It seems like East Manhattan was "carrying" the real estate market this Spring, as Summer approached.
Between April 1-June 15, most sales in the city occurred east of Sepulveda.
The difference isn't great: 34 sales on the east side, compared with 31 sales west of the highway.
But it's quite unusual, because East Manhattan sales typically are less than 40% of all sales in the city. For example, just compare this recent 10-week period to the full year ending June 15, 2023:
The data for the full year show 39% of Manhattan Beach home sales occurring east of Sepulveda.
Here are two additional sample years for comparison:
Notice how orange (for East MB) usually is not the majority of the chart.
The monster sales year of 2021 (first graph) not only had the greatest number of sales, but the proportion of sales west of Sepulveda was even greater than we find in other sample years. Fully 69% of sales were west, while just 31% occurred east of the highway.
Meantime, the year 2017 saw 36% of sales occur east of Sepulveda.
In this very limited period, subject of our main market update, June 1-15, there were 9 out of 15 sales in Manhattan Beach that occurred east of Sepulveda.
Of course, what this data really underscores is the fact that inventory west of Sepulveda has been even more pinched this year than or the city as a whole. It's just harder to find, and close on, a house in the Hill, Tree or Sand Sections.
Let's give the east side some props by sharing some details on each sale from this period.
Manhattan Beach Sales June 1-15, East of Sepulveda
205 Aviation Place (3br/3ba, 1747 sqft.) is the latest sale in the "Manhattan Pointe" complex.
When they first launched in May, we commented that the asking price of $1.275M "almost look[ed] cautious," given that the two most recent sales in the complex had been higher, at $1.300M and $1.380M.
The "cautious" start still netted multiple offers and a quick sale over asking, at $1.320M. It's now the second-highest sale in the complex of nearly uniform homes.
Two other East MB sales that went over asking were a condo at 1456 MB Blvd. D ($1.270M) and a unique townhouse that "felt like" an SFR at 1201 11th St. A ($1.565M).
The $2M-and-under category saw a few more sales.
1256 2nd (4br/3ba, 2352 sqft.) is a late 1950s house, in very original condition, on a corner lot, at the busy intersection of 2nd and Meadows.
Were condition or location a deterrent? Neither was.
The listing logged only 9 DOM and sold 14 days after accepting an offer. The price: $2.000M (-$125K).
A different listing that had a much, much tougher time on the market was 1500 Voorhees (4br/2ba, 1744 sqft.). It logged 269 DOM across two listings, but now has finally closed for $1.732M (-$67K from the most recent price, and -$96K from the first listing).
And a lot sale at 1658 Ruhland (7500 sqft. lot) closed for $1.675M, quite low for an East MB lot, but a figure perhaps attributable to location along Redondo Ave. Oddly, the property went into escrow in January, and only just now closed.
Among larger sales, a resale of a nice 2016 build at 1416 18th (5br/5ba, 3701 sqft.) closed for $4.425M.
A midsized 1980s house with a garage tucked in back at 1324 19th (4br/3ba, 2380 sqft.) sought $2.699M and got $2.599M.
And lastly, 23 Village Circle (4br/4ba, 3184 sqft.), an "estate home" (SFR) in Manhattan Village, came in at $3.000M.
We discussed that sale in some detail in "How One Village Sale Slammed Another," recounting how an earlier deal on this one seemed to collapse when a similar home sold for $3.000M in late March.
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Here's the rest of our local real estate market update report for the period ending 6/15/23:
> 55 active listings as of 6/15/23 (-2 from 5/31/23)
> 44 SFRs (-3)
> 11 THs (flat)
See the Inventory list as of 6/15/23 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 10 actives (-4)
> Sand Section: 21 actives (-3)
> Hill Section: 11 actives (flat)
> East MB: 13 actives (+5)
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 6/15/23
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.
