Manhattan Beach-Beach Cities: First Quarter Sales January-March 2013

 

Manhattan Beach Pier April 2013

 

It started last year as buyers snapped up dwindling inventory in the hopes of getting a home while prices remained down and interest rates remained at historic lows.  REO's and short sales disappeared in the Beach Cities as buyers snapped up up some great bargains.  Inventory began to dry up as fewer homes came on the market.  Now a few months into 2013 we are seeing the effects of a lack of inventory coupled with a well qualified group of buyers.

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.