Manhattan Beach, California has seen somewhat slower sales of residential real estate for the past year. The Real Estate market is always evolving and changing. There are several statistics that can be reviewed to determine “what is happening in the market.” The following is a review of the residential real estate sales data for Redondo Beach, California for the months of May, June, July, and August 2016.
Month/ Days on Market/ Average Sale Price
| May 2016 |
48 |
$2,785,459 |
| Jun 2016 |
48 |
$2,094,550 |
| Jul 2016 |
62 |
$2,728,700 |
| Aug 2016 |
71 |
$2,180,445 |
A review of the chart above demonstrates that the homes listed for sale took an average of about two months to sell (Days on Market), which increased through the summer. The “Average Sale Price” decreased significantly and fluctuated from May to August.
When reviewing data, it is important to look at multiple factors. The next data speaks to the total amount of properties available.
| Oct 2015 |
49 |
3 |
| Nov 2015 |
27 |
4 |
| Dec 2015 |
13 |
3 |
| Jan 2016 |
34 |
7 |
| Feb 2016 |
60 |
6 |
| Mar 2016 |
71 |
4 |
| Apr 2016 |
58 |
5 |
| May 2016 |
63 |
4 |
| Jun 2016 |
67 |
4 |
| Jul 2016 |
53 |
5 |
| Aug 2016 |
53 |
4 |
The number of new listings during the Summer was relatively steady from 53 – 67; keeping the total “months worth of inventory” (amount of months it would take for all homes to theoretically sell – if no new homes came on the market) steady at around 4-5.
This “Total Number of Months of Inventory” is a good indicator that as the inventory has been coming to the market; the pool of buyers who are buying these properties has some inventory to choose from. One could conclude that a home that is priced similarly to the comparable sales in Manhattan Beach, will sell within about four months on average.
These statistics are general and represent all styles of properties sold as well as all homes sold at any price. If you are searching for a home, or trying to establish an accurate valuation of your property, please contact Matthew Hoffman directly for a Free custom market analysis.
