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.

The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS) is for the visitor’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS),CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share).

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Tags: manhattan beach home sales, manhattan beach real estate, manhattan beach real estate market

This entry was posted on Wednesday, November 7th, 2012 at 6:39 pm and is filed under Manhattan Beach Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.