Real Estate Market off to a Great 2012
We are only one month into 2012 and the activity in the Hermosa Beach real estate market is already heating up. Since the beginning of the year there have been 24 new properties to come on the market of which only six were relists from the previous year and nine of them are already pending sales.
Of the 18 brand new properties to hit the market, the homes range from a two-bedroom townhome in the Moorings Complex on Herondo Avenue for $669,000 to a six-bedroom single family home on Hermosa Avenue with big ocean views for $2,899,000.
There are also several three or four-bedroom townhomes ranging from $969,000 - $1,245,000 in price. This new inventory has given a spark to the beach city market that usually doesn’t receive this much increase in inventory until after Super Bowl weekend.
Currently there are 49 active properties on the market ranging from a remodeled one-bedroom condo in the Appletree Condominium complex for $379,000 to the seven-bedroom/10-bathroom double lot strand home at 2909 The Strand for $14,950,000. The median asking sales price is $1,149,500 and there are also 19 homes in escrow or pending sale in January.
As for closed sales in January 2012, there have been 11 homes sold including 2444 The Strand that closed at $5,850,000, a 6,198 square foot lot with two separate homes with at total of nine bedrooms. There were also two 2-bedroom townhomes that sold for $622,500 and $650,000. Of these 11 sales, only four of them were either a short sale or a bank owned sale. The average sales price was $1,465,045 and average price per square foot is $530.03 and 91 days on market.
The early movement of new listings on the market and the closed sales for the first month of 2012 are great indicators that this will be a strong year for the local real estate market as we steadily climb back up from the "bottom of the market."
Adam, with this amount of activity in your market, you should be really busy this year. Let's hope it continues. Happy real estating.