By Keith Kyle
Median home prices increased dramatically throughout the South Bay in January of 2014, but nowhere were increases quite as impressive as in the luxury market of Manhattan Beach. It was quite a month for the real estate market in this coastal community. Median home prices topped the $2.0M mark for the first time with a median price of $2,152,000. Some of the increase in median price was due to the very low inventory with only 15 homes selling in the first month of 2014 (not taking into account the numerous “off market” sales). In addition the inventory of sub $1.0M continued to decline considerably as many of these homes were sold off market to builders or flippers. There has been a recent increase in both homes for sale and pending escrows which may ease the inventory pressure somewhat. See the Manhattan Beach real estate trends for additional information on pricing, home sales, pending escrows, median prices and more.
