March closed sales often indicate where the spring market is headed.. Based on the 2012 March real estate sales and pending sales in Manhattan Beach just one word describes this market... HOT! We haven't seen a real estate market like this for years. Homes that buyers rejected a few months ago are selling at or above the listed price with multiple offers. It's crazy out there...
So what's driving the frenzy? Actually there are a lot of factors but the main one is lack of inventory and not just quality inventory but any inventory. Distressed sales drove down prices to a level where many folks who might have sold and moved up to a new home decided to stay put until the housing market improved. Other made the decision to stay in the same location but remodel or even tear down and build a new home. Often owners who bought another property chose to keep their existing home as a rental instead of selling.
These homes may ultimately hit the market but for now they are not available to potential home buyers. There are currently 87 homes and townhomes for sale in Manhattan Beach. and 85 in escrow. Off market homes likely account for another 10 or more sales. Agent networking is the name of the game as buyers scramble to get something before it hits the wider market. Property is selling as soon as it hits the market as long as it isn't wildly over priced.
Buyers seem to have developed a sense of urgency that has been lacking in recent years Even more interesting is that they may be willing to pay a bit more this year than last year for a property they really want but it doesn't mean they are reckless.
Manhattan Beach: Sold March 2012
No comments:
Post a Comment