Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach Bike Path

The second quarter is looking much better then the first quarter for the Manhattan Beach real estate market. The MLS reports that 18 homes and 8 townhomes/condos sold last month. The County recorder puts the number of sales at 20 homes and 8 townhomes/condos.

Pending sales seem to be holding steady with 43 homes but townhome/condo numbers are up with 17 pending sales. Currently there are 164 homes and 30 townhomes for sale in Manhattan Beach. Three homes and five townhomes have gone into escrow since June 1, 2008....that's 8 properties in 5 days... not too bad.

In my weekly office meeting there was a lot of talk about the number of properties that were receiving multiple offers ...often over the list price. Some had been on the market for awhile; others were new on the market. Prices were all over the spectrum... high and low. I met an appraiser this morning who noted that sales were up in the South Bay. He speculated that we might be nearing the bottom of the market. However reaching the bottom is not the same as moving upward. I think the market will continue to be slow but hopefully steady. Personally I don't think we will hit there until later in the year... but I do think it might be time to begin taking a serious look at what is happening in our local markets.

Interest rates are going to move upward rather then downward... get used to it. The 5.5% fixed rate loan is a thing of the past. Bernanke has finally decided that inflation is far more of a worry then the housing/banking market. He won't be lowering the FED funds rate again anytime soon. However this may actually be good news. If he is not as concerned with the credit markets then he must feel that they are pretty much out of danger and able to stand on their own.

This is an election year so don't be surprised at the ridiculous things the politicians come up with in the next few months to save the poor homeowner. Most will fail miserably.. too little too late for the wrong reasons and the wrong people.

So what's going to happen in our little slice of paradise... Who knows.. guess we'll have to wait and see. But here's an interesting note.... there are 16 homes for sale over $4 million and a number of these homes are those with multiple offers.......

Manhattan Beach: Market Snapshot June 5, 2008( click graph to enlarge)

Manhattan Beach: Price Ranges June 5, 2008

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