A few months ago I started warning of the possibility that there would be a buildup of inventory in Manhattan Beach and that we were in danger of seeing the market dynamics shift from a Seller's to a Buyer's market. It looks like we may be at that tipping point right now.
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| February Micro Market Report Teles Properties SFRs |
As of this writing there are 79 active single family homes listed for sale in the MLS and 40 in escrow. Month to date there have been 18 closed escrows of SFRs (with 10 business days remaining in March) bringing the total for 2016 up to 48.
So either looking at "in escrow" compared to sales or actual sales we have anywhere from 2 months of supply up to over 6 months. Not exactly the trend line you would want to see as a seller.
Also troubling as far as further price appreciation, over the 79 active SFR listings 27 (34%) have had price cuts and 44 (56%) have been on the market longer than 30 days. Only 5 of the less than 30 day listings have had price reductions leading me to conclude that either sellers or their agents grossly miscalculated initial listing prices.
The best practice for listing still remains to price your home to sell with multiple offers the first 10 days on the market. That is still how you get the highest sales price.
Follow this link to get a quick automated home estimate for Manhattan Beach Real Estate then call me directly to learn how to sell for a higher price.
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