While local real estate hit a weird patch in 2022, one thing that didn't change was the continuing rise of the Manhattan Beach median home price.
We see yet another median price record coming out of the year that was.
One year after the median exceeded $3.000M for the first time, now we're well over $3.100M at $3,137,000. That's the median price for all homes sold within calendar year 2022.
Just two years ago, at the end of 2020, the median was at $2.600M.
That puts MB up 21% over just two years.
The year-over-year increase is far more modest, just 3% over 2021.
Of course, a lot of people would be happy to take an annual 3% rise in median price.
We did look deeper into the data on a month-to-month basis. There's a little boomlet and bust-let (?) in Fall 2022, but it's not severe enough to chart separately. We did publish a post in October when the median was at $3.166M, so it did dip a little bit thereafter, just within the year.
Data show only one actual year-over-year dip in the local median price since 2009, which was from 2018-2019, a drop of 2%.
So, all's well in the local market, then?
Median prices do tend to lag some other indicators. As we have noted more than once, data showing that prices have come down in Manhattan Beach is still mostly anecdotal.
There's powerful evidence, but it's more about individual homes selling for less than expected, or less in the second half of the year than they clearly would have sold for in the first half.
We always say that we don't do predictions here (anymore!), but we'll just say it would not be terribly surprising if that median price trend line reverses modestly by year-end 2023.
We say this knowing that, 11 days into the year, none of the games have been played yet. The crowd has barely entered the stadium.
No matter what, 2023 seems sure to have a real show in store for us.
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 May 30th, 2023 at 9:31am 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.