After a very slow first half of the year Hermosa saw the number of home and townhome sales almost double in the second half of 2009. There were 64 homes and 53 townhomes that closed escrow from July-December 2009. Hermosa hasn't seen that many 3rd and 4th quarter sales since 2005.
The Hermosa Beach real estate market has been a bit different then the other Beach Cities. Prices continued on the high side for most of the year and inventory didn't move. Most sellers were not lowering prices and properties would re-list over and over at the same price. After July changes in the real estate market forced sellers to adjust prices as more short sales and REO's began to sell at prices well under where competing properties were listed. Units in the Moorings are a good example of how changes in the market forced many sellers to rethink their pricing strategy.
Hermosa has a number of Strand properties on the market. There are currently 7 Strand homes for sale in Hermosa. Prices range from just under $4,000,000 to almost $16,000,000. Over the last year 4 have closed escrow and 2 are pending. While asking prices are similar to those in Manhattan Beach the final sold prices this year have been lower then the prices on similar homes in Manhattan Beach. This will be an interesting segment of the market to watch as some pricey new homes hit the market.
Hermosa Beach, like Manhattan Beach has little in the way single family homes that are new construction . While there is new construction most of the new homes have been built by private parties and are not going on the market. There are few homes available that were built after 2006 which means that buyers will have to either build themselves if they want new or buy an older home that has been extensively remodeled. Even the townhome market is not seeing much in the way of new construction other then the project on 21st street.
As the new year opens there are 48 homes and 32 townhomes/condos for sale. There are 20 homes and 19 townhomes in escrow. As of February 15, 2010 18 homes and 7 townhomes have closed escrow. It's looking like a better year for home sales in Hermosa Beach.
Hermosa Beach: Sold July-December 2000-2009(click on graph to enlarge)
Hermosa Beach: Sand Sold July-December 2000-2009
Hermosa Beach: Valley Sold July-December 2000-2009
Hermosa Beach: Hills Sold July-December 2000-2009