The real estate market in Manhattan Village, the gated community in Manhattan Beach, CA, continues to buck the trend. While the market in the other neighborhoods of Manhattan Beach has seen record low inventory, few new listings, and extremely high demand for both low end fixers and high end luxury homes, the housing inventory in Manhattan Village has reached near record highs. The market has still been very active with appropriately priced homes quickly selling quickly but new listings seem to replace anything going into escrow. I was asked recently by a client whether the higher levels of inventory is indicative of low demand and a less desirable location, but that’s certainly not the case. It is a very different feel to the rest of the Manhattan Beach but the amenities of the community including numerous pools, 24 hour security, and exterior landscaping and maintenance draws homeowners looking or a greater sense of privacy.
The chart to the left shows the number of homes for sale (light green), sold homes (dark green) and current homes “in escrow” (red line) for the past year. The number of homes on the market in September, 12, was the highest inventory since 2010.