Sand is Hot - Manhattan Beach Market Update for 5/15/22

By Dave Fratello | May 18th, 2022

232 16th Street Manhattan Beach CAMuch of the year, about half or more of the active inventory has been in the Sand Section.

Funny, because that's not where half the houses are.

But it is where there are more offerings, and more trades.

In the first part of May, there were 11 sales closed in the Sand Section.

From our spreadsheets:

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
204 19th Street 5/5 4260 2709 $8,000,000 $1,878 12 $8,200,000 05/12/22
2612 Alma Avenue 3/2 1233 1670 $2,600,000 $2,109 106 $2,999,990 05/11/22
3316 Alma Avenue 5/4 2400 3500 $3,750,000 $1,563 28 $3,799,000 05/11/22
4314 The Strand 3/4 2649 3506 $5,175,000 $1,954 12 $5,275,000 05/11/22
1504 Highland Avenue 3/3 1675 1501 $2,625,000 $1,567 13 $2,599,000 05/10/22
204 38th Street 3/2 1041 1354 $2,200,000 $2,113 19 $2,199,000 05/06/22
442 23rd Place 4/4 2019 2723 $2,850,000 $1,412 6 $2,799,000 05/06/22
3512 Manhattan Avenue 2/2 1175 1747 $3,200,000 $2,723 7 $2,850,000 05/06/22
2220 The Strand 3/3 1552 3498 $4,700,000 $3,028 21 $5,500,000 05/05/22
522 Rosecrans Avenue 3/2 1092 3006 $1,525,000 $1,397 257 $1,699,000 05/03/22
232 16th Street 6/5 4400 2694 $7,495,000 $1,703 14 $7,495,000 05/03/22

There you see the top part of the range, almost $7.5M and $8.0M for two walkstreet homes, and a series in the $2.2M-$5M range.

(Pictured above is 232 16th, a major remodel at the top of the 16th walkstreet at Highland that has been on and off the market over the years, often leasing out (at a princely sum) instead of selling. But this time, they got asking price: $7.495M.

During the same period, first half of May, only 2 sales closed in the Tree Section and Hill Section, with 4 closing in East Manhattan.

With a diminutive 36 active listings as of May 15, more than half (19) were in the Sand.

This is not to say that homes elsewhere aren't selling. They are! There just aren't as many to choose from.

1901 Lynngrove Drive Manhattan Beach CAEdge had an East Manhattan listing at 1901 Lynngrove (5br/4ba, 3269 sqft.) that both listed and went into escrow within the span of a few days in early May. 

We had put about 2 weeks into repair and prep before marketing, ran 5 days on market and had 3 strong offers over the asking price of $3.599M.

At roughly the same price point during this period, you saw new construction at 3002 Laurel go into escrow (asking $4.295M) along with a 2001-built cutie at 2913 Poinsettia (asking $3.750M).

We won't tell any tales out of school, but don't be surprised if all of these close notably over asking. The market has been very hungry for inventory.

Here's the rest of our local real estate market update report for the period ending 5/15/22:

> 36 active listings as of 5/15/22 (+2 from 4/30/22) 

> 26 SFRs (flat)

> 10 THs (+2)

See the Inventory list as of 5/15/22 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 (flat)

> Sand Section: 19 actives (+2)

> Hill Section: actives (flat)

> East MB: (-2)

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 5/15/22".

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