MB Market Update for 12/31/16

By Dave Fratello | January 4th, 2017

With 2016 now fully in the rear-view mirror, we'll start taking a look at the notable data and trends from the year that was.

That starts here with our regular twice-monthly market update.

As we reached year end, inventory continued its expected seasonal drop, hitting a "low" of 70 on the last day of 2016.

That's 32% higher than the 53 active listings seen in Manhattan Beach at the end of 2015, and more than double the totals for 2013-14. (See our latest inventory analysis here: "MB Inventory by Area, 2013-16.")

Remember, though, the median price for MB was still rising when we looked at the end of Q3, despite a year-long rise in inventory over previous years. We'll run the numbers for all of 2016 soon. (See from October: "Would You Believe Prices Are Up?")

The last house to sell in 2016?

According to the MLS data we are using here, it's 216 28th – new construction in the Sand Section near Bruce's Beach, commanding a king's ransom (list: $7.495M).

Dave had some negotiations going on before and after the ball dropped in Times Square, with one new deal resulting off-market. More on that when we can discuss freely. 

1750 1st Street Manhattan Beach CAThe last actual closed sale of 2016 was a flipper remodel at 1750 1st St. (5br/3ba, 3130 sqft.).

They took a tired Tudor and turned it into something pretty nice. It took a couple of escrows and some price cuts, but it worked out in the end.

Acquisition: $1.750M.

Sale: $2.250M.

Flipper: Happy.

The last actual new listing to hit the MLS before year end was a corner-lot duplex at 316 32nd, which might sell for land value. The start price there is $2.995M.

That's just a first look at some of the data for the year.

Here's the rest of our local real estate market update report for the period ending 12/31/16:

  • 70 active listings as of 12/31/16 (-8 from 12/15/16)
  • 62 SFRs (-5)
  • 8 THs (-3)

See the inventory list as of 12/31/16 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 (-4)
  • Sand Section: 28 actives (+5)
  • Hill Section: 10 actives (same)
  • East MB: 16 actives (-7)

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 12/31/16."

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