Monday, March 26, 2007

Manhattan Beach.. #1 on 10 Most Expensive in CA

Last month when CAR announced the median sold prices for January.. there were big headlines in the Daily Breeze about the decline in South Bay Home prices. There was a bit of glee showing that Manhattan Beach prices were down 14.5% from January 2006. This month there was a small article in the Saturday edition saying that South Bay Home prices are on the rise. Manhattan Beach is now at $1,880,000 down 3.6% from February 2006. What makes this interesting is that the Breeze used CAR info while the LATimes used informaton from Data Quick on March 18,2007. DataQuick.. says the median home price in Manhattan Beach is $1,900,000 and prices are down 2.6% from 2006. You may be thinking that a 1% difference in ridiculous.. and you are right....The reason I'm noting this is because the Doom & Gloom Bubble bloggers claim that CAR numbers are biased and Data Quick is the better choice.

If you have been looking for a home in Manhattan Beach lately then you know there is not much on the market. Inventory is very low and a great home that is priced right will sell immediately with multiple offers. On the other hand a home that is priced over the market, is not in good shape or is not in a good location will sit. Homes under $2,100,000 seem to be the hot market now. Townhome prices were at $1,107,000 a 30.2% jump over 2006 prices. Now that will go down next month because some very high price townhomes sold.... but townhomes in Manhattan Beach are very hot right now.

I know of a home in the tree section that sold over list price with multiple offers in 48 hours. It fell out of escrow and when it went back on the market it was priced higher and had an immediate offer.
In February Manhattan Beach had the highest median price in California. While the local Bubble Bloggers talk about rising inventory and no home sales it just doesn't seem to be happening.So if you are still waiting for that 30-40% price dip back to 1990 levels it may not happen.

Statewide, the 10 cities and communities with the highest median home prices in California during February 2007 were: Manhattan Beach, $1,880,000; Laguna Beach, $1,655,000; Newport Beach, $1,412,500; Los Gatos, $982,500; Danville, $951,750; Santa Barbara, $932,270; San Clemente, $824,000; Arcadia, $815,000; Dana Point, $790,000; Cupertino, $776,500.


Robert Kissig said...

Nice update, Kaye. I know where to turn for So Bay info.

Kaye Thomas said...

Thank you for the kind words