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.

The final numbers for the Torrance real estate market in 2008 are in and although it was a tough year for home sellers there were some interesting market developments towards the end of the year that may indicate a brighter 2009 for sellers.

According to the South Bay Association of Realtor overall sales for the year were down 15% compared to 2007.   The month of December saw 68 sales (singe family homes, condos/townhouses, and residential income) down from a 2008 high of 109 sales in August.

Torrance Real Estate Sales for 2008

The original listing price/sale price percentage started the year at 92% and steadily rose throughout the year before settling into a 96-98% range the last quarter. This is most likely due to a combination of factors including lowered initial pricing that more accurately reflected the market demand, lower mortgage rates, and a drop in the inventory of properties on the market.

Torrance Original List Price/Sold Price Ratio 2008

Typically a supply of six months or more home inventory indicates a buyers market, three months or less a sellers market with a 3-6 month supply neutral. The drop in inventory throughout 2008 changed the market in Torrance from a strong buyers market at the start of the year to a neutral market that was clearly trending towards the seller side in December. This combined with low interest rates and a potential increase in the conforming loan limit could push the market to the sellers advantage in 2009.

Torrance Housing Supply 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.

November was a rough month for home sellers in the South Bay. Of the 3420 homes (Single Family Homes, Condos/Townhouses, and Residential Income Properties) listed for sale in the Greater South Bay MLS only 420 sold during the month with another 388 going into escrow. The current supply of homes assuming no others were to enter the market would last 8.1 months.

November 2008 Home Sales in the South Bay

Inventory of Homes for Sale in the South Bay Nov. 2008

Although the numbers are definitely down from summer and early fall they are still better than last year when only 399 homes sold out of 4359 properties available for sale. On the other hand average sale price of properties sold in November 2007 was $868,000 versus this year’s bleak figure of $589,000. Although this is bad news for sellers it certainly spells opportunity for buyers.

South Bay Home Sales Nov. 2007-2008