Manhattan Beach: January-June 2000-2009... sales by month

No matter how much our local Beach Cities real estate market has changed in the last few years a number of things always remain the same when you have a declining real estate market. Sellers never want to accept how much prices have dropped and buyers never believe that they have dropped enough.

Sometimes it helps to see a larger survery of sale data. I've pulled the number of sales, median sale price and the price per square foot from January-June 2000-2009. Although sales have picked up in recent months they are still quite low when compared to prior years. I don't think there is much doubt that the drop in volume is closely related to the lack of jumbo financing since 2007.

Looking at the numbers there is no question that the median price and the price per square foot took a major dive this year... and seem to be hovering between 2004 and 2005 numbers. While this is slightly better then the figures for LA County as a whole it does show that values in Manhattan Beach have seen some major adjustments over the same period last year.

Manhattan Beach: January-June 2000-2006.. Sales by month(click on graph to enlarge)

Manhattan Beach: January-June 2007-2009 Sales by month.

*** These are single family sales from the MLS and do not include townhomes, condos or income property or off MLS sales...

Manhattan Beach: Second Quarter Sales January to June 2007-2009

Ercoles.. the oldest restaurant in Manhattan Beach

As I noted a few months ago when I posted the First Quarter Sales figures for Manhattan Beach this will become a regular feature every quarter. There is a lot of information about our local real estate market that these numbers provide. Although I'll admit that over the last few days I'm seeing numbers everywhere and even find myself dreaming about median price and price per square foot.

We all know that statistics can take on a life of their own. When viewing our local Manhattan Beach real estate market , the numbers tell their own tale. If you look at the numbers on a month by month basis things look pretty bad. While still dismal, when viewed over time, a pattern begins to emerge showing that the number of sales, while significantly lower then those in 2007, have been fairly stable over the last two years.

The volume of sales is down about 40% from 2007 and roughly 16% from 2008 for the first part of the year. The kicker in the deck is prices. Since the begining of the year home prices have dropped about 22% compared to the same period last year. There were 112 homes that sold from January to June 2009. 92 of them had at least one price reduction before finding a buyer, 8 were sold over the list price and 13 appear to have sold at the listed price.

There is more going on now then these number show. Currently there are 150 homes for sale in Manhattan Beach. Inventory has dropped dramatically because homes are selling.... the big question is what is selling. There are 81 properties pending...67 homes and 14 townhomes. The median asking price for homes that are in escrow is $1,575,000 and for townhomes it is $1,194,000. The median sold price for homes in June was $ 1, 402,500 and $1,217,000 for townhomes.. But.... the median list price for homes that are for sale is $2,349,500 and $1,364,000 for townhomes.

Herein lies the problem with our current market. Of the 150 homes for sale only 65( less then half) are priced under $2,000,000. There is very little demand for homes priced over $2,000,000 for a number of reasons, but mainly because of financing. While we have our share of buyers with some big bucks... they are not in the majority. Most buyers looking in Manhattan Beach today have 30%-50% cash needed for a down payment on a home under $2.5 but they still need some type of bank financing. There are lenders offering loans over $1.5 but most lenders really don't want to make loans over that number. So I'm guessing that one of two things will happpen... either these higher end homes will be taken off the market or you are going to see some very hefty price reductions in the future. I also think you are going to see an increase in owner financing to bridge the gap.

Manhattan Beach: Sold January-June 2007-2009(click on graph to enlarge)

Manhattan Beach: Sold April-June 2007-2009

Manhattan Beach: Sold West of Sepulveda January-June 2007-2009

Manhattan Beach: Sold West of Sepulveda April-June 2007-2009

Manhattan Beach: Sold East of Sepulveda January-June 2007-2009

Manhattan Beach: Sold East of Sepulveda April-June 2007-2009

***All Data is based on MLS information .. Sales not on MLS are not included... some charts have been adjusted to reflect an additional posted sale for June 2009

South Bay-Beach Cities: July 4th Events

Rose Bowl will host their 83rd annual celebration..


July 4th Event in the South Bay-Beach Cities:



El Segundo:


Plan a day of fun in El Segundo with two events..

10:00 am-2:00 pm Rec Park
5:00 pm -9:00 pm 300 and 400 block of Eucalyptus
Lots of games and food and live music

9:00 pm.... Fireworks at Stevenson Field (tickets a must for grandstand seating.. $3.00 pre-sale $5.00 at the gate)



Manhattan Beach:
Pool Party July 4, 2009....
10:00 am-2:oo pm at Begg Pool
$ 5.00 to swim and have snacks


Hermosa Beach:
No city planned activities but a lot of parties along the Strand


Redondo Beach:

Seaside Lagoon is the setting for a huge July 4th celebration

The fun begins at 2:00 pm and continues until 10:00
The fireworks and Laser show starts at 9:00 click this link for more information and prices of tickets on the sand.

The Village Runner is sponsoring a 5K run .. starts at 8:00 at the Village Runner located at 1811 S. Catalina Ave., Redondo Beach, CA... They will be accepting shoe donations for the Los Angeles Mission.

Torrance:

Wilson Park is the place for the annual Old Fashioned Fourth of July Celebration

The fun starts at 11:00 and finishes with a Fireworks show at 9:00pm


Palos Verdes Estates:

Old Fashioned Independence Celebration at Lunada Bay Elementary School begins at 9:45 am

A bicycle parade and pie-eating contest are some of the activities


Rancho Palos Verdes:

34rd annual Independence Celebration runs from 11:00 am -5:00 pm at The Rancho Palos Verdes City Hall off Hawthorne Blvd.

There will be music, Arts & Crafts, rides, a pie-eating contest and a hula hoop contest.

Lawndale:

July 3, 2009...This year is Lawndale's 50th Fireworks Anniversary... The day starts with live entertainment, food, crafts and face painting... The Fireworks show starts at 5:30 p.m. at Leuzinger High School.

Westchester :

Don't miss the annual parade at Loyola and Manchester.. it starts at 11:00 am at Loyola Marymount University and continues along Loyola Blvd. to Westchester Park.

Call (310) 645-5151 for more info

Carson:

The Los Angales Galaxy Soccer Team will host a huge fireworks extravaganza at the Home Depot center after their soccer match earlier in the day... starts at 8:00 p.m

Marina del Rey:

Catch the show from either Burton Chase Park or Fisherman's Village.. The show starts at 9:00 p.m.

Rose Bowl photo : Courtesy of Joits at flickr.com