Manhattan Beach Strand and Bike Path
October has never been a great month for home sales in Manhattan Beach and this year is no exception.. While the sale volume was down slightly from last year... 24 properties in 2011 compared to 26 in 2010.. The median price was up in 2011 ... homes: $1,480,000/Townhomes $ 1,185,000 compared to homes $1,180,000/Townhomes $ 1,000,000 in October 2010. In fact the median price was the highest since 2007.
Financing is a factor... October was the month that conventional loan limits dropped from $729,750 to $625,000 which may explain why there were on 16 home sales. However townhome sales were higher than normal so maybe financing was just a small issue.
So what do the numbers really mean.. not much... The real estate market is still bouncing around. Last month there were 25 closed home sales in September 2011 with a median of $1,150,000 and 5 Townhome sales with a median of $765,000. When you use small samples the mix affectes the median price a lot. What is interesting is that the total number of sales has been fairly consistent year over year.
Consistency is one of the hallmarks of a market that is relatively stable. This doesn't mean prices have not gone down or that the number of sales isn't down from peak years. But it may indicate that even with the poor economy, Manhattan Beach is a relatively stable market.. You can of course speculate on the whys and whats of real estate in Manhattan Beach and all the Beach Cities forever and still wind up with a lot of numbers that are probably not nearly as important as people think..
Manhattan Beach: Sold October 2011