In recent months the news has been full or reports about the lack of affordable housing. The issue isn’t just one for first-time buyers looking for homes under $500,000. Low inventory levels impact home sales in the local real estate markets.in Manhattan Beach, Hermosa, Redondo and El Segundo. To the surprise of many, it’s not just the entry levels portions of the market that are having issues. Even the luxury home section of the market has been impacted by low inventory levels. While Manhattan Beach inventory is slightly higher than in the other Beach Cities; there are just not enough homes available to meet the needs of prospective buyers.
Agents are posting in all networking groups looking for new listings that may be about to hit the market or pocket listings that might be available at the right price. Rising interest rates do not seem to be having much of an effect on the local Manhattan Beach-Beach Cities market. They will have to move up quite a bit before they impact the Beach Cities real estate market.
Looking at the chart below you can see how the swings in inventory in recent years. The rest of the charts give a clearer picture of the Manhattan Beach real estate market. This is a market that continually moves up and down depending on the mix of inventory and the properties that have sold. In the last 2 months there have been two $20million dollar home sales. one on The Strand that will likely be torn down. The other just closed escrow in the Hill section and is a lovely co,pound that will probably keep the same footprint with a few changes.
Manhattan Beach: Active Listings:
(click on image to see numbers)
Manhattan Beach: Median Home Sale prices May-July 2017
Manhattan Beach: Number of Home Sales May-July 2017: