Form a real estate standpoint, Hermosa Beach is often described as being made up of three distinct areas. These include the sand section, the valley, and Hermosa Beach East. The latter area is the relatively small area of Hermosa Beach that is located east of Pacific Coast Highway. Many of the homes here offer ocean views with livable space of 1,800 sq ft or so. Lot sizes are typically between 3,000 to 4,000 sq ft. The home values in this area have not mirrored the South Bay in general over the last several years. In virtually every other area, average sales prices rose each year from 2002 through 2007. In the east part of Hermosa Beach, sales prices increased through 2005, but have since leveled off through this year-to-date.
Average sales prices were abut $533 K back in 2001. They peaked at just over $1 M a few years ago and have been staying near this level. The number of homes sold increased through 2002, but then have dropped every year since. The number of homes selling now is one third of what it was back in 2002 when 84 single family homes were sold.
Average days on market were at one month back in 2001. In 2006, this hit one month again and the number has been rising since. For the next four years this dropped between two to three weeks. The homes sold this year-to-date averaged sitting on the market for two months. Interestingly, the homes currently for sale have been on the market for an average of three months. Inventory stands at about eight months.
There are two homes on the market at this time that have been on for a significant period of time. One of them is located on Gravely Ct. and has been on the market for over 600 days. The original asking price was $1.589 M, but it is now available for $1.329 M. The other home has been on the market for over 320 days and has seen its asking price go from $1.295 M to $915 K.
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.
