South Bay Real Estate News
3 Things You Need To Know:
-In my morning meeting, our in-house mortgage company mentioned that mortgage interest rates could be trending up in June. Our economy is doing so well compared to the rest of the world that it could be time. We will see!
Manhattan Beach Properties has an avg. of $974+ Price per SQ/FT.
Manhattan Beach has 50 active listings and 39 properties are in Escrow (3 properties are under 1 million and 22 are over 2 million). There were 19 closed sales in February. Last month, on the avg. home buyers paid 3% over the asking price for their homes. The average selling price in Manhattan Beach Properties was $1,999,000. Manhattan Beach has 2.6 months of available inventory.
The Hermosa Beach real estate market has 22 Active listings and 35 homes are in Escrow. There were 9 closed sales in February and One of them were under 1 million. Hermosa has about 2.4 months of inventory. Most buyers negotiated a 2% discount for their new home. The average selling price in Hermosa Beach in February has decreased from last month to $1,488,000.
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