According to the South Bay Association of Realtor overall housing sales (single family homes, condos/townhouses, residential income) in Hermosa Beach in 2008 were down 37% compared to 2007, 157 total sales versus 249 in 2007. December of 2008 showed some signs of life in the market with 12 sales compared to only 7 in December 2007. 2008 stareted out extremely slow with only 6 sales in January 2008. The summer months once again proved to be the most active time of year peaking in August with 19 sales.
Hermosa Beach Real Estate Sales for 2008
The median price paid for real estate in Hermosa in December 2008 was $1,125,000. The median price fluctuated widely throughout the year in large part due to the low number of homes sold in any given month. The percentage of sold price to original list price increased slightly throughout the year reaching 98% in December. The low median price and high percentage of original/sold price indicates that seller pricing became more inline with what the market was willing to pay.
Hermosa Beach Median Home Sale Price 2008
Hermosa Beach Housing Original List/Sold Price 2008
With the uptick in home sales and the drop in overall inventory available for sale the supply of homes available for sale assuming no new entries dropped in December to 7.2 months from 8.5 months in November. Although still technically a buyers market the trend gives home sellers some hope for a better 2009.
Hermosa Beach Housing Inventory 2008
* All reports presented are based on data supplied by the South Bay Association of Realtor or its MLS. Neither the Association nor its MLS guarantees or is in anyway responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.
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