Manhattan Beach Real Estate-Redondo Beach Townhomes: Manhattan Beach: Market Snapshot March 14, 2009

Days on market (DOM) March 14, 2009

Inventory continues to creep up with 188 homes and 49 townhomes listed for sale on the MLS in Manhattan Beach. In February 17 homes and 3 townhomes closed escrow which was much better then January numbers. Since March 1, 2009... 5 homes and 3 townhomes have closed escrow while 12 homes and 1 townhome have gone into escrow. Certainly these numbers are not earth shaking but they are better then November-January numbers.

The big surprise is the increase in homes for sale under $1 million... there are 30 on the market. Most buyers in this price range are waiting for Fannie and Freddie to get their act together and begin allowing lenders to fund loans up to $729,750. It seems very strange that a program that was in effect until November of 2008 can't seem to get funding started again just a few months later. Then again when you consider the source I guess it's no real surprise.

On the other end of the spectrum there are 29 homes on the market priced over $4 million. This is a big bump in inventory in the higher price levels. I'm guessing more then a few long term owners want to cash out at 15% rather then 20% capital gain. In those price ranges that 5% is a chunk of change.

There are some real issues with Fannie and Freddie guidelines about condominium /townhome projects that I will address in a future post. A word to the wise...if you are currently living in a 2 on a lot townhome and you do not have an active association you should talk with an attorney about getting one up and running ASAP if you intend to sell in the next year. The new guidelines will mainly apply on loans of $729,750 or less but I'm betting lenders are going to want to see reserves and active associations even on loans above that amount.

Manhattan Beach: Market Snapshot March 14, 2009(click to enlarge graph)

Manhattan Beach: Price Ranges March 14, 2009

Manhattan Beach: Market Snapshot February 10, 2009

Manhattan Beach: Market Snapshot January 19, 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