In comparison the last three years, September sales activity was strong on the Westside and in Manhattan Beach. Though it trails the scorching 2005 sales numbers (it will be a very long time before we see those numbers again), these numbers are starting to show the market balancing out and finding a bit of a normal pattern. In terms of activity, Westwood/Century City saw a solid jump in sales in comparison to last month and Manhattan Beach and Santa Monica led the way with the total # of sales this month. In fact, Manhattan Beach almost doubled the amount of sales it had in September of 09.
High-end sellers are still having a difficult time coming to grips with the reality of the market. The % difference between the average list to sale price is between 10%-22% in most high-end markets while it is usually between 3-6% in mid-level markets. The struggle between buyer’s and seller’s on the high end will continue but some seller’s are starting to wise up with quite a few properties priced above 1.5 million going into escrow in a fairly quick manner. The smart seller is turning back the clock and pricing in the 2003-2004 range.