Action at the Buzzer - Manhattan Beach Market Update for 1/31/23

Is the narrative of the 2023 real estate market about to change?

Everyone seems ready for a change in the story, and now buyers have stepped up to help try to flip the script.

In just the last couple days of January, several new contracts were inked, giving the city 11 new escrows for the second half of January, and 13 overall for the month.

Somehow, with 11 homes deleted from inventory, we still wound up with 8 more active listings (47) at month's end than we had in mid-January.

These data points say something pretty simple, and maybe surprising:

More sellers are listing, and more buyers are buying, all of a sudden.

If you reviewed our Wednesday email of the MB Property Ticker, the following summary of new escrows is going to be familiar. We record it here in part to document, as we do, long-term, movement in the market (or the lack thereof).

The most very newly in escrow:

Big Cheese(s)

904 Highview (3br/3ba, 3643 sqft.), an ultra unique, super custom architectural design that takes in big ocean views from every room upstairs. Asking $7.499M. Listed by Lauren Forbes, Compass.

413 5th Street (5br/7ba, 4200 sqft.), new construction on a South End flat walkstreet. Asking $7.750M. Listed by Dennis Moloney, Strand Hill Properties.

Big Money Fixer

769 29th Street (5br/4ba, 4457 sqft.) is a spacious 1980s build on a nice block.

The 55' wide lot allows a more sprawling floorplan. But everything is going to need to be touched in a remodel. Asking $3.799M. Listed by Darrin O'Hanlon, Strand Hill Properties.

Around $2M

210 Larsson Street (3br/2ba, 1340 sqft.), a pretty compelling cottage with a lot that is about 1.5x typical size for the block. Big views to the east/north. Asking $1.985M. Listed by Nicholas Schneider, Compass.

461 35th (3br/1ba, 1034 sqft.) is a mostly original cottage in the North End with light updates. Finally, a deal after 250 DOM, and $800K in cuts. Last asking $2.199M. Listed by John Corrales, Compass.

1658 Ruhland (2br/1ba, 819 sqft., 7458 sqft. lot) is a lot sale along Redondo Ave. that fell out of escrow at year-end 2022. It's back now. Last asking $1.900M. Listed by Aaron Klapper, eXp Realty of California, Inc. 

Manhattan Village

26 Santa Cruz Ct. (2br/2ba, 1474 sqft.) is a Plan 1 court home with a lot of remodeling. It was last at $1.474M when a buyer knocked. They're trying to beat the Plan 1 record of $1.385M set late last year at 4 Bermuda Ct. (2br/2ba, 1465 sqft.). 26 Santa Cruz is Listed by Steven Purves, HomeSmart, Evergreen Realty.

22 Malaga Place (2br/2ba, 1449 sqft.) is a popular single-level Plan 5, but very original. Asking $1.399M. Listed by Giovanni Mejia, First Team Real Estate.

That's not all for the second half of January... just the last couple of days.

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Here's the rest of our local real estate market update report for the period ending 1/31/23:

> 47 active listings as of 1/31/23 (+8 from 1/15/23) 

> 34 SFRs (+3)

> 13 THs (+5)

See the Inventory list as of 1/31/23 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 6 actives (flat)

> Sand Section: 23 actives (+6)

> Hill Section: 9 actives (+2)

> East MB: 9 (flat)

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 1/31/23".