Not a lot of new choices for buyers…Is there more inventory coming? 7 Day Market Update and Weekend Open House list-Hermosa beach


Where is the inventory? We currently have 53 properties for sale in our beachside community of Hermosa Beach.

So far, year-to-date, we have had 125 closed sales. Compared to 88 closed sales
(Y-T-D) in 2008 and 93 in 2011, the number of sales in 2017 is up by over 40% (directly compared to 2008, a downturn year).

Similarly, the median home price this year (2017 year-to-date) is up over 31% ($1,649,000) from 2008 ($1,255,000). We have seen a big run of appreciation since that time. It will be interesting to see how the next few years unfold. The data suggests we may have already seen the largest portion of the appreciation this cycle has to offer. Who knows for sure? One thing we do know is, people love living near the beach…and ours may be one of the best.

The chart below demonstrates data suggesting that the days on market it takes to sell a home is the lowest we have seen in the last year, while the percentage of listing price to actual closed sale price has remained fairly consistent.

8/4/17
3 New
1 In Escrow
6 Closed Sales
(see properties below)

53 Active Listings in Hermosa Beach
SFR- 34
TWNHS- 13
CONDOS- 3

Actives by Hermosa Areas:
Sand Section: 29 Active listings
Valley Section: 8 Active listings
East Hermosa: 16 Active listings

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
833 5th St #2 Listed for $975,000 3 bed/2.5 bath

833 5th is a 10-unit complex of townhomes east of PCH. Unit #7 is has been on the market for over a month and just reduced its price to $1.1M from $1,2500,000. Unit #2 last sold in 2006 for $840K.

3216 Hermosa Av Listed for $7,195,000 4 bed/4 bath/2 (pwd)

3216 Hermosa is one lot back from the strand. This property has amazing panoramic ocean views. The property next door (3224 Hermosa) just sold for $7,750,000, however the lot is almost 1700 sq ft. more. The value is largely in the dirt when you’re this close to the water.

1009 4th St Listed for $1,985,000 4 bed/2.5 bath

1009 4th is a single family home located in the Hermosa hillside. It is a tall-skinny with a standard lot size of approximately 2500 sq. ft.
Here are some other recent tall-skinny sales:

IN ESCROW
1563 Golden Listed for $1,650,000 3 bed/2 bath

That was quick. It only took 6 days to find a buyer. 1563 Golden is a great little beach cottage tucked away in the Hermosa hillside. This property last sold in 2013 for $1,400,000.

CLOSED
736 Gould #19 Sold for $1,200,000 3 bed/2.5 bath

After 3 weeks on market, it sold for $69K below the asking price. This is a 33-unit complex located on the south side of Gould Avenue, slightly west of PCH. This unit was on the market in 2015 for $1,129,000 for 88 days however didn’t’ sell. It last sold in 2013 for $798K. This is another big increase in selling price (41% up from the 2013 closed sales price).

447 Gentry Sold for $1,195,000 2 bed/2 bath

That was quick! This property is located in the Hermosa Hills, one block east of prospect. It last sold in 2005 for $766K. Below is the activity on Gentry for 2016 and 2017.

1325 Corona Sold for $1,365,000 4 bed/2 bath

After 2 weeks, it sold for $80k above the asking price. 1325 Corona is a single-family home in the Hermosa Hill section. It has potential ocean views with a second story addition. This property was last purchased in 2002 for $450K.

611 Gould Sold for $3.000,000 4 bed/2.5 bath

It took just over a month and a $200K clip off the asking price for this to close. Your writer loved this house. It’s hard to find this larger size lot (9767 sq. feet) with some ocean and greenbelt views within a few blocks of the ocean. Gould Terrace is a very unique street with larger lots and views to the southwest.

1154 6th Sold for $2,449,000 4 bed/4.5 bath

After 2 weeks and for $50K off the list price, this one is gone. 1154 6th lot was purchased in 2014 for $838K. Fast-forward 3 years later, it’s a brand new home. The house has ocean and pier views.

601 1st St #4 Sold for $995,000 3 bed/3 bath

601 1st sold for $155K below the initial asking price. It first hit the market in February of this year for $950,000, was withdrawn after a few days, and later came back on the market for $200K more. 601 1st is part of an 11-unit complex. The last sale was unit #7 in 2015 for $925K.

3 New Listings (click to see)
1 In Escrow (click to see)
6 Closed Sales (click to see)

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.

Leave A Reply With Facebook

comments

South Bay Home Search South Bay Home Values

Post by Darren Pujalet

Darren has written 199 articles.

Previous post: