Saturday, August 29, 2009

Manhattan Beach: Market Snapshot August 28, 2009

Manhattan Beach: August 2009 Days on Market

As the Spring/Summer selling season winds down the volume of home sales in Manhattan Beach for August looks as if it will be lower then either June or July. The Days on Market(DOM) continues moving upward as sellers scramble to find a price that buyers find reasonable and sellers can live with.

This is the time of year when smart sellers should be reviewing their current asking price and making adjustments if the home has been on the market over 90 days without an accepted offer. If you are thinking about listing your home for sale this is not the time to test the market if you need to sell before the end of the year. The homes that are selling are the ones that are priced at or slightly below current market value... not the ones trying to hang on to a 2007 price. It is tough for folks who bought in 2005, 2006 or 2007 to accept the idea that their home is worth less then they paid. If you do not have to sell then take your home off the market or rent it out for a while. Trust me on this one... listing your home well above the market price is not in your best interest.

Inventory is lower but the disparity between listed price and sold price is still about 22% for homes in Manhattan Beach. It is also of note that of the 20 homes that have closed escrow so far this month 16 sold for less then two million dollars.

Manhattan Beach: Market Snapshot August 28, 2009

Manhattan Beach: Price Ranges August 28, 2009

Manhattan Beach: Market Snapshot September 15, 2007


Anonymous said...

2mm+ looks oversupplied. 4 sales in a seasonally strong period. Redfin shows inventory of 86, with many double listings, but excluding those still leaves a big number. Months of supply number looks very high.

Kaye said...

Anon 11:20,

I agree... this is the section of the market where you will see prices beginning to move downward more over the next few months if sellers really need to sell.

Financing is more difficult to obtain as most lenders really don't want to make a loan over $1.5 so you need a very large down payment.

Buyers in this range have the money but many are reluctant to use that much cash when the economic outlook is still a bit shaky. I think you will see more movement in the $2-$3 soon.