There are currently 36 blog entries related to this category.
Tuesday, October 29th, 2013 at 11:08am. 340 Views, 0 Comments.
Proving once again that median prices are a lagging indicator, now nearly 2 years after a rally began in Manhattan Beach real estate, the data are starting to show a rapid rise in local home prices.
We began to see the uptick in median home prices at the midyear point. (See our post, "MB Median Prices Finally Rising.")
Now, as we look at data for the first 3 quarters of 2013, the price spike is clearly evident. (We made that part of the line "glow" just for emphasis.)
The YTD median price for SFRs citywide is $1,725,000, a remarkable 14% jump year-over-year.
This is on sales volume identical to the totals turned in for 2011 and 2012, with 264 sales citywise this year and last. (Yes, inventory has remained low, but sales are typically speedy and we now…
Tuesday, July 9th, 2013 at 5:25pm. 442 Views, 0 Comments.
Though the bell rang nearly 18 months ago and the Manhattan Beach real estate market began to heat up, median price data never quite told the story.
Now it's different.
Depending on your time scale, you can now see upward trends of 10%, or much more, in MB.
Out of 4 data slices we'll present below, 3 of 4 show current median prices to be the highest in 5 years, taking us all the way back to the doldrums of 2008-09 and rising to new modern peaks.
Let's start with the most amazing numbers. First is the median price for SFRs west of Sepulveda.
Thursday, March 28th, 2013 at 1:25pm. 904 Views, 0 Comments.
In MBC's early days, we often needed to bring in references to the Case-Shiller house price index to describe what was going on elsewhere. We would then check in to see if it rhymed with what was happening in Manhattan Beach real estate.
Now, it's been about 4 years since we made a substantial reference to Case-Shiller, but it looks like time again.
We mentioned the index it in a Sept. 2009 post with Ben Bernanke's declaration that the housing-led economic recession was "very likely over" (was it?), with Case-Shiller indicating at around that time that a "bottom" was forming in housing markets broadly. (See our posts, "Very Likely Over" and "MB vs. CA & U.S. Trends," July 2009.)
Looking back, Case-Shiller's data properly "rhymed with" the course of…
Wednesday, January 30th, 2013 at 1:05am. 793 Views, 0 Comments.
That's one finding from our careful look at median price data for the year that was.
Looking only at SFRs, you see a median price west of Sepulveda of $1.639M for 2012. The result is not much different if you add in townhomes, with the median dropping just $40K to $1.599M.
Both figures are notably higher than the SFR total for all of MB for the year: $1.455M. (For more on how MB citywide compared to past years, see our year-end post: "2012 Wrap: More Sales, Tiny Median Bump.")
Friday, January 25th, 2013 at 6:13pm. 640 Views, 0 Comments.
We recently reviewed a print publication which offered real estate statistics for 2012 for Manhattan Beach. (No names necessary here, we have a substantive point here, not a need for finger-pointing.)
This print pub offered the number of sales in various South Bay markets for 2012 and the "average price" of sales in each city.
Average price. You may instinctively know that it's irrelevant. But how irrelevant, and why?
First, why it's irrelevant. We have incredibly diverse housing stock in Manhattan Beach. If you include townhomes, then you've got $450K subunits of condo buildings along MBB, you have $800K old cottages along Marine, you've got all those…
Monday, January 7th, 2013 at 6:52pm. 883 Views, 0 Comments.
Before calculating sales data and median prices, we prefer to give agents time to enter late-in-the-year sales on the MLS. With a week's distance, we're now ready to close the books.
And here's the headline: The median price is clearly a lagging indicator.
We all know last year was busy, busy, busy, with demand significantly outstripping the supply of Manhattan Beach real estate for sale. We saw bidding wars. Crazy prices at times.
But the median price doesn't show that. For SFRs in all of MB, the median price went up by $5,000 last year. That's it. $5k.
Wednesday, October 17th, 2012 at 7:15pm. 680 Views, 0 Comments.
We last did this in a major way at midyear in two somewhat detailed posts. (See "Sales Data for First Halves of '06-'12" and "More Median Price Data, 2006-2012.")
With 9 months (3 quarters) in the bag for 2012, here's what the data tell us. (Click either chart to enlarge.)
This is the most modest uptick of 1% over the same period for 2011.
The median price is down, however, from 2010, by about 5%.
Sales volume was comparable for each of the past 3 years, 2010-2012, though 2012 marks a modest high for the past 4 years at 264 closed…
Wednesday, September 19th, 2012 at 8:25pm. 474 Views, 0 Comments.
First off, in case you missed the last couple references to 2012 medians, see "Sales Data for First Halves of '06-'12" and "More Median Price Data, 2006-2012." You'll see what we mean by "nerdy" there.
So how are things now?
Median prices still don't show much of a hot market, but at least we can say prices aren't down now – as they were, surprisingly, at the midpoint this year.
We're going to compare nearly 9 months of 2012 data against full-year data from 2011.
MB Citywide Data - SFRs2011 (full year): 320 sales, median price: $1.450m
2012 (thru 9/18): 259 sales, median price: …
Friday, July 13th, 2012 at 3:17pm. 474 Views, 0 Comments.
Yes and no.
Citywide, the median price for SFRs is down by any measure. (See our first chart here; click to enlarge.)
That's true whether you look at the 6-month or 12-month periods ending June 30, 2012.
But West of Sepulveda, the median price is up. Again, by either measure.
The deeper you get into these data, the more you see that there's something for everyone.
You can prove prices are up by a little or (nearly) a lot. Or you can prove that prices are down. You can prove that West of Sepulveda is performing much better than MB as a…
Thursday, July 5th, 2012 at 5:54pm. 463 Views, 0 Comments.
The conclusion of the first full half of the year June 30 gave us a lot to go on.
Surprisingly, we don't see the data telling the story we expected to hear.
We have run 4 separate cuts of the data, and 2 told us that MB median home prices are down year-over-year. That was for SFRs in all of MB.
For SFRs west of Sepulveda, it's a brighter picture. We're up 3% year-over-year if we use a full 12-month set of sales, and up 8% if we use a smaller 6-month set of sales.
We're going to post just the first chart from our data runs now. Presenting the full set of data in a comprehensible way is a might of a challenge. We'll get you that shortly.