It's hard to give much more of an up-to-the-moment look at the market than we did with our stats & analysis just the other day, but we do owe you a mid-November report as well.
One data point we check in on is the number of new escrows inked during each 2-week period.
You won't be surprised to hear that early November 2022 was pretty weak, but the good (??) news is that it's pretty common at this time of year for the market to slow notably.
"It's OK, honey, I hear this happens to a lot of early Novembers."
We recorded just 8 new escrows in Manhattan Beach in the first half of this month. That's down from 2021 (13) and 2020 (of course! 21) and also 2019 (14).
But then look at 2018: just 9 new deals. Or 2016 (8). Even 2014 and 2015 weren't so hot at just 10 each time.
It happens.
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Please Note: The properties below were or are listed and brokered by a variety of agents and firms, not Dave Fratello or Edge, unless noted. Click on any image or linked address for full details. The name of the listing broker and agent for each linked property is displayed with each listing.
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We had noted around the 10th that all of early-November's new deals were near or under $2M. (See "Look at That Lower End Move.")
That shifted up a little with two higher-priced new deals:
2704 Laurel (4br/4ba, 3200 sqft.).
This is an ultra-custom 1980s modern that's spectacular in its ways, but also pretty original. With bedrooms on 3 different levels, it's also a home that needs a perfect match in a new buyer.
Nothing, and we mean nothing, lasts for long in the Tree Section these days. This one began at $3.299M, cut to $3.150M and made a deal slightly after the 6-week mark. Forever for the Trees, maybe, but not very long overall.
(Listed by Tad Thormodsgaard, Palm Realty Boutique, Inc.)
1717 8th (6br/6ba, 4501 sqft.)
This is very, very straightforward 2006 traditional with a big, albeit blank, backyard. (They have a full 7500 sqft. lot; the yard is mostly artificial turf.)
This one had listed at $4.250M but had to cut to a trifle under $4M (specifically, $3,999,998) to attract a buyer, also in about 6 weeks.
(Listed by Edward Kaminsky, eXp Realty of California, Inc)
You can't help but take notice of the fact that a significantly smaller East MB traditional at 1305 18th (5br/4ba, 3948 sqft.) just closed on Nov. 10 for $4.106M.
(Listed by Jennifer Caskey of Compass.)
The home and lot are each about 500 sqft. smaller.
We noted in September that this year had seen the first instances of homes 10 years older or more in East Manhattan selling over $4M. (See "What's New in These $4M+ East MB Sales.")
1305 18th did become the 4th, as expected, but are there any more on the way?
Seems unlikely on 1717 8th, but we watch and see...
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Here's the rest of our local real estate market update report for the period ending 11/15/22:
> 56 active listings as of 11/15/22 (-13 from 10/31/22)
> 46 SFRs (-11)
> 10 THs (-2)
See the Inventory list as of 11/15/22 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 7 actives (flat)
> Sand Section: 27 actives (-9)
> Hill Section: 9 actives (-1)
> East MB: 13 (-3)
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 11/15/22".
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.
