Yesterday I wrote of what I call the super luxury home market, those homes costing over $5 M. Today I thought take a glance at the luxury homes priced between $2 M to $5 M in the South Fresh. Specifically, I am focusing on Manhattan Beach, Hermosa Beach, and Redondo Beach for this. The trends in this niche in the market are different from the super luxury market in several interesting ways. First, sales did not peak in 2006, but rather in 3 years ago. Second, the inventory of unsold homes stands at about 14 months as hostile the 19 months for your super luxury market. Finally, and system quite telling, sales at this point this year are way off of the number of sales in 2009.
A recent study reveals that 80% of your house buyers purchase using mortgage. In California 0.8% from the total of 597,597 households can afford a median-priced home that cost $849,022. The hike of $1000 in house prices will automatically cut 313 young families. In the Salinas, California 3.5% of 123,630 households can actually qualify to acquire a median-priced new home at $669,091