September Real Estate Market Update: Manhattan Beach and Hermosa Beach
With 8 months in the books for 2019 we are in a much different market than at the start of the year when the market was in a word “dead”.
Buyer demand is up because interest rates are down. Prices still on the rise for certain properties. Different market segments respond very differently and each of the Beach Cities moves to its own beat.
Is this likely to last? As long as interest rates stay low, rents are high, and the economy is reasonably strong, yes.
Let’s take a look at some real numbers for the last 8 months in the two of the three Beach Cities.
If you are not familiar with the “Beach Cities” (you should be) but are here anyway, I’m referring to Manhattan Beach, Hermosa Beach, and Redondo Beach which are also part of the Greater South Bay.
And, before I forget, after a long hiatus I have relaunched 90266RealEstate.com which is a sister site to this one. I’m still building it out but it is live so check it out!
Through the first 8 months of 2019 there were 265 sales in 90266. Prices ranges from $700K for a 2 bedroom condo up to $16,000,000 for an almost 12,000 Sq Ft house in the Sand Section (and not on the Strand). Here’s the breakdown by month:
The median price was $2,350,500.
For the same time period in 2018 the total sales in Manhattan Beach were 283 properties. The lowest priced sale was $800K and the highest price was $12,850,000. The median price was $2,375,000.
A few things really jump out when I look at the current active listings in Manhattan Beach.
44% of homes have had a price decrease.
Median Days on Market is 101.
There are 105 SFRs listed.
If you are interested in digging further into the details visit 90266MarketReport.com.
Through the first 8 months of 2019 there were 119 sales in 90254. Prices ranges from $499K for a 2 bedroom condo up to $16,000,000 for an over 7,200 Sq Ft house east of PCH. Here’s the breakdown by month:
The median price was $1,310,000.
For the same time period in 2018 the total sales in Hermosa Beach was 136 properties. The lowest priced sale was $495K and the highest price was $8,300,000. The median price was $1,740,000.
And those are the trends, my friends.