MB Market Update for 12/1/16

By Dave Fratello | December 2nd, 2016

While Santa rolls around the streets of MB, he's passing fewer and fewer "for sale" signs. We're down to 75 listings now as listings wrap up for the holidays. (We'll be putting one on ice soon here, too, after finishing a blog post.)

As you saw in our latest analytical post, "MB Inventory by Area, 2013-16" (post displays for MBC "Insider" members only), this late-in-the-year drop is part of normal seasonality. It's also a big drop from the high of 133 we had in Summer. Although, you can also see that 75 listings now is higher than the 30-40 we had in 2013-14. It's all relative.

We'll focus for a moment here on the South End walkstreets. The flat family walkstreets are an environment that's basically unmatched in L.A. County, a delightful "playborhood" that commands higher and higher prices. 

316 5th Street Manhattan Beach CAThis week we saw a new deal post on a corner lot at 316 5th, a listing that first launched attempting to shoot even higher than the already mind-numbingly high prices for land in this micro-market.

Asking $4.120M, they saw nothing happen for a month. Cutting to "only" $3.850M, they've now got a deal. 

That one harks back to the same location one block over, 316 4th, which shot over the moon with a March 2015 sale at $3.770M.

That sale was almost $1M over comps at the time, but look what's happened since: It's become normal. Recent South End sales with land as primary value:

336 6th @ $3.487M in Oct. '16

428 7th @ $3.650M in this period, Nov. '16 (Dave's clients got it)

404 4th @ $3.700M in May '16

405 7th @ $3.500M in March '16 (off-market)

You can also find land on the market now at around that price: 405 5th at $3.499M.

A neighbor to that on-market land sale, 401 5th (pictured), was new construction sold off-market for the highest-ever price on the flat walkstreets: $5.925M back in July this year.

Meantime, on-market, you can find 332 7th, a 14-year-old custom build in a very pleasing Cape Cod style, asking $5.995M. (Also looking to break a record.)

And there's more available off-market down on the walkstreets, which you may know if you're working with a connected local agent. (Or just email Dave.)

Those are all big numbers for a tight little pocket of paradise. But at least on land values, they're also repeating often enough to be clearly, unequivocally, today's market prices.

It's good for everyone already there, even if this trend raises some questions about who can actually bring their young families to this kid-friendly part of town. Many more want to than will be able to.

Here's the rest of our local real estate market update report for the period ending 12/1/16:

  • 75 active listings as of 12/1/16 (-15 from 11/15/16)
  • 67 SFRs (-10)
  • 8 THs (-5)

See the inventory list as of 12/1/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 19 actives (-2)
  • Sand Section: 26 actives (-5)
  • Hill Section: 10 actives (same)
  • East MB: 20 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 12/1/16."

Please see our blog disclaimer.

Latest Listings Among
Manhattan Beach Homes For Sale