Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach: Market Snapshot July 7, 2008

Ercoles.. One of the oldest businesses in Manhattan Beach

No question this is a very different real estate market then we saw in the 90's. As the housing inventory creeps up the median listing price is staying flat. Foreclosures are still few in number. Today there are 169 homes for sale and the median listing price is $1,997,000. On June 20, 2008 there were 164 homes for sale and the median price was $1,999,000. In fact the median listing price has hovered around $1,999,000 for the last few months.

June was a fairly decent month with 29 homes and 8 townhomes closing escrow. Those are the best numbers we have seen in a long time. Currently there are 169 homes for sale, 39 pending sales and 7 closed excrow so far for the month of July. There are 29 townhomes for sale, 10 pending sales and 1 closed escrow as of July 7, 2008. That's 1 sale per day which is what we have been seeing for the last few months. Not great but not terrible either.

Welcome to the mediocre real estate market. Nothing dazzling or devastating, just slow and steady. Over at MB Confidential ... the market poll on where prices are heading over the next 3 years turned out to be evenly split at 50/50 between the bulls and the bears. I suspect that this was actually a fairly accurate measure of how consumers view our local Manhattan Beach real estate market. Potential buyers are hoping for a crash while potential sellers are thinking home values will hold up relatively well. I guess we will just have to wait and see which side is proved right....

Manhattan Beach: Market Snapshot July 7, 2008(click on graph to enlarge)