The MLS shows that there are currently 155 homes for sale in Manhattan Beach. During the recent housing downturn, monthly home sales are averaging about 35 properties. So that's approximately 5 something months of inventory on hand. The bulk of recent home sales are single family residence (SFR), east of Sepulveda and in the Tree Section with the higher priced condo-townhouse sales being found in the Sand Section as would be expected. The median price has stayed around $1.5M with $100K fluctuations. This blog does not particularly like the median home price metric as it is not entirely indicative of values in a community with such a diversity of different homes styles, sizes, ages, etc. It may be more relevant to uniform planned communities. The same comment can almost be made relative to price per square foot as a condo-townhouse in the guard gated community of Manhattan Village may be subject to an entirely different metric relative to valuation than a single family residence just a few blocks away south of Marine.
Fortunately, 90266 has not been inundated with short sales and foreclosures to the extent that other areas in Los Angeles and Southern CA have. That, as well as the intrinsic values which are a function of excellent schools, quality of life, location and a strong base of equity owners have kept home prices somewhat stable. Like all higher priced communities, tighter lending standards have made ownership somewhat of a challenge
The best advice we can offer anyone thinking of selling a home in Manhattan Beach is price right and show well to sell now. With 5-6 months of home inventory on hand and buyers extremely educated due to the popularity of websites such as Zillow, Redfin, Trulia, Realtor.com and others, the market is very efficient and you are not likely to receive an offer on your home for sale if it is in the MLS at over fair market value no matter how much attachment or sentimental value your home may have for you and your family (sorry).
Our advice to sell is always to price your home slightly below fair market value. You are more likely to actually sell your home for a higher price and sell it quickly than if you start at too high a listing price and reduce the MLS asking price. The most interest and activity is usually the first few weeks a home is on the market. Once you reduce the MLS list price, potential home buyers think you will reduce it even further. Price it right the first time to sell and don't chase the market down or leave yourself vulnerable to a short sale or foreclosure which may hit the MLS in your neighborhood.
The least expensive way to make your home more attractive to potential buyers is to reduce the clutter. This includes not only the "stuff" we all leave lying around, but extra furniture that may make a room appear smaller. Even if you use the garage to store your extra "stuff" and park your car outside, during the time you are trying to sell, it is well worth it. Also, make your home as easy to see, especially during the first few weeks it is for sale, as possible. Hint: buyers don't like "by appointment only with 24 hours notice". Well maybe if you have priced it so low that it's a steal, but other than that, you need to get foot traffic when the home listing is new.
Here's another hint. Use a local agent who really knows the difference between the Hill Section and the Tree Section or how to price an ocean view property compared to one without any view. All the major Brokerages in the area are reliable and there are many qualified Manhattan Beach Real Estate Agents at Shorewood Realtors, South Bay Brokers, Re/MAX as well as some of the smaller realty shops. Make sure that whatever real estate agent you choose has a sound strategy and understands how to promote your home listing on the internet. (Recent statistics indicate that over 90% of buyers primarily use the internet in their home search.) Almost all the homes listed in the MLS appear on the web sites displaying condos, townhomes and single family residences for sale. That means the big splashy ad in The Beach Reporter or an open house isn't as likely to bring a buyer in than a well done video displayed on YouTube, a social media campaign using Twitter and Facebook, a clever syndication scheme or some other way to get your home for sale above the noise level of the 150 or so competing homes on the market and in the MLS. The name of the game to sell is exposure and local knowledge. The Real Estate Agent you choose can make a difference of tens of thousands of dollars or more in your pocket when you sell.
if you haven't signed up for our Market Snapshot report yet, click here and follow the directions. This comprehensive on line report will show you recent sales in your neighborhood, what is currently for sale, price reductions, days on market and more. It is a highly useful tool when you are thinking of selling a home. For more information on selling a home in Manhattan Beach and to save money on listing commissions, click here or call 310 975 5139.