Manhattan Beach March 2011
As usual January and February were slow months for closed sales. Also as usual new inventory was scarce. As we ease in to March closed sales are on the rise and inventory is up slightly. Much of the increase in inventory are homes that went off market over the holidays and are now back hoping to find a buyer.
While rumors of shadow inventory are widespread we are not seeing any major increases in the South Bay Beach Cities. Agents are networking in hopes of finding properties that are fresh to the market before they are posted on the MLS.
Prices are bouncing around like Yo-yos. Homes that are priced right are receiving multiple offers while those that are not at market value remain on the market until the price reaches a level buyers deem to be correct . Sales at the entry level for all market areas continue to be brisk with many homes and townhomes closing escrow at prices well over the list price.
Buyers still tend to lack a sense of urgency. As long as rates remain on the low side and inventory somewhat stable most buyers don't mind continuing to search for property. Buyers who are writing offers are very specific about they want and often have been looking for a very long time. Many are realizing that prices may be about as low as they are likely to be in the Beach Cities and are willing to buy now.
Sellers are finding this is not the time to test the waters. Prices are flat at best and over priced homes tend to sit and soon become old news if the price is not adjusted quickly. Even with all the ups and downs of the market, our local Beach Cities real estate market continues to fare better then other parts of the county and state. Buyers waiting for huge discounts in prices in the Beach Cities have been disappointed.
Beach Cities: Sold January 2011