Big Numbers on Early Sales - Manhattan Beach Market Update for 3/15/22

By Dave Fratello | March 18th, 2022

Here we are in Spring.

It must be Spring. It's a bit warm. They've made us change our clocks. Real estate buyers and sellers are active.

OK, so technically we've got a few more days before the season of Spring hits.

Maybe then the environment will improve just a bit after March 21st, 2022.

Inventory remains so tight, it is almost embarrassing to report. As of the 15th, when we took one of our twice-monthly snapshots of the market, only one part of town had double-digit active listings. Two areas had TWO listings. To wit:

> Tree Section: actives

> Sand Section: 19 actives

> Hill Section: actives

> East MB:

Things were only slightly better by Friday morning, with 9 in the Hills and 4 in the Trees. For now.

As noted in our writeup on the successes and failures of automated valuations, we're starting to see some closings come in to help define and shape the market for the year.

We look at some notable recent sales in our new 2-minute video update, and in the blog below.

747 33rd Street Manhattan Beach CA747 33rd (5br/5ba, 3800 sqft.) is a late-90s Spanish on a good block of the Tree Section.

It's also now the PPSF champ of the Tree Section for the past year, Martyrs area excepted.

That means no home has sold for 365 days with a higher price per square foot, except in the most elite and pricey part of the Trees.

The sold price of $4.850M was the asking price, and it's a biggie.

PPSF neared $1,300 at $1,276/PSF.

This is a 1998 build that had recently been remodeled nicely. It was apparently photographed with a mobile phone, not exactly the gold standard for marketing a top-tier property. But the home spoke for itself and grabbed someone's attention.

Now all the neighbors are thinking their homes are worth $500K more this week than they did last week.

Welcome to 2022.

532 4th Street Manhattan Beach CA532 4th (2br/2ba, 1816 sqft.) was portrayed as, and apparently sold as, a land-value proposition.

List was $2.995M and the sale was close at $2.930M.

Here on this block of the South End, 4th St. is not a walkstreet, but that was a price almost suggestive of walkstreet values.

Just 17 months prior, our Edge office represented the buyers of a fully built and upgraded home next door at 536 4th, with 4 bedrooms and over 3000 sqft., with a sale price of $3.250M.

Our clients (hi, guys!) are surely tickled that they got a big house for about $300K more than land value, or that their house is now worth $4.5M, but this is a heck of a real-world way to see how the market's recent, rapid inflation can manifest on one specific block, in one specific location.

Welcome to 2022.

1161 8th St Manhattan Beach CA1161 8th (4br/4ba, 3005 sqft.) is a corner lot East Manhattan house, built in the late 80s but upgraded.

People go East for the big lots, but not here. The lot doesn't even hit 4000 sqft. It's just 3981. And right in front, where the only "yard" is, there is a fairly busy section of a fairly busy street, 8th St., because there's a light at Sepulveda just a block away.

Aware of the home's shortcomings that go along with its significant charms - and surprisingly effective floorplan - they priced this one attractively at $2.595M.

But buyers had almost nothing else to look at, or move into, and the competition got fierce. This home sold $405K higher than asking at $3.000M.

Welcome to 2022.

Here's the rest of our local real estate market update report for the period ending 3/15/22:

> 29 active listings as of 3/15/22 (+1 from 2/28/22) 

> 23 SFRs (-2)

THs (+3)

See the Inventory list as of 3/15/22 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: actives (-2)

> Sand Section: 19 actives (+2)

> Hill Section: actives (+2)

> East MB: (-1)

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 3/15/22".

Please see our blog disclaimer.

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