In October the Manhattan Beach real estate market continued its contraction with only 26 homes sold compared to 30 in September and 38 in August of this year. The current supply of homes available for sale assuming no new entries would now last 8.9 months.
Most telling is the average price of homes sold in October was $1,456,000, which is dramatically less than the average list price of $2,284,000 for homes available for sale. The average number of days on market increased to 100 up from 67 in September.
These numbers clearly indicate home buyers are looking for bargains and are willing to wait for the right deal. More than ever realistically pricing your home for sale will be the main difference between a timely sale and a long drawn out process. For home sellers these numbers are sobering. On the flip side for home buyers there are a lot of choices available at excellent prices.