Manhattan Beach Market Update for 5/31/20

By Dave Fratello | June 3rd, 2020

Maybe East Manhattan is going to lead us out of the woods.

We have just finished the first "normal" 2-week period in local real estate in a while, with an average or above-average number of new escrows. Most of the new deals were in East Manhattan Beach.

With 21 new deals inked between May 16-31, the market was as busy or busier than comparable periods in 4 of the prior 5 years. (See our chart.)

It's a promising sign that buyers are back, exactly as sellers had been betting by bringing properties to market in large numbers.

Of the 21 new deals, 13 were in East Manhattan, with just 4 each in the Trees and Sand. (No sales in the Hill Section this time.)

A bounceback in buyer demand comes at a welcome time. There's more to buy.

Inventory jumped up again to 127 listings, rising 19 from mid-May. We were at about the same level, 129 active listings, at the end of May 2019.

That 127 figure means inventory was up by 38 listings from May 1 to June 1. At this moment, only 14 listings are still in a "hold" status, accounting for about 10% of total inventory, a recent low.

We will take a separate look at both the sales pace and inventory in another post this week.

Let's take a quick look at the listings that have found deals recently in East Manhattan (email subscribers will need to view this post in a browser):

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
1631 19th Street 5/4 3563 4983 $2,999,000 $842 31 $2,999,000 04/30/20
1712 Gates Avenue 4/3 2736 7499 $1,985,000 $726 9 $1,985,000 05/14/20
1131 8th Street 5/6 4388 8002 $3,750,000 $855 72 $3,475,000 09/13/19
1140 Manhattan Beach Boulevard E 2/3 1197 9562 $849,000 $709 6 $849,000 05/22/20
1437 6th Street 4/4 3204 7506 $2,599,000 $811 9 $2,599,000 05/22/20
424 S Meadows Avenue 3/2 1529 6164 $1,699,000 $1,111 69 $1,799,000 02/25/20
1151 Lynngrove Drive 5/3 2543 5677 $2,000,000 $786 22 $2,000,000 05/09/20
1157 6th Street 5/4 4292 7502 $3,375,000 $786 12 $3,375,000 05/19/20
1525 Artesia Boulevard B 3/3 1422 13465 $969,000 $681 24 $969,000 04/18/20
1200 Magnolia Avenue 2/2 1271 4899 $1,499,000 $1,179 18 $1,499,000 05/13/20
1520 Manhattan Beach Boulevard B 2/2 1095 9894 $799,000 $730 58 $850,000 04/03/20
1550 5th Street 5/6 5964 7505 $3,899,000 $654 36 $3,899,000 04/25/20
8 Fairway Drive 2/2 1449 3415 $1,495,000 $1,032 16 $1,495,000 05/13/20

(Click any address to see full details.)

Now break those down a bit:

> 3 under $1M

> 5 from $1.0M to $2.0M

> 5 over $2M

A few of those that seem notable:

1550 5th Street Manhattan Beach CA1550 5th (5br/6ba, 5965 sqft.) is the biggest of the crop, in size and price.

It's a 2012 custom build with big everything, including basement and a sizable yard.

The midblock location is on a quiet, flat stretch that's convenient to the local elementary and high school.

Asking $3.899M, it found a buyer in less than 3 weeks.

1712 Gates Avenue Manhattan Beach CA1712 Gates (4br/3ba, 2735 sqft.) is more of a midsized home toward the outer edges of town.

Officially sporting a 1980 build date, it has the look of homes in the area that are typically from the 1960s, but in this case with an upstairs master that's not common in the original, one-level homes.

Asking $1.985M on May 14, it had a deal by May 30.

1157 6th Street Manhattan Beach CAAnd someone must have been thinking ahead to Summer when they got a look at 1157 6th (5br/4ba, 4300 sqft.).

It's a late-90s Mediterranean with a glamorous pool and outdoor living spaces. It would be a terrific place to "stay at home" at almost any time of year.

Inside, it's dressed up super formally, with custom paint, heavy furniture, luxurious draperies – all the kinds of things you would typically see reduced and simplified with neutral, "coastal" appointments in a lot of Manhattan Beach listings.

No problem, though. Listed at $3.375M, this one drew an offer within a week.

Here's the rest of our local real estate market update report for the period ending 5/31/20:

> 127 active listings as of 5/31/20 (+19 from 5/15/20) 

> 99 SFRs (+17)

> 28 THs (+2)

See the Inventory list as of 5/31/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 30 actives (+4)

> Sand Section: 59 actives (+10)

> Hill Section: 10 actives (+3)

> East MB: 28 (+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 5/31/20".

Please see our blog disclaimer.

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