Happy Valentines day to all. I hope you share some love with family and friends. Eliza and I will be sharing our love with our kids and each other on Valentine’s Day and this weekend celebrating our February 17 Wedding anniversary.
Estelle is a free spirited child who enjoys singing, dancing, tumbling, learning and everything in between. She loves her hip hop class. Tucker is on the Orange Monster Crusher’s basketball team (5-0). He is really loving basketball right now and it’s hard to get him out of his Brooklyn Nets Lopez jersey on weekends. Tuck also started practicing baseball this week.
New Favorite Apps to Share: Evernote, Trip it Pro & Pandora
South Bay Real Estate News
News: C.A.R. rebuts LA Times Op-Ed that advocates eliminating MID
4th Quarter Metro Area Home Prices Show Strongest Performance in 7 years
The South Bay’s housing market continues to strengthen and home owners should be happy that their home equity is increasing. The inventory remains very low. During this time, one year ago, there were twice as many homes to choose from and it was a buyers market. The seller’s were making concessions and buyers were extremely picky and patient to purchase their dream homes. We are seeing a major role reversal in a short period of time. Buyer’s are looking for a certain location and purchasing the home and doing the remodel themselves. We are seeing multiple offers on many properties. Each time a buyer misses out, they become hungrier to get the next buying opportunity which is driving the housing prices up.
Manhattan Beach has 43 active listings. There are 57 properties that are in Escrow (16 of these properties are under 1 million and 15 are over 2 million.) There were 22 closed sales in January and only 4 of them were under a million. In January, we continued to have a lot of active buyers who were able to negotiate about 14% discount from the last offered price. It appeared during the holidays sellers were laxed during the negotiation period. The average selling price in Manhattan Beach Properties was $2,180,000. Manhattan Beach has 1.3 months of available inventory.
The Hermosa Beach real estate market has 34 Active listings. The Sand Section has 13 active listings with 15 in escrow, Hermosa Valley Section has 12 actives & 3 in escrow, and Hermosa Hill section, East of PCH has 9 actives & 12 in escrow. There were 8 closed sales in January and 3 of them were under 1 million. HB has about 1.7 months of inventory. Most buyers were able to negotiate a 3% discount on the last offered price of their new home. The average selling price in Hermosa Beach was $1,090,000 for January.
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