MB Market Update for 10/1/16

By Dave Fratello | October 5th, 2016

Fall gets hot, doesn't it?

The pace of sales has picked up, as one would expect, in the post-Labor-Day period here.

We're even seeing some sales in the $4M+ category, which had gotten slow for a while. (More below.)

For a short part of last week, as September ended, inventory temporarily dipped under 100 listings. It was one of those things that everyone was suddenly talking about. ("Everyone" meaning, in this case, real estate practitioners talking to one another. You know, everyone.)

Before we dive a bit further into that, it's teaser time!

There's an all-new MBC website & mobile experience coming very, very soon. The team has been grinding out long hours for quite a while. It's almost ready. One day soon, you'll sign on to MB Confidential, and it will all be different... 

Let's just look at the higher-priced properties to go into escrow recently:

625 17th Street Manhattan Beach CA

625 17th (4br/4ba, 4375 sqft.) is a delightful custom build on a large lot on an almost semi-private block of the Martyrs area.

The property was on the market for a spell in Summer, way overpriced at $5.2M.

Returning to market for Fall, it was listed at $4.495M, drawing immediate, multiple offers.

921 9th (6br/5ba, 4900 sqft.) is a newer (2012) home with a large lot (7500 sqft.) that now features a pool installed by the first owners.

Launched much too high at $4.999M in June, the listing made price adjustments down to $4.599M publicly. They officially inked a deal in the second half of September.

1808 Agnes Road Manhattan Beach CA1808 Agnes (5br/5ba, 4825 sqft.) is new construction with a basement on a prime Martyrs block.

The first listing for the property pre-completion was at $4.850M. The current version of the MLS listing began at $4.699M and only slowly dropped to the last-seen price of $4.475M, with 4+ months on market.

Suddenly, multiple offers and a deal.

2001 John Street Manhattan Beach CA2001 John (5br/7ba, 4865 sqft.) is new construction on a prime near-Martyrs block. It launched at $5.500M (really?) and quickly corrected to $4.999M.

After a cut to $4.749M, it went into escrow over the weekend.

Not quite over $4M, but significant sales in recent days:

3300 Alma (4br/4ba, 3500 sqft.), a large townhome asking $3.499M, went into escrow almost at once.

1230 8th Street Manhattan Beach CA1230 8th St. (5br/5ba, 4500 sqft.) is new construction in a "Nantucket" style that pre-sold before completion. Asking price of $3.495M would put it right along the top of the list of highest new construction sales in East MB.

And there were 3 sales (new escrows) on the South End family walkstreets:

336 6th (3br/3ba, 1625 sqft.) was asking, arguably, less than lot value at $3.300M, and drew multiple offers at once.

428 7th (3br/4ba, 2775 sqft.) began at $4.199M and cut to $3.999M, where it was when it went into escrow recently.

435 10th (4br/3ba, 2025 sqft.) has been at $3.499M for a while, but now has found a buyer.

None of those sales has closed, of course – they're all somewhat newly in escrow, which can be a delicate state.

Still, added into the rush of other sales at lower price points, it feels positively like a market regaining some momentum here during our Autumn market.

Here's the rest of our local real estate market update report for the period ending 10/1/16:

  • 102 active listings as of 10/1/16 (-12 from 9/15/16)
  • 83 SFRs (-12)
  • 19 THs (same)

See the inventory list as of 10/1/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section25 actives (-2)
  • Sand Section36 actives (-3)
  • Hill Section12 actives (-2)
  • East MB: 29 actives (-5)

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 10/1/16."

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