January 2009 was not a stellar month for Manhattan Beach real estate with 7 homes and 2 townhomes closing escrow. As we ease into February, it's not looking much better. Buyers are visiting open houses but they don't yet feel a need to make a decision about buying a home. Some are concerned about the economy and their jobs but many are just biding their time waiting to find the best deal. The market appears to be down but not out...

Prices are moving downward but not by the amounts many were predicting. For much of the last year the median price of homes for sale in Manhattan Beach hovered around $1,999,000. This month the median price is $1,850,000. The Days on Market figures are increasing in all neighborhoods and price ranges(see graph above). Inventory is creeping back to levels we saw last year. Currently there are 170 homes and 36 townhomes on the market. Many are homes that have returned to the market after taking a break for the holidays...others are new to the market. There are 46 new construction homes for sale.

Manhattan Beach: Market Snapshot February 10, 2009

Manhattan Beach: Price Ranges February 10, 2009