Monday, January 19, 2009

Manhattan Beach: Market Snapshot January 19, 2009


January 2009... DOM for sale


2009 is showing a few encouraging signs that Manhattan Beach home sales may be picking up a bit from the dismal November and December numbers. Since January 1, 2009 there have been 10 homes and 4 townhomes go into escrow. Not great to be sure but it is an improvement over the 8 properties that entered escrow in December.


Homes are staying on the market for longer periods of time. If you look at the graph above you will see that the DOM(days on market) is up. The average DOM for a home in Manhattan Beach is now 116 days and 108 days for a townhome. That means a property will probably be on the market at least 4 months before it sells. So if you need a quick sale you will have to set an agressive listing price.




Financing is the most important factor in today's real estate market. If you are seriously thinking of buying a home you must have your financing in place and be pre-approved for a specific loan. I'm telling my clients to get approved by a direct lender and a mortgage broker. When shopping a mortgage broker be sure to use one with a long history in the business and a lot of connections. Have a talk with the bank where you have your accounts. You may find they offer a better rate to their clients.




Manhattan Beach: Market Snapshot January 19, 2009(click on graph to enlarge)







Manhattan Beach: Price Ranges January 19, 2009










***Rep. Gary Miller, D-Calif., has introduced new legislation, HR 587, that would increase FHA loan limits and the conforming loan limits back to $729,750 for Fannie Mae and Freddie Mac beginning in 2009.




Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008


Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 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

4 comments:

Real Estate Raj said...

Here's hoping for a market turnaround in your neck of the woods. It would be nice if Manhattan Beach proved to a catalyst for other areas. Markets like MB are usually hit the hardest but also tend to show signs of life sooner than others. At the very least its an already improvement over December.

Kaye said...

REJ,
Any improvement over December would be welcome. I think we have a way to go before we approach a slightly more stable market.

Anonymous said...

Isn't it standard for January to be better than December? Don't you have to compare to previous Januarys year-over-year to determine where we are?

Kaye said...

Anon 1:01,
Actually January sales are usually about even or lower as they reflect sales at end of year which are typically slower due to holidays...

Dec '06 22 home sales, Jan '07 24 home sales... Dec '07 18 home sales, Jan '08 13 home sales