MB Market Update for 1/1/16

By Dave Fratello | January 4th, 2016

Happy New Year to you (again). We like this time of year on the blog, because January gives us a chance to run through some data about the year that was. Watch for some analyses in the days to come.

224 19th Street Manhattan Beach CAOur first data offering: We've now posted a special page on MBC with all of the sales of 2015, in reverse chronological order (i.e., newest first). Any time, take a look at "Manhattan Beach Homes Sold in 2015." A link is also now under "Sales Data" on the front page.

A couple of year-end sales caught our attention:

224 19th (5br/5ba, 4300 sqft.) (pictured here), a 90s Mediterranean on a walkstreet west of Highland.

The first, striking thing about this sale was the time on market versus the time to closing.

The home came to market in July 2014 at $5.499M, and even found a buyer then. But the deal didn't stick, and the listing went away till May 2015. Then, it was at $5.9M and down to $5.8M, gathering DOM over 5+ months.

On Dec. 28, the listing posted as pending.

On Dec. 31, it was closed for $5.650M cash.

Looks like the wait was worth it for both parties.

319 South Dianthus Street Manhattan Beach CAThen we just saw a likely Hill Section lot sale at 319 S. Dianthus wrap up.

This 5950 sqft. lot borders Boundary Place and gets some views as the hill drops down to the west.

Originally listed for $2.450M, it's now closed for $500K less: $1.950M. One failed escrow came in between the listing and this deal.

At a time when land values in the Hill Section have commonly been around $400/PSF for dirt, give or take, this one looks like quite the deal at $344/PSF for land.

As to the balance of the market update, the headline might be that we ended the year with 53 active listings. Last year, we were at 29 at the same point, lower still the year before.

Here's the rest of our local real estate market update report for the period ending 12/31/15:

  • 53 active listings as of 1/1/16 (-8 from 12/15)
  • 46 SFRs (-3)
  • 7 THs (-4)

See the inventory list as of 12/31/15  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section12 actives (+1)
  • Sand Section21 actives (-6)
  • Hill Section: 4 actives (-1)
  • East MB16 actives (-3)

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 1/1/16."

Please see our blog disclaimer.

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