Friday, October 12, 2007

Manhattan Beach: Market Snapshot October 12, 2007

Manhattan Beach Bike Path

Yesterday The Daily Breeze had an article on the Front Page Housing to Hurt before Healing...about the California real estate market. What's most interesting about the article is what you find on the last page where they note that higher priced markets are holdin up and LA County is not seeing huge declines in the overall market. In the Wall Street Journal there was an article about the Subprime Market that bears reading.. There is a map of the United States with areas that had heavy subprime activity and those that had higher interest rate loans. Take a close look at California. Real Estate along the coast... that's us.. had very few of those loans. So perhaps we will be like the old Timex watch ads.. we'll take a bit of a beating but we'll keep on ticking....

Inventory is up slightly in the last few weeks. Most of the new inventory seems to be regular sales.. not short sales or foreclosures. Closed sales in October will be low as they will reflect the slowdown from the credit crunch in August and September. But all is not bleak at the Beach.

There are some signs that the market may be picking up just a bit as we head into Fall. No question the market is still sluggish but pending sales appear to be be better then last month. Right now there are 22 homes in escrow and 11 of those sold since since October 1, 2007.. which is about 1 per day. There are a few more that were not on MLS but may show up later. There are 8 townhomes in escrow with one pending since October 1, 2007. So while the numbers aren't huge they do seem to be steady as of today... tomorrow.. who knows... my crystal ball seems to be broken.

Manhattan Beach: Market Snapshot.. October 12, 2007
(click on graphs to enlarge)

Manhattan Beach : Price Ranges October 12, 2007

Manhattan Beach: Market Snapshot September 15, 2007

Manhattan Beach: Market Snapshot May 6, 2007


Anonymous said...

Redfin says 402 Larsson is in foreclosure. Is this correct? If so, is it an isolated case, or the beginning of a trend?

Kaye Thomas said...

Yes it is in forreclosure. There seems to be equity so am not sure why it has gone into foreclosure or why it wasn't put on the market earlier. This one may be isolated as they don't owe that much.

We will certainly not be immune from foreclosures and will see more. They do happen in normal markets.. we just got used to the idea that you could always sell fast so there appeared to be few problems.