Homes for Sale, Sold and Time of Close by the Numbers
For July 2018, a total of 108 homes in Manhattan Beach, CA were for sale. The number of Homes for Sale that sold was 49 in July 2018 vs. 53 in June 2018 and 41 that sold in July 2017. Of the 49 homes under contract to close during the month of July 2018, the median time marketed for sale was 22 days. Compared to June 2018, the median time on market was 11 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 38 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 49 in July 2018 compared to 53 during June 2018 and 41 in July 2017.
- • The Number of Active Listings of homes for sale was 108 in July 2018 compared to 103 during June 2018 and 128 in July 2017.
- • Median Sale Price for these homes that sold was $2,240,000 in July 2018 compared to $2,395,000 during June 2018 and $2,425,000 in July 2017.
- • Median Price per Square Foot for these homes that sold was $1,005 in July 2018 compared to $1,048 during June 2018 and $991 in July 2017.
- • Median Days on Market for the homes that sold was 22 in July 2018 compared to 11 days during June 2018 and 13 days in July 2017.
- • The Inventory on Months-of-Supply of homes for sale based on rolling 3-months of activity was 3.2 in July 2018 compared to 3.1 during June 2018 and 3.5 in July 2017. (Note: This index is typically represented as a MSI number.)
Check out the following Market Activity charts for this area:
Data Analytics, Market Insight And Effects
The 49 homes sold that actually closed represented 45.4 percent of 108 available homes for sale in Manhattan Beach, CA during July 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 7.6 percent versus a year ago. And, this month’s median sold price for these homes that sold has decreased 6.5 percent in July 2018 compared to June 2018. The month’s medan price-per-square-foot for homes that sold fell 4.1 percent from June 2018, and for the 12-month period it gained 1.4 percent from July 2017 continuing a positive annual trend going forward.
Homes in July were selling slower than the month earlier. Based on recent rolling 3-month home sales activity, the months-supply index (MSI) of 3.2 suggests that it would take 3.2 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 31.3 percent and demonstrates moderate level of buyer demand.
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 8 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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About the author: The above information regarding “Manhattan Beach, CA Real Estate Market Activity Snapshot For July 2018” was contributed by Lum Hugh. Lum has over 20 years of experience in real estate acquisition, investment and management.If you’re thinking of selling, buying or investing in real estate, Lum will be happy to share his knowledge and expertise as well as provide guidance for your real estate needs.
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