There have been definite changes in the Manhattan Beach real estate market from April 2009- April 2010. Inventory has gone down, sales have gone up and interest rates remain lower then many anticipated. Last year there were 178 homes and 45 townhomes for sale in Manhattan Beach in April 2009. This year there are 108 homes and 40 townhomes for sale. Last year by mid April 7 homes and 4 townhomes had closed escrow. This year 23 homes and 3 townhomes have closed escrow so far this month. Last year there were 39 homes and 11 townhomes in escrow... this year there are 53 homes and 14 townhomes in escrow.
While the numbers don't come near the figures for the boom years prior to 2007, the steady trend of the last 3 quarters shows that the market may be beginning to stabilize. The upward push seems to be coming from the lower end as the entry level is showing stable to slightly higher prices then last year at the same time. The mid range of the market continues to bounce a bit but in general is finding a more solid course. The upper end the market is still looking for stability. Most of the high end homes that are selling are those that have lowered their prices from last year. There are a few exceptions of course, but in general prices on higher end homes have more room before reaching bottom.
The days on market continue to show that the overall market still has some wiggle room before finding the low end of the market. Homes that are priced right are selling fairly quickly but generally inventory is seeing average market times of 90+ days. Price, location and condition are still the keys to a quick sale. If you have to sell fast you need to price it right and make it sparkle.
Manhattan Beach: Market Snapshot April 26, 2010
Manhattan Beach: Price Ranges April 26, 2010
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