Manhattan Beach November 2016 Overview
"So, how's the market doing?" is probably the most common question Realtors hear.
In Manhattan Beach, as we wind down 201, the market is very strong. The inventory build up seen earlier in the year has balanced itself and we still remain in a very stable Seller's Market.
If you would like to skip the commentary and just see what sold, scroll down to the bottom of this page for full descriptions, pictures and more.
This is an decrease of almost 25% from the 41 homes sold in 90266 during October.
But before you hit the panic button (or jump for joy if you are a buyer), as of this posting there are 37 properties in escrow and it is fair to assume most of them will close during December.
With only 76 available active listings in Manhattan Redondo Beach (which is a huge drop off from earlier in the year), this is still a fairly strong Seller's Market with around 2 months of inventory on hand.
To out things in perspective, during November, there were 39 closed escrows in North Redondo Beach, 16 in Hermosa Beach and 32 in South Redondo Beach CA. Considering that Manhattan Beach sells at a higher price point, the market is certainly solid.
Year to date through November in Manhattan Beach there have been 367 closings putting us at an average run rate of just about 33 properties per month. In that regard, November was totally on par with the YTD run rate.
The average sales price YTD has been $2,426,902 with a median price of $2,087,500. These numbers, as are all others quoted in this post, are properties reported as sold through the MLS and do not include private sales.
For the month the average sales price was $2,225,187 and the median was $1,900,000. Both are below the YTD numbers.
If you are a home owner thinking of selling those numbers are certainly not well received. For buyers possibly very encouraging.
You may have heard the statistic that Manhattan Beach has more $1M and higher homes than anywhere else in CA and that certainly held true for November.
The lowest priced sale for November was $1,070,000 for a two bedroom 783 SqFt SFR on Harkness.
The highest priced sale was $4,650,000 for a 2016 built SFR on John St (listed by Teles Properties).
Twenty one properties sold below the MLS list price with the balance selling for the last list price or over. That certainly shows a major disconnect between where sellers or their agents think the market is at and what buyers will actually pay.
And for those counting, the average days on market for November was 46.
Let's look at the activity by area. The Multiple Listing Service (MLS) separates into 6 separate areas as discussed below.