July was not a great month for SOLD real estate sales in Manhattan Beach or any of the beach cities. Actually it was a very strange month .... not much happened until after the 15th and then the market suddenly jumped to life. Pending sales usually give the best read on the market.. of the 36 homes that went into escrow in July.. 21 happened after July 15, 2007.
Listings are staying around the 106-112 level.. currently there are 109 homes for sale in Manhattan Beach. There are 51 homes in escrow and 27 homes Sold in July. I expect to see the media posting some real doom and gloom headlines shortly.
However Sold homes last month may not be a good indicator of the market. Look to the pending sales to see what's happening. The majority of the activity is under $2,000,000. Many homes that are now pending were on the market less then three weeks and some had multiple offers. That tells you those properties were priced to sell and people were buying. The homes that were over $2 million were generally priced at market value... although some had to see a few price reductions before they found market value.
The next big hurdle Manhattan Beach homeowners will face is what is happening in the financial markets. Last week was very volatile as some major companies declared bankruptcy and the credit markets took a nose dive. Suddnely not only will sellers need to worry about pricing their home right; but they will need to be very agressive in determining how well qualified a buyer is when looking at offers. The sales price may not be nearly as important as a buyer's ability to close escrow.
Manhattan Beach: Market Snapshot August 5, 2007
Manhattan Beach: Market Snapshot July 18, 2007
Manhattan Beach: Market Snapshot June 25, 2007
Manhattan Beach: Market Snapshot June 2, 2007
Manhattan Beach: Market Snapshot May 6, 2007
Manhattan Beach: Market Snapshot April 23, 2007
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