MB Market Update for 1/15/18

By Dave Fratello | January 16th, 2018

Each year, real estate begins a bit slowly, waking up gradually from a kind of holiday hibernation.

The sales that close in the first weeks of the year were arranged late in the prior year. The homes newly going into escrow were mostly those listed last year and still hanging around after the ball dropped in Times Square.

And new listings... several are retreads of last year's listings, though we have seen some truly new options already.

It's all a buildup now to Super Bowl weekend through mid-February, when our Spring Market really kicks off.

Yep, soon, 2018 will have its cup of coffee and we'll really get rolling in local real estate.

Now, we're already busy here at MBC HQ (Confidential Realty), with one closing in 2018 (off-market) and another sale coming together (also off-market) while we gear up for the year.

manhattan-beach-real-estate-questions-2018We begin this year with the same questions everyone is asking:

• What does that surprising 13% increase in the median price for Manhattan Beach mean, and could we see a repeat this year?

• Is this going to be a low-inventory year, or will the number of homes for sale kick back up to 2016-17 levels?

• How are the new tax law changes going to influence buyers and sellers?

You won't see predictions in this space just yet... we're still collecting info and opinions. Your blogger/broker here isn't going to be the only source, after all. What matters most is the consumers - what are real people in the market thinking?

As we hear more, we'll share more.

Let's take a look at a few notable recent sales:

663 18th Street Manhattan Beach CA663 18th (5br/6ba. 4900 sqft.) is a 2004 custom build we called a "throwback home styled in the spirit of a classic, old-time East Coast beach house" back when it was on the market in May 2017. (See our Weekend Opens post from then.)

It's on the non-ocean side of the hill, sloping down away from the peak of 18th, but there are some interesting views over treetops to the north.

We appreciated the warmth and style of the place – and its "Philly dive bar" basement game room - though it had rough edges. It wasn't perfectly primped and puffed and polished, which we actually found refreshing at the time. The home didn't sell last year and quit in Summer.

But just because a house quits the market, don't count it as dead.

A buyer in the general area wanting a big place and an improvement in location came a-knocking, and purchased 663 18th off market. (There's that word again!)

The sold price of $5.575M is $175K less than it was at during its May-July run on the public market.

319 24th Street Manhattan Beach CAA typically sized '05 Mediterranean townhome at 319 24th (3br/4ba, 1900 sqft.) sold for $2.815M.

How did they sell it? That's right, off-market. In this case, it seems mainly to have gone this way because it was ready for sale in late October, which isn't a prime time to start a public market sale. The agent put it out to the local network and drew a great offer, and that was that.

There are tiers forming in the resale townhome market, with average units going in the lower 2's, ocean-view homes at $2.8-$3.0M and only newer or larger homes cresting much past $3M.

Speaking of which, if you are looking for a view townhome in a great location but off-market... email Dave.

746 31st Street Manhattan Beach CAThis first part of the year also saw a sale close on an early-90s custom home with some updates at 746 31st (4br/3ba, 3525 sqft.).

This one came in at $3.030M, a bit of a discount (4%) off the $3.149M asking price.

Here's hoping you already know what a pleasant street 31st is, and homes here on the south side tend to be among the best. Neither side of the street has "garage face" homes, as they tuck those behind, allowing the architecture - whatever style it may be - of the homes to be prominently featured.

As to the few new listings so far this year, we're probably most intrigued by the big new construction at 1901 Palm (5br/7ba, 4750 sqft., asking $5.500M) and the Sand Section walkstreet home at 224 29th (5br/6ba, 5000 sqft.), a 2001 build on an oversized 3150 sqft. lot (asking $6.200M).

Both of those new listings could help define the market for their categories for 2018 with a positive response.

Here's the rest of our local real estate market update report for the period ending 1/15/18:

  • 48 active listings as of 1/15/18 (+7) 
  • 40 SFRs (+4)
  • 8 THs (+3)

See the inventory list as of 1/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 14 actives (flat)
  • Sand Section: 21 actives (+2)
  • Hill Section: 5 actives (+3)
  • East MB: 8 actives (+2)

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 1/15/18."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale