Manhattan Beach: Days on Market June 15, 2009

After a long cold winter and an insipid spring the Manhattan Beach real estate market seems to be picking up. A somewhat stable stock market, low interest rates and the return of jumbo loans by most of the major lenders have been factors. However the biggest factor seems to be lower prices... what a surprise!

While prices remain higher then many predicted they have dropped since last year. Inventory is dropping while pending sales are increasing. Since yesterday ( June 15, 2009) 8 more homes are pending for a total of 63 homes and 16 townhomes now in escrow. There are 156 homes for sale today compared to 164 yesterday. MLS data shows 9 townhomes and 20 single family homes closed escrow in May 2009. As of June 16, 2009 2 townhomes and 14 single family homes have closed escrow.

The big question is whether the rise in sales is an indication of the market beginning to stabilize or is this simply a wakeup call to sellers... lower your price and it will sell. A number of the recent sales were properties that had been on the market for well over 6 months and some for as long as 3 years. I'm guessing we will see further price declines, especially if rates start moving upward as inflation concerns become a factor for many investors.

There are a lot of factors that will influence where this market is headed over the balance of the year. If rates remain fairly stable and jumbo loans continue to be available then the market may well continue to move along. However if interest rates take a big jump in the next 2-3 months then I'm guessing the market will come to a screeching halt as buyers and sellers re-evaluate their positions.

Manhattan Beach: Market Snapshot June 15, 2009(click on graph to enlarge)

Manhattan Beach: Price Ranges June 15, 2009

Manhattan Beach: Market Snapshot May 11, 2009

Manhattan Beach: Market Snapshot April 14, 2009

Manhattan Beach: Market Snapshot March 14, 2009

Manhattan Beach: Market Snapshot February 10, 2009

Manhattan Beach: Market Snapshot January 19, 2009

Manhattan Beach: Market Snapshot December 4, 2008

Manhattan Beach: Market Snapshot November 8, 2008

Manhattan Beach: Market Snapshot October 13, 2008

Manhattan Beach: Market Snapshot September 15, 2008

Manhattan Beach: Market Snapshot August 19, 2008

Manhattan Beach: Market Snapshot July 17, 2008

Manhattan Beach: Market Snapshot July 7, 2008

Manhattan Beach: Market Snapshot June 20, 2008

Manhattan Beach: Market Snapshot June 5, 2008

Manhattan Beach: Market Snapshot April 29, 2008

Manhattan Beach:Market Snapshot April 14, 2008

Manhattan Beach: Market Snapshot March 31, 2008

Manhattan Beach: Market Snapshot March 13, 2008

Manhattan Beach: Market Snapshot February 26, 2008

Manhattan Beach, CA: Market Snapshot February 11, 2008

*There are a few more sales and pending sales not on the MLS that are not included in the graphs.