Spring Keeps Flowering - Manhattan Beach Market Update for 4/15/23

The Spring season continues to heat up around MB.

Sellers these days can generally expect to get a property into escrow within a month, and often within about 2 weeks.

Almost half of the 27 properties currently in escrow, which saw a purchase contract signed in 2023, are priced at $4.000M or above (13), with 7 more in the $2.0-$3.0M range and the final 7 under $2M.

In just the 2-week period subject to our market update spreadsheets, April 1-15, there were 13 homes in Manhattan Beach that went into escrow, with combined asking prices of $41.7M.

That's healthy activity, if not quite high volume for our fair city.

But then, sales volume is limited by inventory, and we'll just need to get used to saying that.

With less than 4 dozen homes (45) sitting on the market in mid-April, increasing numbers of buyers are chasing an unusually small set of options.

At this time of year in 2021, for example, there were 80 homes on market. In 2019, 119 homes.

On the plus side, this year's 45 listings at mid-April is a whopping 50% increase from the 30 homes on offer in 2022. (This is meant a bit as a joke; inventory is low by every measure except by comparison to 2022.)

Here's a quick look at a few homes that made deals in the first part of April.

Shovel Ready Building Projects

746 29th (asking $2.799M) and 1642 Curtis (asking $2.295M).

Both of these lot sales were put on market after past buyers had gone to the trouble of acquiring the lots and getting plans to build a new house.

Alas, something changed in each case, and the owners decided to offer their projects back to market, unbuilt.

For a buyer who wants "new," the projects would be appealing because you don't have to pay a builder's premium, plus you can save several months in the process of designing your new home. (Assuming you basically like what the sellers had conceived for themselves.)

746 29th is listed by Vincenzo Altamura of S C Real Estate, while 1642 Curtis is listed by Aunish Singh, Aunish Singh, Broker.

A Big Lot Sale

931 1st is a 9500+ sqft. lot in the southern part of the Hill Section.

The area is benefiting from the final steps of removing utility poles, which had been egregious along 1st Street for some reason.

Asking price was $6.200M this year. Last year, it had been offered for around 6 months at $7.300M down to $6.500M.

931 1st is listed by David Caskey of eXp Realty of California Inc.

Tree Section New Construction

People always want the new houses in the Trees, right?

With 901 28th (6br/8ba, 6848 sqft.), it was yes, but.

This one didn't go quickly. In fact, it took a year plus a week to get a buyer signature on a purchase contract.

Launched at $6.249M around this time last year, it had been cut to $5.999M and sat for a while after. The obvious comment is that location fronting Ardmore proved challenging, perhaps more so than the developer imagined. But the super-sized home (including vast basement room) was always going to have a chance with the right buyer.

901 28th is listed by Robert Lane, Vista Sotheby’s International Realty.

Under $2.5M

A Hill Section mid-century remodel at 1007 N Dianthus was asking $2.499M and got quick action.

An upgradeable, single-level home in East Manhattan, on a full-sized 7500 sqft. lot, at 1417 3rd similarly had a deal in less than 2 weeks, asking $2.299M.

1007 N. Dianthus is listed by David Caskey of eXp Realty of California Inc., and 1417 3rd is listed by John Corrales, Compass.

The Rest

The balance of new deals during this period were a couple in the Sand Section between $4.500M-$5.000M, two East Manhattan condos under $1.5M, and an East MB SFR along MB Blvd. asking $1.380M.

Oh and don't forget 1833 8th, the "Fun Palace" discussed at the start of our recent post, "East MB Activity Insights from Early '23." They were asking $3.888M, which did turn out to be quite lucky.

1833 8th Street is listed by Christopher Plank of Pacifica Properties Group, Inc.

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Here's the rest of our local real estate market update report for the period ending 4/15/23:

> 45 active listings as of 4/15/23 (-12 from 3/31/23) 

> 37 SFRs (-5)

> 8 THs (-7)

See the Inventory list as of 4/15/23 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 6 actives (+1)

> Sand Section: 21 actives (-8)

> Hill Section: 8 actives (-1)

> East MB: 10 (-4)

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 4/15/23".