MB Market Update: 3/1/14

By Dave Fratello | March 3rd, 2014

It's time for one of our twice-monthly updates on the Manhattan Beach real estate market.

We do two updates a month, at mid-month and end of month. Data for these reports closed 3/1/14.

In the last couple of weeks, we got some rain, but lost some inventory. (Here's our before/after pic of Polliwog Park, which floods by design when we get measurable rain.)

Here's the quick overview on active inventory (click here for the list):

  • 33 active listings as of 3/1/14 (-10 from 2/15/14)
  • 30 SFRs (-8)
  • 3 THs (+2)

Minus 10. Yikes, that hurts. So much for the flowering of inventory for Spring.

See the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 11 actives (-1 from 2/15/14)
  • Sand Section: 8 actives (-4)
  • Hill Section: 4 actives (-1)
  • East MB: 11 actives (-3)

We're also providing a report on pending and closed sales by region of MB.

Sales are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 3/1/14."

A few highlights among sales this period:

  • 633 33rd (4br/5ba, 3350 sq. ft.) is a truly gorgeous custom Spanish that sold immediately after listing mid-month. The start price of $2.550M never seemed real, and it wasn't. The close, all cash, came about 10 days after the property posted as pending. Sold for $2.815M.
  • 408 32nd (4br/4ba, 2650 sq. ft.) is a new modern TH along Vista, aiming to become the third TH east of Highland ever to sell for $2.800M (list price). The second already closed in this period: 2300 Alma (3br/4ba, 2270 sq. ft.), a resale of a 2002 build – sold off-market and posted to the MLS. 
  • Two listings with long runs on the market closed their deals: 200 S. Dianthus (4br/5ba, 3925 sq. ft.) in the Hill Section had about 300 DOM on the current listing, and a couple months on a prior run. It sold for $3.125M, almost $500K off the first ask. Meantime, 132 2nd (5br/6ba, 4100 sq. ft.) sported more than a year on market and closed for $1.0M lower than asking with a sale at $5.500M.

In our report on closed sales, we provide the past 6 months' worth of sales by region. This is the typical window of time used by appraisers. The spreadsheets are useful to anyone tracking the market or trying to estimate the value of a home for purchase or sale.

Remember, these links are always live under the top "navbar" of the home page, right under "MB Market Updates."

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