Manhattan Beach Market Update for 9/15/21

By Dave Fratello | September 17th, 2021

Inventory is not blooming, exactly, despite our hopes and even promises. (Sorry!)

We're stuck at 53 as of 9/15, whereas the last two years, it was at 126 listings at this point. (Now that's freedom of choice.)

The Edge team is doing our part. We added 425 23rd Place, a smashing modern near Grand View, last week. But maybe this is going to be the way the Fall season goes locally, still strapped for listings. (Hey, we're open this weekend, Sat. & Sun. Come on by!)

In our updates we like to examine recent sales. Here are a few notable ones from the period:

605 29th Street Manhattan Beach CA605 29th (5br/6ba, 5000 sqft.)

This is a newer (2017) build in a super prime location near the Sand Dune.

With a basement, it's far over typical home sizes for the area.

And more than $1,000/PSF, with a sale at $5.500M.

Do you call this "over asking?"

The list price was $5,499,999. Yes, they included all the nines. So the sale price was $1.00 over asking (or 0.85 in Euros).

600 26th Street Manhattan Beach CADuring the same period, you got a picture of what the land value might be in the same area. A corner-lot cottage at 600 26th closed for $1.975M.

Seem a little low?

Seller probably thought so, too.

They started at $2.150M in July.

Maybe don't list in July?

Meantime there was an impressive number up in the northiest of the North End.

3612 Alma Avenue Manhattan Beach CAAt 3612 Alma (4br/4ba, 2510 sqft.), you had a 2006 Tuscan townhome just 3 doors up from Rosecrans, with some ocean views and the promise of salt air, not to mention the occasional breeze wafting tempting smells from the local taco shop. 

They listed at the "right" time of year, mid-March, at $2.795M, but hung around till late June, when they accepted an offer. Alas, it didn't work, and the listing was re-booted with a fresh new MLS number in late July. (And a modest price cut to $2.750M.)

Then along came a new buyer in early August. (August?)

It's done now at $2.675M.

As noted, that's a healthy number, but it's also the lowest PPSF among all Sand Section townhome sales of 2021 at $1,066/PSF.

By way of comparison, our nearby Edge listing at 320 33rd Place (3br/4ba, 1870 sqft.) sold for $2.480M in July, which equates to $1,326/PSF. That's almost exactly the median for Sand Section townhomes so far this year.

1400 17th Street Manhattan Beach CAOver in East Manhattan, an interesting sale was new construction at 1400 17th (5br/5ba, 3275 sqft.), which pre-sold for $3.500M.

(That is to say, they had it all but ready for market, but made the deal with someone before pushing it out to the MLS.)

That's a custom build across from the playing fields at Meadows elementary and at a street that leads over to the preschool.

Here's the rest of our local real estate market update report for the period ending 9/15/21:

> 53 active listings as of 9/15/21 (+3 from 8/31/21) 

> 36 SFRs (+5)

> 17 THs ( -2)

See the Inventory list as of 9/15/21 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 16 actives (+2)

> Sand Section: 30 actives (+3)

> Hill Section: actives (-2)

> East MB: (flat)

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 9/15/21".

Please see our blog disclaimer.

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