3004 The Strand in Hermosa Beach was one exception to a very saturated and very slow beachfront market. It recently closed escrow at a number well below the list price, which certainly may be one reason it sold relatively quickly compared with the rest of the market. 3033 was a classic beach house much larger than most original beach bungalows on the Strand. It was listed at $14,800,000 and closed at $12,000,000.
While the number of homes that sold was certainly down in May from the year earlier, the home prices most definitely didn’t take a hit. There were only 10 homes, townhomes and condos sold during the month with a fairly incredible median sales price of $2,608,000 which was just slightly below the median home price in Manhattan Beach of $2,642,000. The average days on market was a brief 26 and price per foot was $1,095.
Hermosa Beach Real Estate Market Update - May 2020
May was a slower but steady month for real estate in Hermosa Beach with 10 on market home sales. While the number of home sales was slower the rest of the numbers were impressive. The median list price was $2,049,500 with the median price of the homes that sold was $1,925,000. The average price per foot was over $1000 a foot at $1085.97. Average days on market was 27 and the median number of days on market for sold homes was a fairly amazing 6.
May 2020 Home Sales and house prices in Hermosa Beach
$ Per Foot
|727||2nd ST #101|
|1720||Ardmore AVE #325|
May 2020 is a Neutral market*
Home For Sale in May 2020: 56 units.
|•||Up 3.7% compared to last month|
|•||0% compared to last year|
Home Closed in May 2020: 10 units.
|•||Down 23.1% compared to last month|
|•||Down 16.7% compared to last year|
Home Placed under Contract in May 2020: 27 units.
|•||Up 350% compared to last month|
|•||Up 50% compared to last year|
*Buyer’s market: more than 6 months of inventory based on closed sales
Seller’s market: less than 3 months of inventory based on closed sales
Neutral market: 3 – 6 months of inventory based on closed sales