Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach:Market Snapshot July 17, 2008

Downtown Manhattan Beach

While a lot of people were checking out the lines at IndyMac on Rosecrans; others were buying houses. Speculation is rife about our local Manhattan Beach-Beach Cities real estate market; but we seem to continue plodding along at a slow but steady pace.

After a spike in inventory a few weeks ago we are back to 163 homes for sale and 31 townhomes. Pending home sales are holding steady at 47 ... 22 of which have entered escrow since July 1, 2008. There are 10 townhomes in escrow... 3 since July 1, 2008. 12 homes and one townhome have closed escrow so far this month. The median price of a home for sale in Manhattan Beach is one again holding steady at $1,999,000. The median townhome/condo price is $1,399,000 about the same over the last few months..

Of note is that entry level homes are beginning to move. Sellers have adjusted to the idea that builders are pretty much out of the picture unless you have a prime location. Townhomes in Manhattan Village that were so hot a few months ago seem to have lost a bit of their luster for buyers. There are currently 10 for sale in The Village. I'm guessing the high HOA dues may have something to do with that. Dues were supposed to fall back after a special assessment ended last year but it appears not to have happened. The REO townhome on 12th Street listed at $575,000 sold very quickly. It would not surprise me if it went over list price.

Manhattan Beach: Market Snapshot July 17, 2008 (click graph to enlarge)