The final numbers from the South Bay Association of Realtor for the Manhattan Beach real estate market in 2008 reveal just how tough a year it was for home sellers. The year started with a less than stellar 14 home sales (single family homes, condos/townhomes, and residential income) for the month of January and ended with 14 sales in December. November was even worse with only 13 total sales. If you were looking to sell summer was definitely your best bet as both June and August produced 38 sales and July saw another 31 homes sold.

In October the Manhattan Beach real estate market continued its contraction with only 26 homes sold compared to 30 in September and 38 in August of this year. The current supply of homes available for sale assuming no new entries would now last 8.9 months.

Most telling is the average price of homes sold in October was $1,456,000, which is dramatically less than the average list price of $2,284,000 for homes available for sale. The average number of days on market increased to 100 up from 67 in September.