Monday, March 31, 2008

Manhattan Beach: Market Snapshot March 31, 2008


Downtown Manhattan Beach


Looks as if Spring has sprung for the Manhattan Beach real estate market. While certainly nothing like the "boom years" of 2002-2005; sales are respectable... averaging about one property per day moving from active to pending ( 43 homes and 9 townhomes are pending).

As of today there are 18 homes and 3 townhomes that have closed escrow. There will be more posted tomorrow as there are always a number that record on the last day of the month. While these numbers are not earth shaking they are indicative of a market that is picking up slightly in volume. Prices are relatively stable in the upper ends. The starter home market is still in a bit of a flux trying to find the right "price point" now that most builders have left the non-prime location markets.


Manhattan Village Plan 8 and 8F patio homes are moving quickly and selling not far from list price. One just went into escrow that never hit the MLS at a record price... my informant tells me it was stunning. There is a golf course view Plan 8 that needs some fixing but the view is terrific.


The median home price has moved up to $2,149,000 even with the large number of homes that are currently available under $1,000,000. There are 12 homes and 11 townhomes/condos under $1 million. There are almost an equal number... 23 homes and 1 townhome in the $3 million+ price range.


Foreclosures are not a facet of the Manhattan Beach market at this point. While speculation is rampant about the future of housing in Manhattan Beach nothing is pointing to a collapse of the housing market except wishful thinking. Could this change.. sure if the country goes into a major recession and the credit markets crash. But that's another post.. maybe tomorrow or Wednesday..


Manhattan Beach: Market Snapshot March 31, 2008


Manhattan Beach: Price Ranges March 31, 2008


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Manhattan Beach: Market Snapshot June 25, 2007

Manhattan Beach: Market Snapshot June 2, 2007

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Manhattan Beach: Market Snapshot April 23, 2007

2 comments:

Anonymous said...

Kaye,
I agree the market isn't horrible. However, there apears to be pockets in MB that are struggling a bit, for example, the trees and East of Sepulveda. I just received various price reductions and there still seems to be quite a glut. Where do you think a buyer can find a better bargain? In the trees or East of Sepulveda?

Kaye Thomas said...

Anonymous 5:16,
Interesting question.. The answer should be in East Manhattan but if you factor in location.. (west of Sepulveda) there seem to be some good deals in the trees.

I think the key to getting a bargain is to know what's happening in that particular sub market and to be willing to make an offer. Many buyers don't want to make offers unless a seller lowers the price but I know sellers who would go for a lower price if someone would just make an offer that makes sense.

Offering $1.1 on a home listed at $1.8 isn't likely to fly but an offer of $1.6 might get you a new house. This supposes that the home isn't overpriced.