Hermosa Beach East Home Sales in 2009

Hermosa Beach East Home Sales in 2009

A vast majority of the sub-areas of the South Bay experienced a leveling off of or an increase in the number of homes sold in 2009 from 2008. Many of these areas appeared to do this with discounted pricing, as median sales prices dropped in all but a handful or so of the areas. The Hermosa Beach East area had the same number of single family home sales this past year as the year before, but the median sales price dropped by 10 percent during the process. This sales price is now over 20 percent below the peak reached back in 2006. The number of sales are less than half of what they were at the beginning of the decade when there were 95 single family homes sold. Nonetheless, the median sales price in 2000 was $475 K and now stands at just under $800 K, a solid return on investment for that period. Additional good news is that sales data from this month already show promise of a possible uptick here in the months ahead.

There have already been seven sales here in the past few weeks. Of these, one has already closed escrow. This is an auspicious pace for 2010 and, more impressively, both the average and median sales prices for these sales exceeds $1 M. If this trend continues, this area will be flirting with the peak sales year of 2006 and may even break the record. The current inventory of homes on the market stands at about five months, which could also be considered encouraging.

On a side note, there are some areas in the South Bay that have seen median sales price hits because of a sharp decline in the sales of new homes. The Hermosa Beach East area was not impacted much by this. There were six new homes sold in 2008 and the number dropped to four last year. These numbers have an effect, but not a significant one when spread across 40 total sales.

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