It should be no surprise to anyone that as the home prices in Manhattan Beach CA spiked, so did inventory. Then many new sellers wanted more than the last sale and let's just say that list prices may have gotten ahead of what the buying public is willing to pay. Well actually a lot ahead.
As you can see from the graphic above, the sold and under contract properties are fairly flat and the listings for sale are up. Way up. (Chart displays SFRs only.)
As of this writing, there are 126 active listings for sale in Manhattan Beach. By comparison year to date sales have been 177 properties (averaging 29.5 per month) and 57 in escrow. So in the proverbial "how many months would it take to sell if nothing else came on the market" paradigm based on sales we're looking at 4 plus months and for what is in escrow then 2 months. So on average that's around 3 months at which point we move from a seller's market to a more balanced market. If we get over 6 months of inventory in either calculation then we are into a buyer's market for sure.
Here's graphs of some other current metrics.