Manhattan Beach Homes For Sale June 4th, 2010

Manhattan Beach Homes for Sale Market Update

In the last article of our Manhattan Beach homes for sale market update, we saw that the market for the first half of this year is pretty much flat.

Now we want to compare the year-over-year data to see if we can discern a year-over-year trend.

Well be looking at the January through May data for this year, 2010, and last year, 2009.

Today, we will be looking at the monthly trend in four main areas:

1. The number of homes listed

2. The number of homes pending (gone into escrow)

3. Homes sold (closed sales)

4. The price trend

In the first area, number of homes listed, In the first half of 2009, there were 353 homes listed, versus 317 homes listed in the first 5 months of this year. Less inventory is usually considered a good sign for market strength.

Looking at the number of homes placed into escrow, in 2009 there were 152 home that went pending vs. 181 in 2010. Another positive sign.

When we look at the number of homes sold, we there were 110 closed sales last year vs. 158 this year, for the first five months of each year.

The last piece of data we will look at is median price. Last years median price for the first five months of the year was $1,360,000. This year that median price is $1,400,000.

All the numbers taken together actually show market strength. At least on paper.

While surprising, there is an old real estate adage that says the best areas drop in value last and come back first. Maybe we are seeing it here.

Overall, I still think this market bottom has quite a ways to go in order to work itself out.

by: Terry Kennard

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