What's Hot in MB Real Estate (12/10/15)
Dec 09, 2015 04:21PM
● By Jeanne Fratello
MB Confidential reports that total year-to-date sales are at 338, the lowest figure seen since 2009's total of 320 sales.
The year-over-year change is -14%, a notable drop in sales volume
from 2014. Additionally, October-December sales are actually
dragging 2015 further behind the 2014 total. As of October 1, sales were
just 10% off of the 2014 pace.
At the same time, looking at median prices, this year looks likely to continue a 4-year uptrend. Last year's median Manhattan Beach residential home price was $1.9 million; this year it is expected to hit $2 million, which would certainly be a record.
Counting back from 2011, the median is up 40% over 4 years.
Though there could be a multitude of reasons for the current real estate climate, MB Confidential observes that there just hasn't been enough inventory for the number of buyers for property."If there were an actual slackening of demand, you wouldn't see prices rising at the same time. It's a safe observation now that if more people would be willing to sell, we'd see more sales to match that loosening of supply," writes Dave Fratello of MB Confidential. "So we'll stick with the low-inventory hypothesis, until someone wants to tell us buyers are quitting, or refusing to pay high beach prices, or there's something in the economy that no one else is noticing."
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