Median Price to the Moon - Manhattan Beach Market Update for 6/30/21

By Dave Fratello | July 7th, 2021

Forget about that record median price from year-end 2020.

That is, like, so six months ago.

There's a new record-high median price for Manhattan Beach homes: $2,800,000.

This new median price is calculated from the past full year's worth of data, July 1, 2020-June 30, 2021.

This is a period that is already well-recognized as incredibly busy, and where all ideas of where prices could go have been blown away.

This new median is exactly double the median price from year-end 2010, $1.400M.

However, from this point, there is no higher place to go. Haha. We'll see.

Inventory locally remains tight, mortgage rates remain low, the broader economy is humming and pandemic restrictions are largely being pulled back. None of these factors is guaranteed to last, of course, but right now there are no obvious indicators that price trends will change.

In other words, look out above.

Among the notable sales in the latter half of June, there was one that triggered a trip down memory lane. Specifically, 13th Street.

728 13th Street Manhattan Beach CA728 13th (3br/2ba, 1912 sqft.) is a 1959 south Martyrs area classic, a lightly upgraded, heavily carpeted time capsule. (More photos via MLS here. Jalousie windows!)

It is sandwiched between two properties that have sold in the last few years, each of which faced some challenges.

But not this one! Not this time! Not in 2021.

728 13th came out at $2.100M, which looks positively conservative at this point.

It logged 4 official days on market and just closed for $2.400M (+$300K / +14%).

Contrast that with the neighbor to the west, 724 13th, now slightly visible to the right in that photo above as a new construction house.  When the 1961 original home (pictured) hit the market in Nov. 2017 at $2.499M, that was obviously high and out of line, and it eventually sold the next year for much less: $2.115M (-$384K / -15%). It was land value and even that $2.1-ish price seemed high at the time.

(True story, one of our agents visited the broker's open at 724 13th in 2017 and was asked about the list price, what did we think? "We think it's high, could be 15% too high," the agent said, offering a bit of unfiltered honesty that isn't typical at broker's opens. But, y'see?)

With the challenges faced by 724, when 732 13th came to market in April 2018, they played it safe. They asked just $2.000M for a comparably original home. Still, that took a couple of months and the sale closed lower: $1.875M.

A majorly remodeled version of 732 13th (pictured) came back to market in early 2019, and that listing, too, struggled. (Actually, two separate listings by two separate agents tolled 311 combined DOM.)

The nicely redone place settled for $2.150M a long, long time ago: February 2020.

Oh, hey, that wasn't really so long ago.

So, to recap:

724 13th: $2.115M (Feb. 2018) [original condition]

732 13th: $1.875M (July 2018) [original]

732 13th: $2.150M (Feb. 2020) [remodeled]

728 13th: $2.400M (June 2021) [original]

When we talk about the median price moving up rapidly, it also translates to specific properties increasing in value rapidly.

Here's the rest of our local real estate market update report for the period ending 6/30/21:

> 67 active listings as of 6/30/21 (+4 from 6/15/21) 

> 51 SFRs (+8)

> 16 THs (-4)

See the Inventory list as of 6/30/21 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 (+3)

> Sand Section: 31 actives (-1)

> Hill Section: actives (+1)

> East MB: 14 (+1)

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 6/30/21".

Please see our blog disclaimer.

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