Hermosa Beach.... Pier PlazaThe South Bay/ Beach Cities home market seems to have leveled off. April saw fewer closings then March in most areas with the exception of Manhattan Beach. Pendings are fairly strong and we may see more volume in May.
Headlines in newspapers and sound bytes in the media push the increase in foreclosures in CA but so far we haven't had much impact in the Beach Cities. For the moment at least people are listing their homes and other people are buying those homes. However Buyers are picky and will not make offers on homes they deem over market value. They also want a home in great condition or priced low enough to compensate for being dated or in poor shape.
Overall in our market prices seem fairly stable moving up and down slightly. It's beginning to look a lot like a normal market which is something most people have not experienced. We will see some short sales and even some foreclosures but don't expect to find these homes priced under market value. I know of one coming up in East Manhattan that will have a pretty good price tag but will not be in great condition.As always the only sure thing about our Beach Cities market is that it is always changing!
Current market statistics for the Beach Cities April, 2007
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