Real Estate Market Stats

If you've been trying to buy a home in Manhattan Beach CA 90266 in any price range you know how competitive it is. It is a very hot Seller's market with prices having gone up over 16% in one year and more increases set to come (but not at quite the same pace).

The median home value in 90266 is $1,856,800. 90266 home values have gone up 16.7% over the past year and Zillow predicts they will rise 5.0% within the next year. The median list price per square foot in 90266 is $908, which is the same as the Manhattan Beach average of $908. The median price of homes currently listed in 90266 is $1,899,000 while the median price of homes that sold is $1,967,500. The median rent price in 90266 is $4,950, which is the same as the Manhattan Beach median of $4,950.

There are a few factors that set Manhattan Beach apart from other Beach Cities which not only make it more desirable but more expensive as well. As these factors will most likely continue into the future, Manhattan Beach Real Estate remains a very good investment for the short, medium, and long term.

One stat that jumps out at me is there are far fewer renters than you find in either Hermosa Beach or Redondo Beach. I have nothing against renters because we've all rented at some point and many renters in Manhattan Beach are paying more in rent than mortgages in the other Beach Cities. But I have found in general that fewer renters is a contributing factor to higher prices in some communities. 

Lest you think I did not check my own graphic, the number above $1,967,500 is the average price while the $1,856,800 is the median price. Median is simply the number at which half are above and half below while average is, well you know what average is. The problem with any real estate math, particularly when there is a huge spread in sales prices, is that one very high sale, let's say on The Strand can tend to raise prices out of proportion while a few foreclosures can have the same effect in the other direction.

Speaking of foreclosures, In 90266 1.0 homes are foreclosed (per 10,000) which is lower than the national value of 4.5. The percent of delinquent mortgages in 90266 is 1.5%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of 90266 homeowners underwater on their mortgage is 1.7% so if your strategy is to buy a distressed property in Manhattan Beach, don't hold your breath. Incidentally that's exactly the same advice I gave to buyers before the market turned around and prices started rising. There were just never that many Manhattan Beach homeowners who were underwater or did not have equity for prices to drop as much as in other cities.

All of which makes Manhattan Beach Real Estate and excellent investment. In fact, I'm predicting that home values in 90266 will go up more than 5% during 2015 because there simply is not enough supply to go around to meet the demand.

Call Ellis Posner at 310 975 5139 to buy or sell Manhattan Beach Properties or a home in the South Bay Beach Cities. Email for more information or follow this link for an automated home valuation.