IS INVENTORY SHRINKING AGAIN…..AND WHY? 7 Day Market Update and Weekend Open House List- Hermosa Beach

UPDATE_HEADER

Currently, we are hovering at 46 Active listings in Hermosa. This is down from a high of 63 in July and up from the beginning of the year lull of around 30. We are at a year high of 30 properties in escrow, above the low of 14 in January and the average of 19-20.

Obviously we have a lot of ambiguity in the market and across the globe with a huge upcoming election, financial issues in Europe, terrorist attacks, and an enormous run in home pricing. I think a lot of people have been raising their hand saying, “I’m a seller at that price.” And when the market stutters and the buyers no longer show up in droves, they are no longer actually sellers. The market in general slowed down this year in late July through August and now it seems to be back in motion. We are under 2 months of inventory, which still heavily favors sellers.

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9/23/16
5 New Listings (click to see)
0 In Escrow (click to see)
0 Closed Sales (click to see)

47 Active Listings in Hermosa Beach
SFR- 35
TWNHS- 9
CONDOS- 3

Actives by Hermosa Areas:
Sand Section: 28 Active listings
Valley Section: 10 Active listings
East Hermosa: 8 Active listings
screen-shot-2016-09-23-at-10-23-32-amscreen-shot-2016-09-23-at-10-23-42-amscreen-shot-2016-09-23-at-10-23-51-amscreen-shot-2016-09-23-at-10-24-02-am
This is a market snapshot of Hermosa Beach Real Estate over the last 7 days. We are not presenting these properties as our listings. Click the IDX link above to see the recent Active, Pending and Closed properties in HB.

NEW ACTIVE
1707 PCH #507 Listed for $499,000 1 bed/1 bath
1707
This is a 73-unit complex located on the west side of PCH. This condo last sold in 2005 for $163,500. The last few 1 bed/1 bath sales in this complex have all been in the $400K.
1707-similiar
1614 The Strand Listed for $7,600,000 4 bed/4 bath
1614
A rare property for sale on the Hermosa strand! Currently this is considered a duplex that has two different 2-bedroom units and 6 parking spots in total. This home was on the market in April and June of this year for $8,995,000, but didn’t sell.
Even though this one is priced at almost $3200 per dirt square foot (if purchased for land value), it seems to be in a very sellable price point. I won’t be surprised to see it go into escrow soon. Below are strand properties from this year and last year.
the-strand-hb
1706 Manhattan Av Listed for $2,499,000 2 bed/1 bath
1706
This single family home was built in the 20’s and is 2 blocks from the beach.
2094 Manhattan, which is only a few short blocks to the north, sold for $2.4M in May 2016. It’s a 50 X 75 foot lot. It’s a complete tear down, so it will likely be sold for land value.

717 3rd Listed for $899,900 2 bed/3 bath
717
717 3rd is part of a 7-unit complex just 2 properties west of PCH. This complex was completely renovated in 2004. The last sale in this complex was 723 3rd, which sold last year for $879K.

920 Loma Dr Listed for $1,900,000 3 bed/2 bath
920
This property is located on the west side of Clark field. Below are some similar properties that have sold or are in escrow:
screen-shot-2016-09-23-at-2-31-50-pm
IN ESCROW
NOTHING NEW THIS WEEK

CLOSED
NOTHING NEW THIS WEEK

If you have any questions about the previous properties or any other properties here in Hermosa Beach or the South Bay area, please call or text me direct at 310-613-1690 or email me at dronp@aol.com.
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