Due to Covid-19, Properties Are Being Put “On Hold” (Hidden Inventory) – Hermosa Beach

Are we going crazy yet? This is a very unique time on the planet, in our country and in our neighborhood. The economy has largely come to a halt and every industry has its own story.

Currently, Real Estate has been affected by the requirement to stay home and the challenges with showing property. Although business has slowed down, many economists are suggesting due to pent up buyer demand and low interest rates, we will have a delayed spring selling season this summer. However, these predictions seem to change on a daily and weekly basis.

Inventory is still low at the moment. Even though there are 220 properties actively for sale in the Beach Cities, there are 58 properties that were for recently for sale and are currently in “On Hold” status. This represents about 26% of the inventory that is not actively being marketed to the public.

In Hermosa Beach, we have 7 properties on hold, versus 47 properties (15%) actively for sale. Many of these property owners are still sellers, however waiting to see how this virus plays out before coming back active on the market.

Current Hermosa Beach “On-Hold” properties (addresses omitted here since they are on hold):

These and other “On Hold” properties may be good potential buying options while they are NOT actively being marketed to the masses. We have a list of these properties, so fell free to contact us if you would like to see the list or know more details about them. Over and above the “On Hold” properties, there is wave of off-market, “coming soon” shadow inventory that will hit the market in the next month.

Buyers are still out there looking for options. There are 122 properties in escrow in the beach cities, with 23 going into escrow over the last 10 days.

The graph below shows the March median price here in Hermosa Beach and the South Bay (last 3 years), and how the market has reacted to the current state of affairs.

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Post by Darren Pujalet

Darren has written 335 articles.

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