May 2017 Hermosa Beach Sales Overview
There were 22 closed sales during May 2017 in Hermosa Beach CA. This is above the run rate of the Q1 which was 18 closings per month and brings the year to date run total up to 77 sales, a scant 15 per month. Scroll down to view all the sales in Hermosa beach during May including full descriptions and pictures.
May Quick Stats
- Average Sales Price $3,006,651
- Median Sales Price $1,737,500
- Average Days on Market 40
- Prices Ranged from $870,000 to $14,150,000
- 8 properties sold at or above the MLS list price
- 15 sales in the Sand Section
- 3 sales Hermosa Valley
- 4 sales East Hermosa Beach
- 13 Single Family Homes sold
- 9 Condo/Townhome sales
- 3 new construction sales
Currently there are 51 active listings and 35 in escrow.
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 about 1.2 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.
Hermosa Beach Market Trends
From a demand generation perspective Hermosa Beach is in a rather odd situation right now. At the upper end there is a ceiling because all things being equal at a similar price point for a similar property, most Buyers will opt for Manhattan Beach. In fact, a future post will address that specifically, ie $2M, $3m in Hermosa vs Manhattan.
On the lower end, there is some benefit to the escalating price points in North and South Redondo Beach in that there are always those Buyers who will opt for being closer to the ocean, having a view or some other amenity and make the trade off for size and age.
The average sales price is Hermosa Beach for May was somewhat distorted higher due to the 2 Strand sales. This is a good example of where the median price may be a better indicator of where prices are going than the average sales price.
MAY 2017 SALES DETAIL HERMOSA BEACH CA