Hello everyone! Today I’m very eager to explore the low inventory situation we’ve got in Manhattan Beach, and all over the South Bay, these days. Because everyone wants to live here (because it’s just the best place in the world to live – the schools are fantastic, the ocean is gorgeous, and the community feels like a small town!) home values have really climbed over the past year. Unfortunately, there just aren’t enough homes on the market for all the eager buyers! This is really behind the rise in home values we’ve seen lately.
I was curious as to how many properties were listed now versus the same time of year two years ago. The numbers say it all:
Right now there are less than 35 homes for sale in Manhattan Beach. Two years ago, there were almost one hundred. What’s really fascinating is what this tight inventory does to the home values:
Home values in Manhattan Beach have reached a peak this January 2014; as the number of homes on the market reaches its low point, the value of the few homes on the market reach their highest value. The lwas of supply and demand say that there just simply aren’t enough homes for all the wonderful people that want to live in the beach cities. The same situation exists for Hermosa Beach and Redondo Beach as well, though home values in Manhattan Beach are currently the highest:
If this continues I am afraid there will be many disappointed buyers looking to live in the beach cities as homes get snatched up quickly. However, lucky are the sellers who are now presented with a seller’s market, an eager group of buyers, and higher-than-ever home values. It’s a great time to be a seller here in the South Bay, that’s for sure!