Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach: Market Snapshot December 12, 2007

Volleyball Courts at the Manhattan Beach Pier

Inventory appears to be very stable and lower then last year at this time. As of today there are 108 homes and 19 townhomes for sale in Manhattan Beach. There are 23 homes and 3 townhomes in escrow. As of December 1, 2007 9 homes and 1 townhome have closed escrow. There are about 4-5 that sold that were not listed on the MLS.

What's most intriguing about the market at this time is the number of expensive homes selling before they hit the market. One local builder, who has sold a number of homes prior to reaching the MLS, is rumored to be turning away pre-completion offers he deems to be lower then market value. Speculation on the street is that first class builders in good locations will continue to see sales while marginal builders and properties will be in trouble.... especially in the trees.

While the market is not stellar by any means; there are a number of serious buyers who are looking for homes. There are even properties that are receiving multiple offers with the final price going over the asking price. Make no mistake buyers are picky and are willing to wait for the right property that is priced correctly. Most serious buyers are not making lowball offers on homes they believe to be overpriced. They are waiting for sellers to price their homes within the range they consider to be market value and then they are willing to make an offer.

The key to selling in this market is pricing the property right and getting it into good condition. Banks and appraisers are being very careful about what they will loan to who and for how much. If you are still in the 2005-2006 mindset about the value of your home stay out of this market... you will only be disappointed.

Manhattan Beach: Market Snapshot December 12, 200