Tuesday, June 26, 2007

Manhattan Beach: Real Estate Prices Rise Again

Manhattan Beach June 2007

There doesn't seem to be much rhyme or reason to the California real estate market.. On one hand the media is talking about the worst disaster for housing in 20 years and then you see a little article saying that prices are up again in Los Angeles County.

When looking at real estate that is for sale in Manhattan Beach and the Beach Cities critics usually say it's because only higher priced homes are selling so the numbers are off on the high side. But part of the problem with that explanation is that there are very few cheaper homes on the market. There are only 3 single family homes under $1,000,000 for sale in Manhattan Beach and 7 townhomes under $1,000,000 . With 134 homes and townhomes for sale that's a pretty small percentage of low end homes.

Maybe we need to revamp what cheaper means in the Beach Cities.. is it homes under $1.5m or maybe $2m. I really don't have the answer. I know that homes between $2.2m- $3.2 m continue to be in a holding pattern. Guess we'll just have to keep an eye on the market and see what happens.

CAR posted more numbers for May 2007 sales; while volume was down prices were up 4.8% over last year. Once more Manhattan Beach is high on the most expensive city in the state list as prices were up 17.2% over May 2006. However another local South bay city beat Manhattan's numbers.. Hawthorne rose 21.4 % which I'm betting posted a lot of sales from both Fusion and some pricey homes in Hollyglen.

Statewide, the 10 cities and communities with the highest median home prices in California during May 2007 were:

Los Altos, $1,680,000;
Burlingame, $1,665,750;
Saratoga, $1,650,000;
Manhattan Beach, $1,455,000;
Beverly Hills, $1,425,000;
La Canada-Flintridge, $1,420,000;
Newport Beach, $1,400,000;
Laguna Beach, $1,362,500;
Mill Valley, $1,287,500;
Los Gatos, $1,225,000.

Statewide, the 10 cities and communities with the greatest median home price increases in May 2007 compared with the same period a year ago were:

La Habra, 57.6 percent;
Moorpark, 37.5 percent;
San Juan Capistrano, 36.9 percent;
Atascadero, 28 percent;
Mill Valley, 27.2 percent;
Lake Forest, 24.5 percent;
Burlingame, 21.5 percent;
Hawthorne, 21.4 percent;
Dana Point, 19.9 percent;
Manhattan Beach, 17.2 percent.

Beach Cities: Why Didn't You Buy

Manhattan Beach: #2 on Top Ten CA List

Manhattan Beach: Bargain Prices ?


Bob said...

Kaye, I left my check book in my other Escalade. I guess I should have bought in 1995. Shocking stats!

Kaye Thomas said...

I know.. I keep wondering if this is going to be permanent or if we will see a softening at some point