After years of seeing real estate values languish Manhattan Beach, home owners are once again seeing the prices of their homes climb dramatically. The improving economy coupled with extremely low inventory levels have pushed up Manhattan Beach home prices due to increased buyer demand . While the Beach Cities in general fared better than other areas of the California and the nation during the recession; Manhattan Beach home prices were among the last to fall and one of the first areas to regain their pre-recession values.
Looking at the numbers below make it clear that not only have prices reached pre-recession levels but are now above the median real estate prices at the top of the market in 2006, 2007 and 2008. The surge in home prices caught many buyers unprepared for the changing market. A number of home buyers put off a purchase believing the market would continue to falter. Unfortunately for them Manhattan Beach home prices began inching up in 2011 and saw a massive increase in 2012.
If you check out the interactive graph below you can see the relationship between low inventory vs higher prices. You will also be able to follow current trends in our local real estate market….
Manhattan Beach Homes and Townhomes: Sold January-June 2005-2014
Altos Interactive Real Estate Chart Manhattan Beach CA 90266: