Monday, February 11, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

Just so we are all clear.. real estate sales in Manhattan Beach so far this month are.. dismal.. rotten and just plain lousy. There are a few additional sales that are off list.. that is not listed on the MLS, but not enough to make a vast difference in the number of sales. Most of those are fairly big ticket sales that have sold as pre-sales for new construction or via networking among agents. I'm not throwing them in as the details are not confirmed. However even throwing those sales into the mix still leaves us with a month that is not looking great.

Typically the market begins to move after the Super Bowl. If that holds true this year we should see sales begin to improve in the next few weeks. I'm seeing a lot of potential buyers coming through my open houses. There are some who are ready to buy if they find the right property. Others are waiting to see how or if the higher conforming loan limits affect the market. And there are a number of buyers who are just not ready to make offers until they have a better feel for where the economy is headed. These buyers are in all price ranges and economic levels and appear to reflect the feelings about the real estate market in general. The interesting thing is that most continue to believe that Manhattan Beach and the Beach Cities will do better then other areas of LA County.

The number of foreclosures in Manhattan Beach is still on the low side. Buyers who are waiting for Manhattan Beach to be engulfed by a wave of foreclosures forcing market prices to drop drastically aren't having much luck. As of today there are two REO properties and one more that may go to sale next week. Numbers like these won't make sellers hit the panic button.

Inventory has increased from the December and January levels but is about the same as it was over the last 6 months of last year. Many of the homes on the market were listed before and went off market for a few months. Most have come back on the market at a lower price.

The biggest surprise is the slowdown in Sand section sales. Townhomes in the sand section that were so hot last year seem to have cooled. Townhomes in Manhattan Village have gone from Hot... Hot... Hot... to Naught... Naught... Naught... as inventory rises and sales seem to have come to a halt.

There are currently 115 homes and 32 townhomes for sale in Manhattan Beach. There are 23 homes pending ( 3 since February 1, 2008) and 0 townhomes pending. There have been 4 homes and 0 townhomes close escrow since February 1, 2008 .

Manhattan Beach: Market Snapshot February 11, 2008(click on graph to enlarge)

Manhattan Beach: Price Ranges Homes & Townhomes

No comments: