Hermosa Beach August Market Update - SFR Only

Summer is winding down, Labor Day and back to school ads abound.  Time to update the Hermosa Beach Market for August, 2007. 

Like July, August proved to be an "up" month for Hermosa.  But when comparing 2006 to 2007, unlike July, only prices, or, as some would label it, VALUE is up.  Speaking in terms of closed units when compared to 2006, August is down by a full fifty percent.  This report was compiled at 0400 (PDT) on August 31, and the results are as follows.  As always, please allow me to be clear, these stats are based on Status dates, not List dates.

Averages for August (8/01/07-8/31/07), 2007:

Average Price: $2,099,000 with a low of $920,000 and a high of $4,290,000

Cost Per Sq Ft: $1,086.88

Days on Market: 46

Total closed units (SFR Only) Seven

By comparison, there were fourteen closed sales during the same time frame in 2006.  The averages for August '06 are as follows:

Average Price: $1,874,714 with a low of $828,000 and a high of $6,000,000

Cost Per Sq Ft:  $811.31

Days on Market: 68

Again, as I've been telling my clients, local property values should not be lumped into these generalized reports seen and heard on the network news.  While other areas, counties, states, may in fact be experiencing a downward trend, local property values continue to rise.

In addition to this year's closed sales, there are 45 Active listings, ranging from a low of $789,000 to a high of $11,900,000.  Averages for the Active listings are $2,255,998, $846.29 per sq. ft., and 130 DOM.

Finally, there are ten homes in escrow, ranging from $599,000 to $10,600.000, and 96 DOM.

For information regarding condos, townhomes, or, for a market analysis specific to your property, please feel free to contact me today.  I'm here to help!

The information presented here is deemed reliable, though not guaranteed.