Hermosa Beach Real Estate Market Update
April Hermosa Beach sales are now in the books:
- 18 Total Sales
- Average Sales Price $1,738,413
- Median Sales Price
- Average Days on Market 40
- Prices Ranged from $620,000 to $4,525,000
- 10 properties sold at or above the MLS list price
- 6 sales in the Sand Section
- 8 sales Hermosa Valley
- 4 sales East Hermosa Beach
- 6 Single Family Homes sold
- 11 Condo/Townhome sales
- 1 Duplex
- 2 new construction sales
During Q1 2017 there were 55 sales in 90254 so the run rate has been fairly consistently averaging 18 properties per month. As of this writing there are 47 active listings in Hermosa Beach and 38 properties under contract.
Analyzing the "absorption rate" utilizing the sold vs active we have about 2.5 months of available inventory on hand. The UC or "under contract" calculation gives us 1.25 months of inventory. Both calculations indicate a "Seller's Market" meaning less than three months of inventory on hand assuming no new listing come on the market.
Here's what I'm seeing.
The Hermosa Beach Sand Section is selling at a substantial discount to the Manhattan Beach Sand Section leading me to believe that this should start to attract more Buyers and prices can run somewhat higher.
At the lower end, many homes in Redondo Beach are starting to approach Hermosa Beach prices which should also drive some more activity.