Hermosa Beach, CA Real Estate Market Activity Snapshot For October 2018

 

Hermosa Beach, CA Real Estate sales have seen an unchanged number of homes that closed in October 2018 than in October 2017. While the listing price for October 2018 was higher as compared to a year ago, monthly price of homes for sale was down from previous month amid continued low inventory levels. The sold price of homes that closed was lower for the month.

Homes for Sale, Sold and Time of Close by the Numbers

Hermosa Beach Market Activity Snapshot October 2018

For October 2018, a total of 68 homes in Hermosa Beach, CA were for sale. The number of Homes for Sale that sold was 18 in October 2018 vs. 12 in September 2018 and 18 that sold in October 2017. Of the 18 homes under contract to close during the month of October 2018, the median time marketed for sale was 41 days. Compared to September 2018, the median time on market was 23 days. In relation to the homes for sale that were competitively priced in Hermosa Beach, the homes that sold over the prior 6-months were selling within a range of 10 to 23 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).

A Close Look of Stats Data

    • The Number of Closed Sales of homes for sale that sold was 18 in October 2018 compared to 12 during September 2018 and 18 in October 2017.
    • The Number of Active Listings of homes for sale was 68 in October 2018 compared to 65 during September 2018 and 56 in October 2017.
    • Median Sale Price for these homes that sold was $1,550,000 in October 2018 compared to $1,715,000 during September 2018 and $1,400,750 in October 2017.
    • Median Price per Square Foot for these homes that sold was $825 in October 2018 compared to $905 during September 2018 and $821 in October 2017.
    • Median Days on Market for the homes that sold was 41 in October 2018 compared to 23 days during September 2018 and 25 days in October 2017.
    • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 4.3 in October 2018 compared to 3.9 during September 2018 and 3.3 in October 2017. (Note: This index is typically represented as a MSI number.)

Here are some current charts on housing activities in the area:

Homes for Sale Homes Sold
Sales Price of Homes Days on Market

Data Analytics, Market Insight And Effects

The 18 homes sold that actually closed represented 26.5 percent of 68 available homes for sale in Hermosa Beach, CA during October 2018. The sold price for Hermosa Beach, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was up by 10.7 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 9.6 percent in October 2018 compared to September 2018. The month’s medan price-per-square-foot for homes that sold fell 8.8 percent from September 2018, and for the 12-month period it gained 0.5 percent from October 2017 continuing a positive annual trend going forward.

Homes in October were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 4.3 suggests that it would take 4.3 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows moderate market absorption of housing inventory of Hermosa Beach, CA homes for sale. At this MSI level, it translates to a market absorption rate of 23.3 percent and demonstrates moderate level of buyer demand.

Here are current charts on Price/SqFt and Supply of homes in the area:

Price Per Square Foot Inventory Months Supply

Some Homes Did Not Sell

Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 7 in Hermosa Beach. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.

Want To Know How To Get A House Sold After An Expired Listing? … Find out more – Click Here!

How to benefit from recent real estate market activity – Click Here!

 

 

About the author: The above information regarding “Hermosa Beach, CA Real Estate Market Activity Snapshot For October 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.

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November 29th, 2018 by LHugh