In 2008, the average sales price for a Hermosa Beach sand section home exceeded the average for a sand section home in Manhattan Beach for the first time. There are a number of arguments why looking at an average sales price is not a true representation of what is happening to prices. Nonetheless, it’s very telling that the sales activities in this area have hit the levels that they have. The results for 2009 may be different, but this is certainly a very active area at this writing.
There were 36 single family home sales in the sand section of Hermosa Beach last year. This year there have already been 28 sales and there are an additional seven sales in escrow. With 35 homes on the market, the inventory stands at about a year after three listings were canceled. The average days on market for a home being sold in 2008 was 48. The homes on the market now have been on the market for an average of 108 days thus far. Of the 35 homes available, seven are located on the strand. Over one-third of the homes for sale are listed at over $3 M. In a previous post, I noted two of the strand listings that are over $15 M.
It is interesting to note that in 2009 through September, the average sales price for a home has been $1.98 M, down sharply from 2008. The average listing price for the homes currently on the market is just shy of $3.9 M, though this drops to $2.7 M when the two $15 M plus listings are removed from the analysis.
The two longest standing listings are located at 1838 The Strand and 242 33rd St., respectively. The strand home was first listed 296 days ago while the other listing first hit the market 247 days ago. The original asking price for 1838 The Strand was $7.95 M and is now at $7.2 M. The 33rd St. property was originally listed for $3.2 M, but has since been lowered to $2.999 M.
Visit us at http://www.beachtime-realty.com. Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
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In 2008, the average sales price for a Hermosa Beach sand section home exceeded the average for a sand section home in Manhattan Beach for the first time. There are a number of arguments why looking at an average sales price is not a true representation of what is happening to prices. Nonetheless, it’s very telling that the sales activities in this area have hit the levels that they have. The results for 2009 may be different, but this is certainly a very active area at this writing.
There were 36 single family home sales in the sand section of Hermosa Beach last year. This year there have already been 28 sales and there are an additional seven sales in escrow. With 35 homes on the market, the inventory stands at about a year after three listings were canceled. The average days on market for a home being sold in 2008 was 48. The homes on the market now have been on the market for an average of 108 days thus far. Of the 35 homes available, seven are located on the strand. Over one-third of the homes for sale are listed at over $3 M. In a previous post, I noted two of the strand listings that are over $15 M.
It is interesting to note that in 2009 through September, the average sales price for a home has been $1.98 M, down sharply from 2008. The average listing price for the homes currently on the market is just shy of $3.9 M, though this drops to $2.7 M when the two $15 M plus listings are removed from the analysis.
The two longest standing listings are located at 1838 The Strand and 242 33rd St., respectively. The strand home was first listed 296 days ago while the other listing first hit the market 247 days ago. The original asking price for 1838 The Strand was $7.95 M and is now at $7.2 M. The 33rd St. property was originally listed for $3.2 M, but has since been lowered to $2.999 M.
Visit us at http://www.beachtime-realty.com. Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
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