Inventory drawdowns and high consumer demand drive prices higher by 10% year over year in Manhattan Beach real estate, says Matt Pernice of NW Real Estate Brokers in Manhattan Beach, CA.
Manhattan Beach, California (PRWEB) June 24, 2012
The Manhattan Beach real estate market historically has 140 homes on the market at any given time during the last 10 years. Currently we only have 90 properties on the market and 75 properties pending or in backup status. This is driving the prices to advance with little inventory for buyers to choose from leading to an extremely aggressive market.
Manhattan Beach is a desirable beach community in the suburbs of Los Angeles which many families, actors, and professional athletes call home. Real Estate in the coastal cities of Los Angeles has experienced explosive buyer activity thus far in 2012.
If a desirable property becomes available in any area within Manhattan Beach and is priced correctly it is typically in escrow in less than 7 days after multiple offers. The best example of this was a property that was listed in The Tree Section of Manhattan Beach on John St for $1,100,000. It hit the market in March of this year and had a staggering 22 offers and sold for $250,000 over the asking price. This property type attracted multiple bidders including families, investors, and local builders.
Stagnant listings that were on the market in 2011 are now selling for $100,000-$150,000 over the listing price with multiple offers. Manhattan Beach real estate is seeing an exuberant amount of activity especially on Manhattan Ave. Many Manhattan Beach homes do not even make it to market as realtors in the local community control inventory by connecting buyers and sellers prior to going to market (known as a pocket listing).
The beginning of spring has brought robust buyers back into the marketplace in a fierce way. Matt Pernice http://www.mattpernice.com of NW Real Estate Brokers located in Manhattan Beach CA, believes as long as the overall economy can hold firm the bid for housing in the coastal communities of Los Angeles will continue.
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebmanhattan-beach/real-estate-2012-demand/prweb9630876.htm
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