October showed no signs of a slowdown in the luxury real estate market of Manhattan Beach. 42 homes closed escrow and prices reached new highs with a median home price of $2.1M and an average home price of $2.2M which is well over the previous 18 months. Of the 42 home sales only one was sold below $1,000,000. 12 of the homes sold between $2.0M and $3.0M, 3 homes sold between $3.0M and $4.0M and 3 homes sold above $4.0M. Visit our market trends page to see the current price and market trends for all of Manhattan Beach CA.
By Keith Kyle
Manhattan Beach is like a real estate universe unto itself, with the trends and market conditions elsewhere having little sway over this luxury coastal community. When the real estate market collapsed a few years back, Manhattan Beach home values remained relatively strong. With the market returning back to the boom year levels, Manhattan Beach is certainly leading the way with skyrocketing prices and continually low home inventory. Builders are buying just about anything not built in the last 15 years and there are simply too few homes on the market to ease the demand.
Manhattan Village, the only real gated community in Manhattan Beach, seems to be yet another real estate world of it’s own, and is certainly bucking the trend in the area. Whereas there are few homes being sold in the city itself, the inventory in Manhattan Village continues to rise and there are now 9 homes for sale. Some of the premium properties are still selling at very high numbers, but the abundance of available homes will eventually mean a softening of many others and may make for a deal for someone looking to be in this wonderful neighborhood. Click to see a neighborhood map of Manhattan Village and feel free to contact us or text/call 310-251-2344 for more information. If you would like to receive daily updates for Manhattan Village we’ll be glad to help.
Current Manhattan Village Homes For Sale
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California’s Most Popular Town for Luxury Homes: Video – Bloomberg. Bloomberg gives a great representation of Manhattan Beach and the current real estate environment in this luxury coastal community near Los Angeles.
I’ve noticed an early January trend in some of the local markets as many homes now seem to be listed at prices that recent sales just don’t seem to justify. Will this overpricing help slow the market down a little as we’re starting to see some homes sit on the market and even eventual price reductions. At the moment there are a number of homes in Manhattan Beach that have been on the market for 45 days or longer.
We’ve seen the market increase in value dramatically in the past 12 months with values generally rising each month but since late November we seem to be seeing more homes priced well above the current market and well above the pricing trend. Only time will tell what 2014 has in store in the Beach Cities real estate market but as perception is such a real part of real estate, buyers now seeing homes sit on the market without selling may mark the beginning of a slow down.