In a sign of a calmer market overall, the median price for Manhattan Beach homes rose 2% to a record-high $2,400,000 in 2018.
The jump, by $51K, in the median price is greater than the increase from 2015-2016, which was just under 1% ($2.060M to $2.075M).
But 2% doesn't hold a candle to 2017's extraordinary…
In a sign of a calmer market overall, the median price for Manhattan Beach homes rose 2% to a record-high $2,400,000 in 2018.
The jump, by $51K, in the median price is greater than the increase from 2015-2016, which was just under 1% ($2.060M to $2.075M).
But 2% doesn't hold a candle to 2017's extraordinary rise of 13% year-over-year. (We called it "a head-snapping jump" in this discussion of the 2017 median price [Jan. 2018].)
You could say that 2018 built on the foundation set by 2017 sales.
As if to underscore that $2.400M really was the median price, there were 7 homes sold at that price, and 3 more within $15K. (Pictured is one of those $2.400M sales, 1713 Pacific in the Tree Section.)
This means that 2018 was the 4th year in a row that Manhattan Beach's median price was $2.000M or higher.
We checked in from time to time throughout 2018, and the MB median price was rising oh-so-steadily all year. For instance, we checked in at the end of Q3, and the median was $2.395M. (See our post from then: "Median Prices Through Q3: Up, Again.")
Remember, the median price is the price level at which half the homes sold for less, and half sold for more. (We don't use average prices for a market as diverse as MB.)
As one point of comparison, we looked at all three South Bay beach cities together: Manhattan Beach, Hermosa and Redondo.
The median price for all of the beach cities combined rose 5.5% in 2018, but only 7% in 2017. This is a way of saying that Manhattan Beach rose much faster in the prior year (2017) than the group of beach cities, while in the most recent year (2018), MB didn't rise as fast as all the beach cities.
The comparison, though, is really to the hot Redondo Beach market, which makes up more than half the sales in the three beach cities.
What's ahead for 2019?
Well, the last time the price trend flattened, everyone assumed the rally was over. Wrong.
Now, after a slow Q4 to 2018, you have some blogging brokers saying things like, "We would not be going out on a limb here to suggest that the market is ready to shift."
Time to see what the market actually does.
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.
Based on information from California Regional Multiple Listing Service, Inc. as of September 13th, 2024 at 5:55pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
