a Difference Does it Make?

The numbers paint a pretty compelling picture.  The homes in El Camino Village sell for far more money, hold their values better, are well higher price per foot and sell much quicker.  Oh what a difference a few blocks can make.

El Camino Village (Lawndale Section)

  • 15 home sales in 2018
  • The average home price  was $663,700 and median sold price was $645,000
  • Average price per square foot of $499.61 and median was $519.26
  • Days on market  average 15 and median of 9 days on market

All of Lawndale (excluding EC Village)

  • 115 home sales
  • The average sales price of $521,728 and a median sales price of $520,000.
  • Average price per foot was $416.83 and median of $391.00.
  • Average days on market of 41 and median days on market of 20.

Single family homes in Lawndale (excluding EC Village)

  • 60 home sales
  • The average sales price of $673,946 and a median sales price of $560,000
  • Average price per foot was $469.56 and median was $467.34
  • Average days on market was 49 and median days on market was 26

See the same report for Gardena compared with the Gardena section of El Camino Village

Secured By miniOrange