Manhattan Village
Listings for homes in Manhattan Beach are holding steady and are about the same as last month at this time but up from the first and second quarter. Closed real estate salesin Manhattan Beach since July 1, 2007 are not looking great but pendings are doing well.
However as a side note almost all of the pendings this month are under $2,000,000. There are 49 pending home sales in Manhattan Beach and 38 of those are $2,000,000 or less. Currently out of 107 active listings 64 are priced over the $2,000,000 mark. This may be something sellers will need to view more closely as they consider where to price their homes.
Manhattan Beach Townhomes and condos are still doing pretty well but closed sales of townhomes are off there as well. The number of active listings is very low which makes the pending sales appear lower as the inventory decreases.
I think we may begin to see an effect from the tightening of lending rules on the overall mortgage market. Most buyers in our area are in good financial shape but they are still bound by lending regulations which are more stringent then in previous months.
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