In a dramatic turnaround from last year at this time inventory has shrunk and sales have soared. With Manhattan Beach leading the way the number of closed sales in March for the Beach Cities was in triple digits in each city. These sales numbers haven't been seen since 2005.
As reported in the Daily Breeze yesterday consumer confidence is rebounding across the country. Of the 52 closed sales in Manhattan Beach in March 15 were all cash. 20 of the sales had multiple offers with the final price above the asking price. Surprisingly only two of the sales had issues with low appraisals. A number of those sales were to builders who had dropped out of the market in 2007. As new construction has continued to sell off builders are seeing this as a great time to begin picking up inventory. One prominent local builder told me he expected to have 3 projects finished by fall. He indicated that his phone had been ringing off the hook for the last month with folks asking when he would begin building again.
Hermosa and Redondo saw similar sale figures while the jump in sales in El Segundo was slightly smaller. The big news was of course builders begining to get back in the market. Hermosa nd Redondo saw a 40% increase in permits for new projects. With numbers like these buyers need to get ready for a boom in the real estate market that may exceed that of 2002-2003 as demand continues to rise...
For those of you who think this is too good to be true... what can I say.. You are right and it is... Happy April 1!