Distressed Home Inventory Continues to Decline in Redondo, Hermosa and Manhattan Beach
Distressed home sales and listings continues to go down with both REO and short sale opportunities fading. The number of short sales and bank owned homes in Manhattan Beach, Redondo Beach, and Hermosa Beach have always been relatively low compared with other, more inland, areas and communities, but it appears that the inventory of these homes is at a several year low and looks to remain that way. The days of finding a “deal” in these cities may be a thing of the past. Redondo Beach, due to both the size of the city and the entry level price point options, has far and away the greatest concentration of distressed sales between the 3 cities but numbers decline there as well.
The chart below shows the most recent number of active, pending and sold short sales in Redondo, Hermosa, and Manhattan Beach.