From the desk of Greg M. Ingerson, Attorney At Law
During the Summer season, Manhattan Beach home sellers should begin to see a gradual decrease in the number of showings and inquiries for their home over the next few weeks.
Last month, the MLS summary showed that there were 191 homes for sale in Manhattan Beach and 43 sold. Translation, under current market conditions, in any given month, you have about a 1 in 4 chance of selling your home.
In other words, when pricing your home, the practice of adding a “Pad” or “Cushion” to make room for negotiating is not advisable in this market.
As an informed Home Seller, you should understand that with an increase in inventory “supply” there is a corresponding decrease in demand.
Home Sellers should pay close attention to “Current Buyers.” Similar homes that have recently “Sold” tell us what people are willing to pay for this kind of home, in this area, at this time.
Information about similar homes “Currently for Sale” tells us what we are competing against. Buyers considering your home are also inspecting these homes.
Moreover, “Expired” listings tell us what people are not willing to pay for this kind of home, in this area, at this time.
Home Sellers in this market should realize that buyers in today’s market will not overpay for a home and even if they would, the bank will not loan more than the home is worth when it doesn’t appraise.
So what can we expect? Demand should decrease a little over the coming weeks.
The Numbers Don’t Lie, Here Is What’s Happening:
On August 1, 2009, there were 191 active listings for sale in the Manhattan Beach Market: 156 Houses; 35 Townhouses; and 0 Condominiums.
In the past year, there were 303 homes sold in Manhattan Beach (between 8.01.08 and 7.31.09): 243 Houses; 58 Townhouses; and 18 Condominiums.
What this means is that on a yearly average, the inventory is currently turning over at a rate of approximately 1.6 times per year.
Broken down even further by specific property type, we find that given the current absorption rates, we can expect Houses to be on the market an average of 231 days, Townhouses will be on the market an average of 217 days, and Condominiums should be on the market an average of 60 days.
Market Recap for the Month of July, 2009
When one compares the July results with the yearly result, we find that there is an approximately 4.4 month inventory of homes for sale in Manhattan Beach.
Broken down by specific property type, we find that there is a 4.5 month inventory of Houses, a 5 month inventory of Townhouses, and a 2 month inventory of Condominiums on the market in Manhattan Beach. (Based on current absorption rates).
How should a Seller approach the market? The key in today’s market is proper pricing. If you are thinking of selling, now July be the best time to put your Home on the market for the foreseeable future before any additional interest rate increases are implemented.
How should a Buyer approach the market? For buyers, this is a good time to be in the market while sellers are willing to negotiate price and while interest rates are still low.
For more information regarding the South Bay and/or greater Los Angeles Real Estate Markets, please visit our website at http://www.LAHomeSearch.com for FREE information or give our office a call at 310.908.2172 24 Hours a Day.
- Sell Your Home In 120 Days or We’ll Sell It For Free
- Buy a Home With NO Money Down
- FREE Seller Reports Sell Your Home Fast And For Top Dollar
- FREE Buyer Reports – Get The Most Home For Your Money
- FREE Over The Net Home Evaluation
- Find Out What The House Down The Street Sold For
- Virtual Tours
- And much more
Manhattan Beach Home Sales by the Numbers
43 sold in July 2009
34 sold in July 2008
191 Current Active Listings
156 Houses
35 Townhouses
0 Condos
43 Sold in July 2009
35 Houses
7 Townhouses
1 Condos
35 Contingent & Pending in July 2009
28 Houses
7 Townhouses
0 Condos
14 Expired in July 2009
11 Houses
0 Townhouses
3 Condos
34 sold in July 2008
27 Houses
6 Townhouses
1 Condos
34 Sold in July 2007
27 Houses
7 Townhouses
0 Condos
58 Sold in July 2006
38 Houses
19 Townhouses
1 Condos
41 Sold in July 2005
31 Houses
9 Townhouses
1 Condos
58 Sold in July 2004
50 Houses
7 Townhouses
1 Condos
53 Sold in July 2003
41 Houses
12 Townhouses
0 Condos
83 Sold in July 2002
73 Houses
10 Townhouses
0 Condos
58 Sold in July 2001
51 Houses
6 Townhouses
1 Condos
70 Sold in July 2000
57 Houses
13 Townhouses
0 Condos
13 Expired in July 2008
10 Houses
3 Townhouses
0 Condos
4 Expired in July 2007
2 Houses
2 Townhouses
0 Condos
13 Expired in July 2006
9 Houses
4 Townhouses
0 Condos
7 Expired in July 2005
6 Houses
1 Townhouses
0 Condos
4 Expired in July 2004
3 Houses
1 Townhouses
0 Condos
11 Expired in July 2003
10 Houses
1 Townhouses
5 Condos
16 Expired in July 2002
15 Houses
1 Townhouses
0 Condos
16 Expired in July 2001
13 Houses
3 Townhouses
0 Condos
9 Expired in July 2000
6 Houses
3 Townhouses
0 Condos
To search for bank owned properties on the market go to http://www.LAHomeSearch.com
To search for Southern California Real Estate including real estate in Beverly Hills, Brentwood, Santa Monica, and Malibu go to http://www.LAHomeSearch.com
For Los Angeles Real Estate go to http://www.LAHomeSearch.com
To search for “For Sale By Owner” properties in the Los Angeles Real Estate Market visit http://www.FSBO.LAHomeSearch.com
Thinking of Selling? To get the most Money, Fastest Sale, and the Fewest Problems, visit http://www.LAHomeSearch.com
About the Author
Greg M. Ingerson, Attorney At Law & Real Estate Broker, is a real estate Broker with LA Home Search in Los Angeles, California. To learn more about the Los Angeles Real Estate Market, please visit http://www.LAHomeSearch.com
{ Comments on this entry are closed }
