MB Market Update for 10/15/16

By Dave Fratello | October 18th, 2016

Our MB Market Updates have been a popular feature here at MB Confidential since the early days (ca. 2007!), and even more so since we upgraded the spreadsheets to the new online format in 2013.

(Do any of you remember the handmade Excel sheets, presented as PDFs with all kinds of notes in the file? Yep, us too.)

Anyway, the reason to reference this now is that we've slightly moved the Market Updates. Everything is now under the "DATA" tab at the top of the page. You'll see a dropdown menu when hovering over the word DATA on a desktop computer or tablet, or you can access the DATA menu on mobile by clicking the menu icon (three lines).

We've also got lots more hiding in that "DATA" dropdown menu:

  • Inventory Trends – links to our most recent blog post or feature about inventory levels
  • Price Trends - links to our most recent analysis of pricing and sales data
  • Recent Home Sales – offers several pre-set searches to show sold properties in various neighborhoods

This is exactly like all the other real estate websites you visit... oh, never mind!

We have some more inventory & sales analyses coming up in the next few days, but first we'll look at notable sales of the most recently closed MB Market Update period:

2215 Bayview Drive Manhattan Beach CA2215 Bayview (4br/4ba, 2630 sqft.) began back in late November last year at $3.699M. In doing so, the attractive, newer, large, ocean-view townhome basically proved a couple of things that count as conventional wisdom in the market.

First, avoid listing during the holiday season unless you absolutely have to. All you do is accumulate days on market and attract lowball bids.

Second, the only real mistake a seller can make in this still-strong real estate market is overpricing.

Having shot the moon at $3.7M, this TH took 300 DOM to sell. Sure, they eventually cut the price to $3.5M, but it still took months and months.

The eventual sale at $3.425M is nothing to sneeze at. It's a healthy number. Did it really need to take all that time and struggle, though? What we'll never know: What if they'd listed fresh in February 2016 at $3.5?

860 27th Street Manhattan Beach CA860 27th (5br/5ba, 3500 sqft.) is Tree Section new construction of a more typical size – we'll put the big ones with basements in their own category – and the first in seemingly quite a while to sell. 

The closed price at $3.275M is respectable, but it's lower than the next-door neighbor, 868 27th (5br/6ba, 3575 sqft.), also new construction that sold this year, in April, for $3.520M. That's a 7% difference over the course of 6 months.

Really surprisingly low for new construx was the custom modern at 2201 Pacific (5br/6ba, 3400 sqft.) at $2.850M. That was even below asking, though it was a quick deal.

For $50K less, someone got a smaller new home up on Oak at 2001 Oak (5br/5ba, 3150 sqft.) for $2.800M.

336 6th Street Manhattan Beach CAAnd we're not sure what "everyone" expected, but the little family walkstreet house at 336 6th (3br/3ba, 1650 sqft.) did sell, and quickly, with multiple offers, but not for a "crazy" number, the way things have gone on the walkstreets.

The closed sale at $3.487M (can we call it $3.5M?) was at the low end of the band of "normal" for recent years on the walkstreets. The list price of "only" $3.300M was intended to get immediate action, which they did.

Not incidentally, once the market established a price for little 6th St., a somewhat larger home at 428 7th that had been lingering due to price overreach suddenly made a deal, too. Its start at $4.199M was fanciful, and the drop to $3.999M was only the beginning.

Watch for that one to close next month.

Here's the rest of our local real estate market update report for the period ending 10/15/16:

  • 100 active listings as of 10/15/16 (-2 from 10/1/16)
  • 83 SFRs (same)
  • 17 THs (-2)

See the inventory list as of 10/15/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 27 actives (+2)
  • Sand Section: 34 actives (-2)
  • Hill Section: 15 actives (+3)
  • East MB: 24 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 10/15/16."

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