Days on Market: April 2009
According to the MLS, March saw 23 homes and 5 townhomes close escrow*. Currently there are 178 homes and 44 townhomes for sale in Manhattan Beach. There are 39 homes and 11 townhomes in escrow.
The Sand section seems to be the main point of activity this month with 15 homes and 8 townhomes going in escrow. 9 of the 15 homes are priced over $2 million and 7 of the sales went into escrow after April 1, 2009. The big question will be how many actually close escrow. As buyers get smarter about what they need to have in order to qualify and as more loan programs open up I suspect we will see a larger percentage of pending sales close escrow.
At the other end of the spectrum there are 10 properties in escrow under $1 million. A number of these homes sat on the market for months before finally going into escrow. You can expect to see more price reductions and homes selling in the $600,000 range in east Manhattan. A home on the corner of Marine and Aviation closed escrow at $480,000 in March.
Manhattan Beach: Market Snapshot April 14, 2009
Manhattan Beach: Price Ranges April 14, 2009
Manhattan Beach: Market Snapshot 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
Manhattan Beach: Market Snapshot March 13, 2008
Manhattan Beach: Market Snapshot February 26, 2008
Manhattan Beach, CA: Market Snapshot February 11, 2008
*There are a few more sales and pending sales not on the MLS that are not included in the graphs.
4 comments:
Kaye:
Do you think foreclosures are going to spike up in MB? It looks like the most exclusive neighborhoods of Northern San Diego County are starting to experience default rates that are HIGHER than the subprime neighborhoods. Here's the story:
HOUSING: Mortgage defaults hit new high, spread to upscale neighborhoods
http://nctimes.com/articles/2009/04/15/business/z9c534f8aa44d3f0f8825759800649427.txt
Thanks
Anon 8:36,
Sorry your link didn't work but I have read a number of articles about this subject.
Truthfully I have no idea whether or not we will see a massive increase in foreclosures in MB. The number of foreclosures is increasing but not a lot more then expected given the uncertain economy. That could certainly change.
People forget that foreclosures are always going on in good as well as bad markets. Most folks forgot about them because they could always sell if they got in truble.
Today that may not happen as the market has changed. Lower property values mean that you may not be able to sell for what you owe if you get into trouble. So if the economy doesn't stabilize soon then we could defintely see more foreclosures.
Low interest rates along with a lower LIBOR and low rates on Treasury notes are going to save a number of folks from large increases in rates. Some may actually see their current rates reduced.
Try this link:
http://tinyurl.com/c7afva
Anon 8:33,
Thanks this link worked and I did see this article.
I have been tracking foreclosures in the Beach Cities for about 9 months but during that time I haven't seen huge numbers of NOD's(notice of default) which is the first step in the foreclosure process.
NOD's have increased but so far the numbers don't seem excessive considering the current economy... and that's for all the Beach Cities.
We are going to see more foreclosures over the rest of the year but I don't know if we are going to have that large shadow inventory everyone talks about.
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