median prices

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It took a while for MB median prices to start to track what seemed to be happening in the market.

No more.

Take a look at our newest compilations of data as of the midpoint of this year.

Citywide, the median price for single-family homes (SFRs) is $1.803M, up 12% year-over-year. That's a quick, cool $200K bump in no time at all. (Please note: We have excluded townhomes traditionally from our median price calculations for a few reasons; now, to compare year to year data, we continue to focus only on SFR data.)

Look at that trendline. It's a rocket to the moon.

There was an anomalous dip in the 2012 median to $1.432M, even as the market was recovering solidly at the time. From there, it's two years of big climbs – a 26% jump in only 24 months.

Word to…

The LA Times on Wednesday was all raves about LA-area real estate markets where prices have now surpassed their previous bubble-era heights. (See the Times story here.) Money quote:

Across the region, home prices remain far below their peaks despite an explosive run-up in the first half of 2013. But nominal prices in some affluent neighborhoods have entered uncharted waters.... Sales have tumbled overall, but they continue to climb in wealthy communities.

That sounded familiar, until we got deeper into the story – and Manhattan Beach got no mention at all.

Which cities made the cut?

Arcadia. Mar Vista. Temple City. Irvine. (Pictured.) And 8 more.

Only Venice popped off the page as a coastal market widely known to be hot. The buzz around "Silicon…

One year ago, as we looked back at the sales data for Manhattan Beach real estate in 2012, we were a bit surprised. The data did not then show a rising market, even though everyone working in the market had seen and felt it. (See "2012 Wrap: More Sales, Tiny Median Bump.")

This year, there's no such problem.

The median price for SFRs in Manhattan Beach in all of 2013 jumped 18.5% year-over-year to hit $1.725M.

Judging by median prices for SFRs, our market had hit about the same bottom 3 times in recent years. As our chart shows, in 2009, 2011 and 2012, the median price was about the same, near $1.450M in each case, and down 18% from the 2006-2007 peak.

Now we're up 18% over 2012 and back near 2006-2007 territory again, just 3% shy of the 2006 peak…

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 see,