MB Market Update for 1/15/17

By Dave Fratello | January 17th, 2017

We begin the year with a modest 10 more active listings on the market in Manhattan Beach than we saw last year at this time.

It's more, but not drastically so at this time.

We also wondered... how many listings showing up recently are retreads of last year's listings, just coming back? And here at the mid-month point, the answer is: Not many (yet).

Of the last 20 listings to hit the market, 14 are truly new. (Some actually came out in December.)

There will be canceled/withdrawn listings from 2016 coming back by February or so. Last year, inventory sloped upward constantly till mid-April. We'll watch this trend with graphs and charts as it takes shape.

Let's look at some early-2017 sales from our first spreadsheets of this new year.

716 The Strand Manhattan Beach CAThe sale of 716 The Strand for "only" $9.300M poses an interesting question: Anomaly or harbinger?

That is, was that one isolated sale that happened to be at one of the lowest prices on The Strand in a long time, but no big deal? Where did the other $3-$5 million go that was supposed to be baked into that sale price? We'll come back to this question.

(Side note: When a kid, perhaps studying for the spelling bee, pronounces the last part of "harbinger" like "burger," instead of like "ginger," it's a bit cute. When an adult does so, one loses all trust immediately.)

Also in the South End of the Sand Section, two flat family walkstreet lots sold: 405 5th at $3.300M (low?) and 316 5th at $3.800M, the only obvious difference explaining the $500K gap (15%) being the end-of-block corner location of 316. 

1400 21st Street Manhattan Beach CAEven while the market readies for a new surge of quality East MB new construction, one holdover from last year is now a closed sale: 1400 21st (5br/5ba, 4550 sqft.) at $3.225M.

This large and pleasant home did have a long (and perhaps not always pleasant) run on market, spanning 2 listings and 6+ months. The final sale price is 8% off the start from last Summer.

This one comes in higher than nearby new Mediterranean 1321 21st (5br/6ba, 5060 sqft., $3.125M), but quite a bit lower than a graceful new home on an equivalent corner nearby at 1400 23rd (6br/6ba, 4800 sqft., $3.700M), the latter of which became the highest-priced East MB new construction ever (typical lot) when it sold in September last year. (See "New High for East MB New Construx.")

505 14th Street Manhattan Beach CAIn the Trees, the latest sale is the downtown/Martyrs-adjacent new construx at 505 14th (6br/6ba, 3850 sqft.), which began at $4.8M last year and has now closed for $3.693M. We'd been hearing that would sell for $3.700M for a while; someone finally took them up on it.

An artistic, custom Spanish on Blanche at 3500 Blanche closed for a very strong $2.595M.

The Tree Section lot sale at 1820 Pine that just closed for less than the asking price of $1.399M (!!!) at $1.332M is such an outlier, we need more data to understand that one.

Then again, if something more drastic just happened on The Strand, why not on Pine? 

Here's the rest of our local real estate market update report for the period ending 1/15/17:

  • 72 active listings as of 1/15/17 (+2 from 1/1/17)
  • 62 SFRs (same)
  • 10 THs (+2)

See the inventory list as of 1/15/17 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 18 actives (same)
  • Sand Section: 24 actives (-4)
  • Hill Section: 10 actives (same)
  • East MB: 16 actives (+4)

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 1/15/17."

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