South Bay Real Estate News
3 Things You Need To Know:
The Inventory Is Decreasing But The Sellers Market Is Softening

Manhattan Beach Properties Current Market Overview:

Manhattan Beach has 73 active listings and 27 properties are in Escrow. There were 25 closed sales in December (Three properties sold under 1 million and 11 over  2 million). Last month, on the avg. home buyers were able to negotiate a 6% discount for their homes. The average selling price in Manhattan Beach Properties was $2,001,000.  Manhattan Beach has 2.9 months of available inventory. We had a decrease in inventory and some buyers saw an opportunity to negotiate a deal since many properties were on the market for a little while longer than normal, avg. days on the market is now 35 days. It will be interesting to see what happens to the Manhattan Beach market when the interest rates increase.  Will the home prices continue to rise?

Hermosa Beach Properties Current Market Overview:

The Hermosa Beach real estate market has 40 Active listings and 14 homes are in Escrow. There were 14 closed sales in December and 3 of them were under 1 million. Hermosa has about 2.9 months of inventory. Most buyers paid asking price for their new homes. The average selling price in Hermosa Beach in December has slightly decreased from last month to $1,626,000. The homes sold this month had an average sq/ft price of $910.

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