Let’s take a look at the Manhattan Beach Real Estate market as we enter the month of December, 2011. Currently, there are only 108 active listings vs. 121 last year December, 2010. We have very low inventory and the product that’s available is not great. There have been 37 closed distressed sales so far in 2011 and 24 of them were short sales. Most of these Manhattan Beach Properties were short sales under 1 million. There are 45 homes in escrow. The average days on the market is 86 which is high because the homes that are still on the market are the least desirable, inferior location and/or priced to high. The average sold price $1,594,000 and the average price per sq./ft. is about $639.
I believe the Manhattan Beach Real Estate market is very strong due to many factors. We have great schools with high API scores. We live in a beach community with a very healthy and active life style. Manhattan Beach Properties are predominately owned by people with families making it a very family oriented city. Many families are very wealthy and highly educated. There are very few distressed sales. There are only 9 active properties currently.
Has Manhattan Beach Real Estate hit the bottom yet? I think we hit the bottom a few months ago. As I go on caravan on my usual Friday afternoon observing the new homes for sale, I have a noticed a positive trend. The sellers, who priced their home right and a spruced up their home to attract a potential buyer, sold their home quickly. There are lots of buyers waiting on the sidelines to own a Manhattan Beach home and we often saw multiple offers. We have network meetings every week in my office and I’m in a few other network groups and everyone in there has buyers looking for a home. There just is not enough INVENTORY!
This is a listing that I like in Manhattan Beach. 544 3rd Street Manhattan Beach, CA 90266
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