Still Cramped for Inventory - Manhattan Beach Market Update for 9/15/22

By Dave Fratello | September 21st, 2022

People keep trying to write a story about a slowing housing market, reluctant buyers, eventual price softening - that whole package.

But data continue to be slow to accrue to make the case convincingly. (Oh, there are some concerning data points.)

One reason the story isn't clear is, as frequently mentioned, limited inventory.

And so it was again as of our latest data report for Manhattan Beach.

Mid-September's total of 61 active listings was up by 8 from last year at the same time, but it's otherwise pretty meek by comparison to recent years.

Really. Four of the years before '21 had inventory greater than 100 listings on the market at this time.

Three of those years were at least double today's total.

You can't get a lot of negative price pressure market-wide while buyers are so sharply limited in their options.

Did we say "negative price pressure?"

Out of the 12 closings in Manhattan Beach from Sept. 1-15, eight were at or over asking price. We mentioned several in "These Aren't 'Slowdown' Sales."

Here are a couple we hadn't mentioned:

1351 17th Street Manhattan Beach CA1351 17th (4br/4ba, 3122 sqft.), an early-90s corner-lot Spanish.

This one is fairly near to Meadows elementary. It was freshly painted and lightly staged. Most of its yard space appears to be a grassy area in front; with a modest backyard that reminds one of the Tree Section.

Asking $3.000M, this one got just enough action in 10 days to get bid up to $3.100M.

Or look over to Marine.

At 1340 Marine (3br/3ba, 2053 sqft.), they gave some polish to a single-level, fairly open house with some surprising treetop views to the east.

There's no missing that it's on Marine, which carries heavy traffic most of the day.

So they priced it at $1.999M, keeping it in the territory of "under $2 million," where East Manhattan has been busiest this year.

The result: a quick sale at $2.100M.

1404 Manhattan Avenue Manhattan Beach CA1404 Manhattan Ave., meantime, offers a well-positioned lot with a highly valuable upslope.

The lot is just under 3000 sqft., right in the middle of downtown.

The topography is the bonus.

The rear portion of the 100' deep lot rises as much as 18', we understand, from the front part.

Assume that's true, and with the way the city averages out the four corners of a lot to calculate allowable heights, you might have a building rising nearly 40' from Manhattan Ave. Just walk around the area, you'll see properties that appear extraordinarily tall. 

The sale appears to have gone to a developer, so we'll see how they can max it out.

List: $4.999M.

Sale: $5.150M.


Here's the rest of our local real estate market update report for the period ending 9/15/22:

> 61 active listings as of 9/15/22 (+1 from 8/31/22) 

> 52 SFRs (flat)

> THs (+1)

See the Inventory list as of 9/15/22 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: actives (-1)

> Sand Section: 24 actives (-1)

> Hill Section: 16 actives (flat)

> East MB: 13 (+3)

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 9/15/22".

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