Manhattan Beach: Market Snapshot November 3, 2009

So what's happening in our local Manhattan Beach real estate market... Inventory remains lower then we have seen since 2007 as some homes are taken off the market and others are selling. The sales volume continues to be fairly stable. Prices remain down even as the median appears to be moving higher which is due to more higher priced homes finally finding buyers. Most Sellers who continue to market their homes are ready to make a deal. Buyers are looking for the best deal they can negotiate, but are willing to pay a higher price if they deem the home is a good value.

It's a very different market then we saw at this time last year when sales were minuscule and inventory was climbing higher. Financing remains tougher to obtain and low appraisals continue to haunt buyers and sellers. However escrows are closing... October saw 32 homes and townhomes close escrow in Manhattan Beach.

Agents are scrambling to find properties for clients in the entry levels. I've been getting calls from agents and principals about 511 N Dianthus. The sellers decided to rent the home out last March but are willing to consider selling. Of course anyone who might buy the property would be doing so subject to the existing lease. I know Dianthus isn't the only off market home that is attracting new attention.

Manhattan Beach: Market Snapshot November 3, 2009