Over the years I have kept a running tally of the number of single family homes that close escrow each month.  I haven't included townhomes or condo sales as they are a small part of the Manhattan Beach home sales and they tend to fluctuate more than single family homes.  In Redondo Beach it would be the exact opposite as townhomes and condos make up the major share of that market.

The difference in the volume of home sales as well as the prices over the last 11 years makes for some interesting comparisons.  It is easy to see that while prices started their upswing in 2003; 2005 was the year prices took a major leap and 2007 was the year volume took a hit.   Prices began their dive in 2008 with 2009 being the toughest year for Manhattan Beach home sales.

Both prices and the number of sales bounced up and down in  2010 and 2011 as the market looked for stability.  The big question for buyers and sellers is whether this will be the year the market finally finds stability and begins to trend up instead of down. 


Manhattan Beach Home Sales: January-June 2000-2011







Manhattan Beach Home Sales: July-December 2000-2011

December home sales were definitely nothing to brag about but compared to  closed sales from other months in 2011 it could have been worse.   2011 was not a stellar year for Manhattan Beach Real Estate by any measure but then  it wasn't a total flop either.  320 homes and 75 townhomes sold last year  in Manhattan Beach at a time when much of the country and some neighboring communities remain sunk in the doldrums of a housing market that just can't seem to find any traction.

Inventory remains low but if the number of new listings on the Broker Open tour for Manhattan and Hermosa Beach is any indication we may be seeing a lot more homes hit the market soon.  Typically we don't see a lot of new inventory until after Super Bowl Sunday but this year might be an exception. 

Along with  some sharp new listings there were a number of homes that have returned to the market after taking a hiatus  last year.   While there were a few homes that made you wonder about the price was picked  most of the new entries seemed to priced near  market.  This bodes well for the coming year as more sellers seem to be accepting the realities of the market. 


Manhattan Beach: Sold December 2011

 

Manhattan Beach Home and Townhome Closed Sales November 2007-2011




Manhattan Beach Home/Townhome prices November 2007-2011


What a year for Manhattan Beach Real Estate with enough ups and downs to keep us on our toes.  Next week the final closed sales for December will be posted but so far the numbers are similar to those for 2010.  

Single family Home prices in Manhattan Beach  managed to creep up a bit in November compared to the median price last November. Townhome and condos sales didn't fare as well.   The trend continues with  sale numbers moving up while prices stay flat or slightly down from previous years. 

Inventory is at the lowest level in along time with 61 single family homes and  27 townhomes/condos on the market.    New construction is minimal with just a few builders taking the plunge while the majority are still waiting to see what the new year will bring.

Manhattan Beach: Sold November 2011

 

Manhattan Beach: Sold  October 2011

 Manhattan Beach Strand and Bike Path


October has never been a great month for home sales in Manhattan Beach and this year is no exception.. While the sale volume was down slightly from last year... 24 properties  in 2011 compared to 26 in 2010.. The median price  was up  in 2011 ... homes: $1,480,000/Townhomes $ 1,185,000  compared to homes $1,180,000/Townhomes $ 1,000,000 in October 2010. In fact the median price was the highest since 2007. 

Financing is a factor... October was the month that conventional loan limits dropped from $729,750 to $625,000 which may explain why there were on 16 home sales.  However townhome sales were higher than normal so maybe financing was just a small issue.  

So what do the numbers really mean.. not much...  The real estate market is still bouncing around.   Last month there were 25 closed home sales  in September 2011 with a median of $1,150,000 and 5 Townhome sales with a median of $765,000.  When you use small samples the mix  affectes the median price a lot.  What is interesting is that the total number of sales has been fairly consistent year over year.   



Consistency is one of the hallmarks of a market that is relatively stable.  This doesn't mean prices have not gone down or that the number of sales isn't down from peak years.  But it may indicate that even with the poor economy,   Manhattan Beach is a relatively stable market.. You can of course speculate on the whys and whats of real estate in Manhattan Beach and all the Beach Cities forever and still wind up with a lot of numbers  that  are probably not nearly as important as people think..


Manhattan Beach: Sold October 2011

 

Manhattan Beach: The Koffee Kart gone.... Oh No...Say it isn't so!

Dear George Loren,

Say it isn't so... No  Koffee Kart in Manhattan Beach... how can that be?

The Koffee Kart was one of the last "local" places in town.. Unlike Uncle Bill's it was a little off the path for most visitors.  Even on Sunday morning you could get a table after a short wait.  It was my favorite place to eat breakfast.

Over the years not much changed.... It was small with cozy booths,  just right for  reading the paper while waiting for breakfast.   The food was always good and the staff  friendly.   My friends and I would walk Sunday mornings and then stop by for breakfast before heading home. 

All of us were  upset about the fire and have been patiently waiting for the sign to read OPEN once again.... I walked by a few days ago and things were looking good... so I was stunned to learn that you won't reopen at the Koffee Kart home.

Please  find a new spot  and reopen soon.. Fans of the Koffee Kart will be waiting to hear the news.  Over the years we have lost a number  places in Manhattan Beach that many of us remember fondly and miss.   I really hope the Koffee Kart doesn't become one more memory of Manhattan Beach.


I'm hoping for good news soon....

A loyal fan


 P. S. The Hibachi found a home in Hermosa... not quite the same as the old place but darn close... So  I know there's a spot waiting for the Koffee Kart near the beach... just like before but maybe a little different....