Hermosa Beach: Home Sales May-July 2017

Kaye Thomas August 9, 2017

 

Home inventory remains a major issue in our local South Bay-Beach Cities real estate market.  An interesting article in the Daily Breeze points out a major reason why inventory remains low.. owners are not moving.    A few years ago the average home turn over was 5-7 years.  Updating was new carpet and a different paint color.  If the house was too small, you bought a new one.  Owners would rather buy a new home than fix up the old one. HGTV may have changed their thinking.

 

In the Beach Cities, people bought little houses east of the highway and sold them to move into larger homes closer to the beach.  With any luck by your 4th move, you could be in the sand section. As prices in Manhattan and Hermosa increased many homeowners decided they couldn’t afford that larger home closer to the beach.  Availability became a problem as fewer homes hit the market. the problem is that once you live in a beach community it’s tough to move somewhere else.

 

The answer for many potential buyers was to stay in the South Bay but move a little south to a community that wasn’t quite as expensive as Manhattan Beach.  For others, the answer was a major remodel.  Suddenly staying put was the best available option.

 

Hermosa is a smaller city than Manhattan Beach so inventory will always be on the low side. In recent years inventory has bounced around a lot.   Prices remain a bit lower making Hermosa attractive to buyers. Looking at the charts below, prices are moving upward in Hermosa at a fairly fast pace.  Those cute little bungalows east of PCH under $800,000 are just a memory.

 

Many folks still think of Hermosa as a party town but that image is changing as more upscale restaurants move into downtown.  Local schools are showing great scores and owners are replacing renters as a moving force in the city.

 

 

Hermosa Beach: Active Listings May-July 2017: 

(click on image to see numbers)

 

 

 

Hermosa Beach:  Sold Prices May-July 2017:

 

 

 

 

Hermosa Beach: Number of Home Sales May-July 2017: 

(click on image to see numbers)

 


Have questions? Please feel free to call or e-mail me.

 

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