Manhattan Beach is one of the most beautiful coastal communities in southern California. In this highly desirable area, real estate trends have changed over the last five years as the economy has declined and mortgage money is hard to obtain. People interested in buying Manhattan Beach Homes in the current inventory and residents in the area who are considering listing their home all need to be aware of and keep abreast of current and potential trends in the real estate market.
Median home prices listed in information and charts on local real estate trends are derived from current active listings of properties and currently available housing inventory offered for sale at any point in time. Past information clearly indicates that the homes in Manhattan market peaked in the second half of 2007. It topped out at the $2.19 million median price mark. Inventory at times that year had been as low as 100 listings at some pints. The Manhattan Beach Home market experienced a 29% drop in sales from 2007 until the end of the first quarter in 2011.
Since March 2011, median prices on Manhattan Beach Homes have risen steadily to today's average price of $1.678 million. That is a growth of 8%. During this same time period the inventory of homes available has also grown, from 110 homes to the 145 currently available. The trend appears to be that Manhattan Beach real estate owners are selling into, or taking advantage of, this price increase. Some new listings are attributed to their sellers' belief that the real estate market seems to be good at this particular time in their area.
Others in the know believe that even though 2011 has produced fairly good real estate numbers so far, the area is not necessarily at the start of a significant real estate upswing. Only time will tell. Traditionally there is inventory growth in the summertime, as families who are moving want to get settled before the next school year begins. There are real reasons for optimism, however. The first half of 2011 saw the sales of inventory west of Sepulveda and of all of Manhattan Beach Homes exceed those of the same time period in 2010. This trend continued into June 2011, which experienced a large increase over June 2010, with closed sales up by 2/3rds. This could very well indicate a warming trend in the market for Manhattan Beach Homes.
The number of closings in the first half of 2011 was up by 11% over the same period in 2010. The third quarter of 2011 has seen a 48% improvement. There have been 25% more new listings west of Sepulveda during this time frame as compared with 2010. Real estate agents note a change in the mood of their sellers and buyers of Manhattan Beach Homes. In 2009 buyers were frightened and mortgage money was had to get. Sellers were not listing unless they had no choice. Fewer houses were placed on the market in 2009 than in the preceding ten years before that. By the spring of 2010, buyers were more interested, inventory was low and deals were being made. Multiple offers on a property were making a comeback. Today median home prices and inventories are up and the market is showing growth.
This positive movement in the Manhattan Beach Homes market is tempered by some buyers and sellers' concerns that the "double dip" housing recession prediction being made by some national pundits might still occur. Some have concerns about how the market will be affected if the government ever stops the current federal programs that are keeping interest rates low. Only time will answer those concerns.
Matt Pernice assists buyer and sellers in the Manhattan Beach community. Search All Manhattan Beach Homes Today. Manhattan Homes
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