Manhattan Beach Market Update for 10/15/23

Let's start this in the form of a quiz.

Fact: Inventory at mid-month here was over 70 listings in Manhattan Beach.

Question: When was the last time Manhattan Beach had 70 or more listings (in one of MBC's twice-monthly market updates)?

a) May 2020

b) April 2023

c) July 2021

d) November 2022

The answer is July 2021, when the total was 72 listings.

Yes, it's been significantly more than 2 years since Manhattan Beach had 70 or more listings on market, like we do now. The Oct. 15, 2023, total was 74 listings. 

It was actually May 2021 when the total was last at 74 listings or more.

This is just one way to show how long-running the local inventory shortage has been. 

Previously, for long stretches of 2016-2020 – during the busiest times of year – inventory was routinely over 100 listings, even into the 130s for parts of 2019-20.

We continue to treat higher inventory today as a welcome development, because the market has been so rough for everyone without enough homes to buy or sell. Yet we're not really at a stage where the inventory is objectively "high" enough to raise concerns about impacts on DOM counts or prices.

What's that? You're curious where inventory was at the other times noted on the quiz question above?

May 31, 2020: 127 listings

April 15, 2023: 45 listings

November 30, 2022: 35 listings

In other news, we'll just take a quick look at 3 homes that went into escrow during the first half of October:

3509 Laurel (3br/2ba, 1364 sqft.), last at $2.550M

This little, original cottage was a house we actually sold several years ago to the current owners, who went to town and didn't miss a spot, modernizing it completely with a boho-beachy aesthetic.

The little galley kitchen was opened up to the living spaces, the doors opening to the side yard were replaced with foldaways to create an easy indoor/outdoor feel, and high-end design graces the kitchen, baths and incidentals.

3509 Laurel Avenue is listed by Christine Navarro, Compass

10 Cambridge (4br/3ba, 3058 sqft.), asking $3.200M

This mostly original Village SFR is on a prime cul-de-sac corner, overlooking the pool area and surrounded by bushes and trees. It's a special spot, with a bit more lot size as well (although some is just hillside).

The home was on original Plan 2, but the current owners added a full-size 4th bedroom suite to the 2nd floor.

While it's still early, we're glad about this one in part because it was our buyer clients who got under contract on the property. If it closes, we'll have 2 clients on the same little block!

10 Cambridge is listed by Kevin Pratt, Strand Hill Properties

1605 Magnolia (5br/4ba, 3383 sqft.), asking $3.995M

This 2006 build actually achieves "timelessness" with crowd-pleasing, classical style and a modern floorplan.

1605 Magnolia Avenue is listed by Audrey Judson, Pacifica Properties Group, Inc.

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Here's the rest of our local real estate market update report for the period ending 10/15/23:

> 74 active listings as of 9/30/23 (+5 from 9/30/23) 

> 58 SFRs (-5)

> 16 THs (Flat)

See the Inventory list as of 10/15/23 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 21 actives (-1)

> Sand Section: 25 actives (-1)

> Hill Section: 10 actives (Flat)

> East MB: 18 actives (+5)

We're also providing a report on closed sales by region of MB.

Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 10/15/23".  (5br/4ba, 3383 sqft.)