Hermosa, Manhattan Among 'Hottest ZIP Codes'
A Los Angeles Times analysis of single-family home sales ranks Hermosa Beach among the "hottest ZIP codes" in all of the Los Angeles area.
The Times analysis states that the median price for Hermosa jumped 30.9% year-over-year for single-family residences, with 7% more sales than the year before. The median price per square foot (PPSF) was up a similar 28.6%. According to the Times' story:
"Strong demand, tight inventory, good schools and a view of the Pacific made Hermosa Beach a real estate standout in 2015. The small South Bay town also has something else going for it: It's not Manhattan Beach."
"Wealthy families priced out of increasingly ritzy Manhattan Beach — with its median price of $2.1 million — are looking to the next town over."
Speaking of Manhattan Beach, it's not ignored in the analysis. But single-family median prices were up a more moderate 10.1% over 2014, with sales of SFRs down 18.9% year over year.
The statistics for Hermosa Beach are interesting in that they do not capture the full market very well. There were 123 SFR sales in 2015, according to MLS data. However, another 101 sales in Hermosa were of townhomes and condos. That means the Times' analysis skips 45% of the sales in the beach town for the year. By contrast, only 22% of residential sales in Manhattan Beach were not single-family homes.
Among coastal-area markets, three got mention as "hot," according to the Times: Santa Monica (North of Montana, 90402), Playa Del Rey and Marina Del Rey.
Inland communities getting the nod from the Times included two Compton ZIP codes, Toluca Lake, City Terrace in East LA and Lincoln Heights.
Photo: Beach-close single-family residence at 63 18th St. in Hermosa Beach sold for $3.300M in January 2015.
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