Manhattan Beach Pier April 2013
Some folks are already crying bubble while others look at the current market as a function of supply and demand. No matter what your personal opinion is about the current market, it is a market on the upswing. Off market sales are so prevalent that CAR has now gotten into the discussion about pocket listing. Multiple offers are the norm not the exception... even for properties that couldn't find buyers a few months ago at lower prices. Cash is king and a number of buyers in Manhattan Beach and the Beach Cities have a lot of cash.
A quick review of inventory over the last three months in Manhattan Beach and the Beach Cities is self explanatory... The following information is based on single family homes, townhomes and condos.
January - March 2013 Beach Cities listings:
January-March 2013 Beach Cities Sale Volume:
January- March 2013 Beach Cities Median Price:
As of April 15, 2013 the upward trend in sale numbers is continuing. There are more properties in escrow than are currently on the market for sale. The FED's have indicated that they will continue to keep rates on the low side. Hopefully we will see an increase in inventory as homeowners decide that now may indeed be the time to sell.