Manhattan Beach Pier.. December 2010
November closed sales figures were a bit disappointing but not unexpected. At just over the mid point of the month, December sales are also going to be low... although Manhattan Beach and North Redondo are on track to have more December closings then we saw in November.
Pending sales seem to be picking up in all the Beach Cities which means January and February closings may be fairly respectable. North Redondo, which was really slow for the last two months, seems to have found a number of buyers with 68 pending sales. El Segundo has 20 pending sales, Manhattan Beach 50, Hermosa Beach 25 and South Redondo 34. It is very common for a number of properties that have been on the market for awhile to find buyers at the end of the year as both buyers and sellers often have to make a deal before year end.
2010 has been an interesting year... interest rates have not been this low in 50 years but the low rates are not pushing sales as they might have done in years past. This market has no sense of urgency for most buyers. Prices are bouncing around... up in some sub markets and slightly lower in others. What is fascinating is that the markets can change quickly... areas that were hot are suddenly cold and those that were cold suddenly find themselves with lots of potential suitors. A few builders may be putting their toes back in the water which is not good news for entry level buyers.
South Bay-Beach Cities: Sold November 2010