Manhattan Beach: What's Happening in the Market

We seem to be moving at a fairly normal level.. no big ups or downs showing up in the market for the last few months. Activity levels are fairly steady with similar numbers. The median price ( half above and half below)will vary depending on how many higher or lower priced properties are listed or sold in a given period.

This is how the numbers break out for each area:

There are currently 84 single Family Homes and 28 Townhomes/condos for sale. There are 48 single family homes and 19 ownhomes/condos that are under contract (pending sale). Since April 1, 2007 47 Single Family Homes and 18 Townhomes/condos have closed escrow.

Number of properties by price range:

When viewing the properties by price range you will note that the majority of homes are listing and selling between $1,000,000-$3,000,000 price range. You will also note that the number of homes under $2,000,000 is shrinking and those between $2,000,000-$3,000,000 is increasing. Much of the increase is in prices for new construction in the Trees, Sand and Hill sections. The most desired price range is between $1,400,000-$1,900,000. This is especially true for tree section homes over 1700 sqft.



You may also want to check out these posts:


Manhattan Beach: Market Snapshot April 23, 2007

Southern California: Holding it's Own in the Real Estate Wars

Southern California Real Estate: The Market That Won't Die.

Check the Archives for the these Reports:

Manhattan Beach: Market Snapshot March 17, 2007

Beach Cities Sold March 2007

Beach Cities SOLD February

Beach Cities SOLD January

Manhattan Beach... Where are the Listings?

If you are house hunting in Manhattan Beach you know that inventory is very limited especially in the $2,000,000 or less range. On February 12, 2007 there were 97 homes for sale in Manhattan Beach. Today there are 87.

Here is how they break out based on price:

• $0-$1,000,000 ( 5 properties for sale )


• $1,000,000-$2,000,000 ( 31 properties for sale )


• $2,000,000-$3,000,000 ( 35 properties for sale )


• $3,000,000-$4,000,000 (13 properties for sale )


• $5,000,000 or more (3 properties for sale )

This is the break out by area:

Sand Section ( Area 42) 20 homes

Tree Section (Area 43) 29 homes

Hill Section ( Area 44) 9 homes

Manhattan Village (Area 45) 1 home

Manhattan Heights (Area 46) 11 homes

Mira Costa ( Area 47) 17 homes

There are 56 homes pending ( in escrow.. price not released) median price is $1,995,000

30 homes have closed escrow since February 1, 2007 with a median price of $1,787,000

I suspect the February numbers for the price of homes in Manhattan Beach will be significantly higher then those posted for January. If inventory continues to decline you will see a very different market in May of 2007

My October Challenge... January Results.. MB Home Sales

On October 27 in a post on Making Housing Decisions from Headline News..
I posed the following challenge:


So here's a thought... In Manhattan Beach there are currently 215 single family homes on the market. 70 have been listed since October 1; 23 have gone into escrow since October 1; and 18 have closed escrow in the same period. So let's say that by next week perhaps another 10 homes are in escrow and 5 new ones have been added so we are 5 down in inventory to 210 as of Nov 1. As we get closer to the holidays about 15% (30) of the homes now available will be taken off the market each month. There will be a few new listings maybe 8 added per month. So... 30-8= 22 x 2 months 44 homes off the market in November and December. Perhaps another 15 a month go into escrow.. that's 30 gone. Not a lot of sales but the inventory level would go from 210 as of Nov 1 to 136 in January. That's about a 35% change in inventory. Would a 35% change and low interest rates bring out buyers? Let's compare notes in January.

Well it's a little past mid January so what happened in Manhattan Beach since November 1, 2006?
There are 103 homes currently listed. 42 are in escrow and 60 have closed escrow since November 1, 2006. 51 homes were withdrawn from the market and have not returned active. Let assume that 30% (16)of those withdrawn return to the market by the end of this month. That would make make a total of 119 available listings which is about 55% of the number that were available October 27,2006.

In two months almost 50% of the inventory in Manhattan Beach has disappeared..... and most of the decline is due to sales not withdrawn/expired properties. Rates were very low from Mid November through the end of December. It looks as if if many people took advantage of sellers who were willing to negotiate and low rates.

I wrote this in the same article in October:
Trying to time a housing market is almost impossible and usually depends on luck more then skill. Often by the time the general public realizes a market has changed it is too late to get in at the right time.

Just something to think about over the next few months for those of you who are still waiting for prices to drop to 2000 levels.

*** These numbers are for single family homes.. but numbers are similar for townhomes.. inventory is very low and a lot of property has closed escrow.