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Sales Continue Rebound - Manhattan Beach Market Update for 5/15/24

After a year that slipped 36% below typical sales totals in Manhattan Beach, this year is off to a substantially better start.

The total number of sales closing from Jan. 1-May 15 was 93, a fairly dramatic 24% increase above last year's totals at this time.

We have said it before: This year can only be better than last year in terms of overall sales. The year 2023 was so anemic for sales that it fell 20% behind financial-crash-year 2008's totals, and 29% behind the total sold in 2009, a pretty yucky year with a busy second half. (See our roundup of the main stats for 2023 in: "Numbers Tell the Tale of 2023.")

While the trend is in the right direction, the sales pace for Manhattan Beach is not exactly en fuego.

March and April new contracts/new escrows in Manhattan Beach were nearly identical to 2023 data, and the first half of May was actually slower.

The past few weeks have seen inventory rocket upwards, giving buyers more options. But interest rates have not dropped like buyers had hoped to see, and some may still be waiting for what feel like better conditions overall.

What is selling is often at higher price points. 

For instance, out of 13 pending escrows in our 5/15 market update spreadsheet, 10 were priced at or over $4M, with 7 over $5M.

2104 Laurel Avenue, Manhattan Beach, Tree Section new construction at 2104 Laurel (5br/6ba, 4863 sqft.) went under contract in about a month, while asking a chart-topping $8.499M for a home on a standard-sized, Martyrs-adjacent lot. It just closed for $8.100M.

(2104 Laurel is listed by Nicholas Schneider, Compass.)

And of course we've already discussed the record-shattering Liberty Village sale at 2104 Lynngrove at $4.195M. (See "New-Home Landmark Prices in Liberty Village and Tree Section.")

It's an interesting year with cross-cutting trends. We're going to have to play every inning to see where it goes.

 

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Here's the rest of our local real estate market update report for the period ending 5/15/24:

> 83 active listings as of 5/15/24 (+17 from 4/30/24) 

> 61 SFRs (+14)

> 22 THs (+3)

See the Inventory list as of 5/15/24 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 14 actives (+4)

> Sand Section: 42 actives (+4)

> Hill Section: actives (+2)

> East MB: 19 actives (+7)

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 5/15/24".


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.

Based on information from California Regional Multiple Listing Service, Inc. as of June 17th, 2024 at 3:26pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.