As we predicted October was not a good month for the Manhattan Beach real estate market. For the month there were a total of 32 homes (Single Family Residence, Condominium, Townhouse) sold, up slightly from September’s 25 but still down significantly from the summer months. The Sand section continues to remain the strongest market area with 1o homes sold in October at a median price of $1,850,000.
The overall market median sales prices have also been dropping since summer, dipping to just over $1.2 million in October. The Sand and Tree sections have maintained their high median sale prices, hitting four month highs in October, but the median values for homes sold in the Mira Costa and Hill sections have dropped significantly since summer.
The drop isn’t due to lack of demand but lack of desirable inventory for sale. The Estimated Months of Inventory measure dropped to only 2.66 in October, down from 3.6 in September. In October there were only 85 active listings throughout Manhattan Beach, down from 94 in September. When you take a look at the recent drop in active listings it’s easy to see why home sales are down.
Active listings are down 38% from October 2011. In May of this year we had a high of 51 homes sold. This was directly correlated with the fact there were 142 active listings, also a high for the year.
It’s looking like the inventory trend is going to continue for the remainder of the year. The good news is if you are looking to sell right now is a great time. The lack of inventory coupled with the historically low mortgage rates is keeping demand for new listings high.
To get the complete Manhattan Beach market report for October please contact Hady at 310-404-5361 or click here to submit a request.
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