March 2011 saw the most closed sales of single family homes for the month of March since 2007. 34 homes and 9 townhomes are not record shattering numbers but they are better than we have seen in early spring for quite awhile.
In an historic news conference today the Federal Reserve Chairman Ben Bernanke told the country that the Fed would continue their current economic policies. For home owners and home buyers that translates into continued low mortgage rates. While that may have been welcome news to many there are still a number of areas in the economy that are a little sketchy making most folks a tad nervous about just where the economy is headed.
That said folks are still buying and selling houses... just not as many as they did in the boom years. Generally Manhattan Beach and the Beach Cities have survived the worst of the downturn. Prices continue to bounce around. and will no doubt do so through the end of the year. Location and condition are the big factors in our local Manhattan Beach real estate market.
Desirable homes in A+ locations are finding buyers at record prices. A few weeks ago a Strand home quietly sold off market for $12,000,000 which is significantly higher the the price posted for 1600 The Strand which closed at $10,900,000 earlier this month.
A few builders are testing the waters. Construction loans are still difficult to obtain so don't expect to see large numbers of new homes popping up soon. However you can expect that when some of the new spec homes reach the market later this year or spring of next year they will find ready buyers who want new construction.
Manhattan Beach: Sold March 2011
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