Downtown Manhattan Beach
Traditionally November and December are our slowest real estate months. In the best of times people are more concerned with the upcoming holidays then buying a new home. The recent turmoil in the financial markets and worries about recession along with concerns on policies a new President will add to the mix, may add up to the lowest sales volume we have seen in Manhattan Beach and the Beach Cities in a long time.
Sales in October turned out better then expected with 21 homes and 5 townhomes closing escrow by the end of the month. November is looking a bit bleak, no doubt reflecting the turmoil of September and October. As of today no homes or townhomes have actually closed escrow since November 1, 2008.
Pending sales look a bit better... there are currently 26 pending home sales (5 since Nov 1) and 6 pending townhome sales (2 since Nov 1). Inventory is about the same with 176 homes and 38 townhomes for sale.
There is no doubt consumers are pulling back. Last Sunday I went to the Pacific Theatres and there were not many people in the theatre and no line at PF Chang's... there is always a line at PF Changs. My Hair guy tells me his business is off by 10%. Macy's has a new sale every week. Even Nordstrom is heavily promoting sale items. With luck the South Bay will weather the recession better then other areas but we will defintiely be affected.
While home prices in Manhattan Beach are coming down the market remains on the high side. There are 11 home for sale in east Manhattan that are priced at less then a million. A "C " location tree section lot hit the market today at $799,000. This is the only property for sale under $1M West of Sepulveda. Keep an eye on this one. In the mid-market level there are 83 homes for sale under $2M. 40 of those homes are priced between $1M and $1.5 M. At the other end of the spectrum there are 15 homes priced over $5M and 5 of those are priced over $7 million.
Manhattan Beach: Market Snapshot November 8, 2008
Manhattan Beach: Price Ranges November 8, 2008
Manhattan Beach: Market Snapshot October 13, 2008
Manhattan Beach: Market Snapshot August 19, 2008
Manhattan Beach: Market Snapshot July 17, 2008
Manhattan Beach: Market Snapshot July 7, 2008
Manhattan Beach: Market Snapshot June 20, 2008
Manhattan Beach: Market Snapshot June 5, 2008
Manhattan Beach: Market Snapshot April 29, 2008
Manhattan Beach:Market Snapshot April 14, 2008
Manhattan Beach: Market Snapshot March 31, 2008
Manhattan Beach: Market Snapshot March 13, 2008
Manhattan Beach: Market Snapshot February 26, 2008
Manhattan Beach, CA: Market Snapshot February 11, 2008
Manhattan Beach, CA: Market Snapshot December 12, 2007
Manhattan Beach: Market Snapshot November 8, 2007
Manhattan Beach: Market Snapshot October 12, 2007
Manhattan Beach: Market Snapshot September 29, 2007
Manhattan Beach: Market Snapshot September 15, 2007
Manhattan Beach: Market Snapshot August 25, 2007
Manhattan Beach: Market Snapshot July 18, 2007
Manhattan Beach: Market Snapshot June 25, 2007
Manhattan Beach: Market Snapshot June 2, 2007
Manhattan Beach: Market Snapshot May 6, 2007
Manhattan Beach: Market Snapshot April 23, 2007
FYI: Those who want to take advantage of the $729,750 conforming loans only have a week to find a home as most lenders will not make these loans if escrow isn't opened by November 11, 2008 and the transaction closed by December 15, 2008
2 comments:
"A 'C' location tree section lot hit the market today at $799,000. This is the only property for sale under $1M West of Sepulveda."
Am I missing something? I see four active listing WoS under $1M.
$824,000 - 2500 Oak Ave
$995,000 - 2602 Pacific Ave
$850,000 - 1733 Elm Ave
$798,000 - 772 Rosecrans Ave
Anonymous,
When I posted 11/08/08 the others were not on the market.. Pacific was off the market and came back while the others were not listed..
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