Wondering Why You Can’t Find that Dream Home in the South Bay?

It’s no secret that it’s a frustrating world out there for home buyers.  Oh how quickly things turned from a strong buyers market to a market clearly favoring sellers.  According to Manhattan Beach Realtor, Keith Kyle, “There is incredibly low inventory everywhere and the high demand areas of the South Bay such as Manhattan Beach, Hermosa Beach and Redondo Beach have little to offer buyers at the moment”.  To make life even more frustrating for Beach Cities home buyers, is that the moment a well priced home comes on the market, the frenzy starts with buyers often going way over asking price, waiving the appraisal contingency and simply buying homes above current market value.  The chart below sums it up pretty clearly with the number of active homes for sale in the South Bay plummeting from over 1500 a year ago to just over 600 in December of 2012.  This is while the number of closed sales has remained steady.

To view the current homes for sale visit our South Bay MLS search, or click our recent home sale page to see the most recent home sales in the South Bay cities of Manhattan, Hermosa, Redondo Beach, Torrance, El Segundo and surrounding areas.

Manhattan Beach Hill Section – Luxury Homes Market Update

For luxury home buyers wanting it all, the hill section of Manhattan Beach may be the ideal location to call home.  According to Keith Kyle, top realtor with South Bay Brokers, “Manhattan Beach hill section real estate offers something that the sand section doesn’t….space.  While the goal for many home buyers is to live near the ocean and ideally have views of the ocean, the lots sizes closest to the ocean doesn’t allow for much, if any, outdoor space.  By comparison the lots in the hill section are often far larger, offering luxury home buyers tremendous ocean views, while still allowing for a large home and a large yard.”

Currently there are 7 active homes for sale ranging from just under a millon dollars on the city side of the area, to just under $9.0M for a spectular home on the ocean side.

Sorry, but we couldn't find any results in the MLS that match the specified search criteria.

 

 

 

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