Beach Cities Real Estate Market Update
Home Listings on the Decline
The number of frustrated South Bay home buyers (and buyers agents) continues to rise as the inventory of available homes in the South Bay and Beach Cities continues to decline with a multi year low for the month of October. October closed out with 224 active homes for sale in Manhattan Beach, Hermosa Beach, Redondo and El Segundo which was dramatically lower than any other month and down over 50% from last September. Currently there are 216 homes for sale with the downward trend appearing to continue. Pending sales were on the rise as well with October closing with 180 homes in escrow. That’s an unbelievable ratio of active to pending sales and something not seen in many years. Click here to view the current homes for sale or to see October 2012 home sales per city.