Manhattan Beach, CA Real Estate Market Activity Snapshot For October 2018

Manhattan Beach, CA Real Estate sales have seen a higher number of homes that closed in October 2018 than in October 2017. While the listing price for October 2018 was lower as compared to a year ago, monthly price of homes for sale was up from previous month amid continued low inventory levels. The sold price of homes that closed was higher for the month.

Homes for Sale, Sold and Time of Close by the Numbers

For October 2018, a total of 114 homes in Manhattan Beach, CA were for sale. The number of Homes for Sale that sold was 34 in October 2018 vs. 24 in September 2018 and 26 that sold in October 2017. Of the 34 homes under contract to close during the month of October 2018, the median time marketed for sale was 32 days. Compared to September 2018, the median time on market was 17 days. In relation to the homes for sale that were competitively priced in Manhattan Beach, the homes that sold over the prior 6-months were selling within a range of 11 to 35 median number of days (i.e., the time-period a home is marketed until the time it goes into escrow for the closing).

A Close Look of Stats Data

• The Number of Closed Sales of homes for sale that sold was 34 in October 2018 compared to 24 during September 2018 and 26 in October 2017.

• The Number of Active Listings of homes for sale was 114 in October 2018 compared to 108 during September 2018 and 113 in October 2017.

• Median Sale Price for these homes that sold was $2,715,000 in October 2018 compared to $2,287,500 during September 2018 and $3,187,500 in October 2017.

• Median Price per Square Foot for these homes that sold was $1,098 in October 2018 compared to $1,011 during September 2018 and $981 in October 2017.

• Median Days on Market for the homes that sold was 32 in October 2018 compared to 17 days during September 2018 and 39 days in October 2017.

• The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 3.4 in October 2018 compared to 3.2 during September 2018 and 3.3 in October 2017. (Note: This index is typically represented as a MSI number.)

Here are some current charts on housing activities in the area:

Data Analytics, Market Insight And Effects

The 34 homes sold that actually closed represented 29.8 percent of 114 available homes for sale in Manhattan Beach, CA during October 2018. The sold price for Manhattan Beach, CA homes has retracted over the prior 6-months period. In comparison, recent sold price was down by 14.8 percent versus a year ago. And, this month’s median sold price for these homes that sold has gained 18.7 percent in October 2018 compared to September 2018. The month’s medan price-per-square-foot for homes that sold has gained 8.6 percent from September 2018, and for the 12-month period it gained 11.9 percent from October 2017 continuing a positive annual trend going forward.

Homes in October were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 3.4 suggests that it would take 3.4 months to deplete all remaining inventory of homes on the market if no additional homes was added to the market supply for sale. This shows moderate market absorption of housing inventory of Manhattan Beach, CA homes for sale. At this MSI level, it translates to a market absorption rate of 29.4 percent and demonstrates moderate level of buyer demand.

Here are current charts on Price/SqFt and Supply of homes in the area:

Some Homes Did Not Sell

Typically, homes are listed for sale on the market over a period of 90 – 120 days, or sometimes longer. Over the last 4-months period, the number of homes that did not sell was 23 in Manhattan Beach. There are different reasons why some homes do not sell in any market condition. Homes that did not sell during their listing period would become expired listings. If homeowners want to move forward with their plan, with the right approach the home sale they want is still within reach. However, before putting the home back on the market, homeowners need to take a step back and review their situation.

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