MB Market Update for 10/15/17

By Dave Fratello | October 18th, 2017

For our latest market update, we're asking you to pull your nose out of the sports section and all the Dodgers news for just a few minutes. (It's hard.)

We covered perhaps the most notable sale from the first half of the month in yesterday's blog post: "Surprise High for Tree Section?" (Regarding 3000 Palm.)

A couple others are worth a mention for sure.

1200 5th Street Manhattan Beach CAOn a nice block of East Manhattan, 1200 5th (at the corner with Johnson) looks like a great buy.

It's an early-90s Spanish that had just gotten a pretty good remodel. Kitchen and baths were upgraded to more modern tastes, while the saltillo tile flooring and colorful splashes of tile on stairs and in other places remained.

There's a ton of space: 5br/5ba and over 5000 sqft. on an 8500 sqft. corner lot. A little pool!

And this one's at the entry to the private road sometimes dubbed the "5th street forest" or just the "forest."

1200 5th Street Manhattan Beach CABoy, they sure were convinced that they had something special when the listing launched in May at $3.795M.

That was not to be. The closed sale: $3.050M, fully 20% off the start price.

Not only does that price look pretty good, it may not have even paid for the remodel.

The home was purchased in Nov. 2015 for $2.835M, but if the sellers paid all the traditional costs of sale, they may have netted just $2.900M from this recent sale. The remodel surely cost them more than $65K.

At just $601/PSF, this one is also 8-11% below a lot of East MB comps, none of which boast an oversized lot plus that kind of location.

The public list price was last at $3.250M. If it had been widely known that it'd go for a little over $3.0M, there might have been a lot of folks who would have jumped sooner.

1025 Duncan Place Manhattan Beach CAMeantime, a Hill Section closing at 1025 Duncan Place (4br/6ba, 4150 sqft.) is worth noting.

It's a fairly spacious, custom modern house built around a courtyard with pool. It's got a nice L.A. vibe, and some ocean views.

In three separate listings dating back to August 2016, this one compiled over 320 combined DOM.

Turns out the start price of $5.500M from way-back-when wasn't sustainable.

The sold price: $4.050M, was 26% below the first asking, and $250K under the most recent start price when a new agent took over.

This is the first of 3 Hill Section alley-street homes mentioned in our June post, "Some 'Places' Are Tougher than Others," to actually sell. The other 2 are in escrow now.

Now, as to our market update... Our spreadsheets below take a look at data from the middle of October, the first days of Q4 2017.

But we had a question (which may have occurred to you, too), since we just published a raft of data saying that Q3 had been notably slower in terms of new escrows that the previous 4 years. (See "Q3 Stats: Fewer New Deals in '17.")

So, was the first part of October better, or worse?

We looked only to 2016. From Oct. 1-15, 2016, there were 20 new escrows.

For Oct. 1-15, 2017, there were 18.

We're going to call that "flat" because it's such a limited period of time. It wasn't more, and it wasn't much less. We'd prefer to see more time pass before making any judgment.

This was, notably, the busiest 2-week period for new escrows since the second half of July, which saw 27 new deals signed in Manhattan Beach real estate.

Here's the rest of our local real estate market update report for the period ending 10/15/17:

  • 108 active listings as of 9/30/17 (-14)
  • 87 SFRs (-10)
  • 21 THs (-4)

See the inventory list as of 10/15/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 23 actives (-4)
  • Sand Section: 57 actives (-6)
  • Hill Section: 9 actives (flat)
  • East MB: 19 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 10/15/17."

Please see our blog disclaimer.

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