South Bay Real Estate Blog

Monday, January 16, 2006

Hermosa Beach Market Update for Last Quarter of 2005

Doing market statistics for Hermosa Beach is always a kick because of such small numbers. If there is just one unusually large sale, then that can have quite an impact in the overall numbers. Therefore, always take the Hermosa Beach numbers with a grain of salt.

In Hermosa Beach in the last quarter of 2005, there were 58 sales with a median price of $950,000. Properties stayed on the market for a median number of 17 days, and there were 74 properties that went on the market during this period.

By comparison, in the last quarter of 2004, there were 81 sales, and the median price was $975,000. Prices, therefore, stayed about the same, yet there were 28% fewer sales in Q4 of 2005 than there were in Q4 of 2004.

In order for the statistics to tell you what the market is doing in this area, a longer span of time should be used because in August, September, and October or 2005, the median price was $1,200,000, most likely because of a few big sales during that time.

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