As we head into the holidays there are some changes happening in the Manhattan Beach real estate market. The market report for Manhattan Beach shows a market that is changing slightly. Homes are staying on the market longer. The median home price is up in October reflecting a higher than normal number of homes over $3 million closing escrow. The number of home sales has been decreasing since the high point in June 2017. Currently the monthly inventory has increased from about a 2 month during the summer to 4 months.
These changes reflect not only the time of year but also a market that may be doing some self-adjusting. There are a lot of uncertainties in the economy as a whole. The stock market continues to do well but many investors are beginning to wonder just how much longer the market will hold. Questions about the recently passed budget as well as possible tax reform are factors that could influence buyers and sellers.
Interest rates are also a factor although perhaps not as strong in the local Manhattan beach market as most buyers in our market have the financial resources to easily deal with a higher interest rate. For many of these buyers, it is not a matter of interest rates rising slightly. A major issue is whether potential tax reform will or will not be a benefit.
The market reports below are in a slightly different form… I am trying short term and long term reports
7 Day Market Report Manhattan Beach: Single-family homes:
7 Day Market Report Manhattan Beach: condo/townhomes:
Manhattan Beach: Median Home Prices January-October 2017:
Manhattan Beach: Number of Home Sales January-October 2017: