Sellers More Likely to Get Their Prices – Manhattan Beach Market Update for 7/15/23

How are Manhattan Beach home sellers faring these days? 

Recently, they've been slightly more likely to get asking price, or above, on a publicly listed property.

This is a reversal of a trend from early 2023, and a notable improvement over the 2nd half of 2022.

Just take note of the red portion in the charts above. There's less red among the Q2 sales. 

Less red means buyers are not as frequently in position to drive down prices, while more over-asking sales (dark green) is suggestive of more competition.

All of that comports with what we've been seeing in the market since April. (See "Where Did All the Multiple Offers Come From?") 

Here's the contrast with the second half of 2022.

The share of closed sales under asking price was a bit more than half, hence the red nudging over to the happy green space.

(If we were to combine Q1 & Q2 from this year, the red would be about the same.)

All of this data is really just showing the Springtime recovery in the market, in particular the end of broader declining-price trends.

It's early in July to be drawing conclusions. However, out of 13 publicly marketed sales through July 19, 9 were under asking, and just 4 were over asking. (Only one closed sale shows at the asking price, an off-market sale of new construction.)

Here are a few notable sales for our market update period (July 1-15). (Please note, sales come from the market as a whole via the MLS, and are not necessarily involving Edge Real Estate Agency or Dave Fratello, author of this blog.)

1500 Faymont (3br/3ba, 1835 sqft.) was a sensation, one of the prettiest homes to hit the market in all of 2023.

The Liberty Village original was gutted, opened up and added onto with a clear architectural plan. They did just about everything right, making the most out of 1800 sqft. with a modern, open floorplan, disappearing doors to a nice backyard, and a great sense of style across the board.

Poll question: Would it all have been just as cute without the dormer/skylight on top? 78% say "no."

1500 Faymont launched at $2.250M, like they were trying to be fair, but the bidding went up, up, up, closing $325K higher at $2.575M. Special properties will get that kind of action.

In the same period, little fixer/project 1305 Faymont (2br/1ba, 884 sqft.) sold for $1.425M.

Several other land-value sales closed here in early July:

3108 Elm (4480 sqft. lot) at $1.700M (+$35K) (pictured)

2500 Pine (4480 sqft. lot) at $1.911M (-$88K)

932 10th (7505 sqft. lot) at $2.715M (+$15K)

1637 Nelson (7500 sqft. lot) at $1.825M (-$375K)

Then there were the in-betweeners and fixers:

527 24th (4br/2ba, 2106 sqft., 4050 sqft. lot) at $3.075M (-$214K)

1150 23rd (3br/2ba, 984 sqft., 6000 sqft. lot) at $1.780M (+$130K)

1208 23rd (3br/3ba, 2157 sqft.) at $1.900M (-$100K)

And finally, new construction:

2809 Oak (5br/6ba, 3130 sqft.) at $4.300M (-$340K)

1002 10th (5br/6ba, 6076 sqft.) at $8.000M (pre-completion/pre-market)

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Here's the rest of our local real estate market update report for the period ending 7/15/23:

> 57 active listings as of 7/15/23 (flat from 6/30/23) 

> 49 SFRs (+4)

> 8 THs (-4)

See the Inventory list as of 7/15/23 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 15 actives (+3)

> Sand Section: 18 actives (-4)

> Hill Section: 12 actives (+2)

> East MB: 12 actives (-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 4/30/23".