As the year 2024 winds down, data show that the local real estate market is having a "bounce back" year.
Of course, compared to 2023, there was almost only one direction to go this year: Up.
By almost every measure, the Manhattan Beach real estate market has been busier this year. This is a story we've been hinting at in various posts and data snapshots throughout the year. We decided to touch several bases at once to make the point simply.
Here's a sneak peek at a fuller year-in-review series that we'll be able to get you early next year.
Inventory Up
Nothing much happens in the real estate market without sellers. And the past couple of years have seen a dearth of sellers throughout the country. Low, low mortgage rates obtained while the covid pandemic drove interest rates to historic ebbs have proved to be "golden handcuffs" for many would-be sellers. They just can't face the idea of doubling their mortgage rate by selling and moving.
Throughout most of 2024, however, Manhattan Beach home inventory was equal to or higher than all of 2023. The gap was greatest this summer, when inventory neared 100. A wave of sales took off then.
Only in late November did this year's inventory start to fall under 2023's levels, in part due to strong sales activity this year.
Sales Totals Up
With more options for buyers, the number of homes sold has increased year-over-year. Whereas 2023 ended with only 254 sales – a total far below even the crash years of 2008-09 – this year has seen 15% more sales already, just as of December 15, with 293 total.
Median Price Up
Unlike many SoCal real estate markets, Manhattan Beach actually saw a steep decline in its median home price in 2023. (See more about how MB compared in this earlier post.)
This year, the median price has bounced back, sitting at $3.000M at the end of November.
Dollar Volume Up
Fewer home sales has also meant less money being spent on homes in Manhattan Beach, as a gross total of all sales prices. In July 2023, the dollar volume for a year's worth of sales hit a low of $1.72 billion, a low not seen since early 2016. By comparison, at the market's recent peak, dollar volume exceeded $3.5 billion.
We're not back to those heights yet, but sales have come up by more than $500 million over the Summer 2023 low, hitting $2.25 billion by the end of November.
Watch for more details and analysis here after 2024 closes out, and there is even more final data to go through.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of January 26th, 2025 at 12:55am PST. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
