Polliwog Park Manhattan Beach
Shifts in the Manhattan Beach real estate market point toward a normalizing trend. Home sales in Manhattan Beach have continued to decline in recent months as inventory levels are on the rise. .Home prices however remain on the high side even as a number of home show price reductions over the original list price. 31 properties sold in July in Manhattan Beach. Of the 31 sold properties, 16 sold below the list price, 9 sold above the list price and 6 sold for the listed price. In the next few months you will likely see many new homes lower the asking price as builders would like to sell before the end of the year.
Manhattan Beach Inventory
(click on the graph)
July inventory declined compared to recent months. In normal markets seasonal inventory generally begins to go down a bit prior to the start of school As most schools seem to be starting in August rather than September you can expect to see this as a continuing trend. In recent years inventory was so low that home sales continued to be high even into the holiday season. This might change this year as inventory has remained higher than in previous years.
Manhattan Beach Home Sales July 2012-2016
It’s hard to talk about declining values in a market where the overall median home price is $2,255,000 and the median single family home price is $2,541,000. The market mix offers insight into why the median home price continues to be on the high side even as prices appear to be reaching lower levels. In June 40 homes, townhomes and condos closed escrow. 20 homes ( roughly 50% ) of the properties that sold had a sales price under $2,000,000. Contrast those numbers with July home sales. 31 properties sold in July but only 12( roughly 39%) were under $2,000,000. The market may be changing but prices will continue to remain on the high side.