September is the odd month when it comes to closed sales. September sales reflect figures from the end of July and August. August is usually the slowest month for sales as folks take the last vacation of the summer and scramble to outfit everyone for the new school year.
While total home and townhome sales for September(34) were near those of 2010(37) and higher than the figures for 2007(31), 2008(29) and 2009(26).... the median price was significantly lower than any year since 2003.
I've been having an interesting online discussion with a reader about what is a distressed property. While we don't quite agree on the precise definition of distressed properties, I think we are in agreement that this is a distressed market in all parts of the South Bay-Beach Cities. The question is whether or not the Manhattan Beach real estate market will become more distressed or if it will remain more on the flat side with little movement.
Currently I see roughly 20%-25% of the Manhattan Beach properties that are for sale as distressed which I think is better than the numbers found in many communities in Southern California. My reader sees the market as closer to 38% of the available properties as distressed. But then we have different definitions of what constitutes a distressed property. My definition is based on the financial situation of the owner while my Reader believes that there are other items that make a property distressed.
It has been over 4 years since the housing market took a major dive and there doesn't seem to be much happening to change the situation. The boys in DC don't have a clue as they scramble to come up with something... anything.. to make the housing problems go away. They can't seem to figure out that if you want the housing maket to stabilize you are going to have to make it easier, not harder for people to buy. I'm not talking about reverting to the old programs that got us in this mess. What I'm talking about is sensible guidelines that work on the consumer's behalf. These guys are so busy grandstanding and posturing they have forgotten the basics.... making a loan to someone with good credit and cash for a downpayment who wants to buy a home.
Manhattan Beach Market Snapshot: Sold September 2011
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