Homes for Sale, Sold and Time of Close by the Numbers
For July 2018, a total of 70 homes in Hermosa Beach, CA were for sale. The number of Homes for Sale that sold was 20 in July 2018 vs. 18 in June 2018 and 18 that sold in July 2017. Of the 20 homes under contract to close during the month of July 2018, the median time marketed for sale was 23 days. Compared to June 2018, the median time on market was 10 days. In relation to the homes for sale that were competitively priced in Hermosa Beach, the homes that sold over the prior 6-months were selling within a range of 10 to 17 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).
A Close Look of Stats Data
- • The Number of Closed Sales of homes for sale that sold was 20 in July 2018 compared to 18 during June 2018 and 18 in July 2017.
- • The Number of Active Listings of homes for sale was 70 in July 2018 compared to 70 during June 2018 and 63 in July 2017.
- • Median Sale Price for these homes that sold was $1,742,000 in July 2018 compared to $1,862,500 during June 2018 and $2,062,500 in July 2017.
- • Median Price per Square Foot for these homes that sold was $1,028 in July 2018 compared to $876 during June 2018 and $818 in July 2017.
- • Median Days on Market for the homes that sold was 23 in July 2018 compared to 10 days during June 2018 and 16 days in July 2017.
- • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 4.4 in July 2018 compared to 4.4 during June 2018 and 3.5 in July 2017. (Note: This index is typically represented as a MSI number.)
Check out the following Market Activity charts for this area:
Data Analytics, Market Insight And Effects
The 20 homes sold that actually closed represented 28.6 percent of 70 available homes for sale in Hermosa Beach, CA during July 2018. The sold price for Hermosa Beach, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was down by 15.5 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 6.5 percent in July 2018 compared to June 2018. The month’s medan price-per-square-foot for homes that sold has gained 17.4 percent from June 2018, and for the 12-month period it gained 25.7 percent from July 2017 continuing a positive annual trend going forward.
Homes in July were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 4.4 suggests that it would take 4.4 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows moderate market absorption of housing inventory of Hermosa Beach, CA homes for sale. At this MSI level, it translates to a market absorption rate of 22.7 percent and demonstrates moderate level of buyer demand.
Some Homes Did Not Sell
Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 6 in Hermosa Beach. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.
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About the author: The above information regarding “Hermosa Beach, CA Real Estate Market Activity Snapshot For July 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.
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