MB Market Update for 12/15/16

By Dave Fratello | December 16th, 2016

Here's hoping you can get through the next week or so and remain in the "holiday spirit." Sometimes you forget how wiggy the last several days can be.

We hope to see some of you at Saturday's MB Yuletide 5K, starting at 5:30pm under the pier. MB Confidential and our affiliate DigMB (produced by Mrs. MBC!) are proud sponsors.

Click here to register or come early to the tables to sign up on site.

Looking at our real estate market, we find a surprise: A slight upward bump in inventory to 78, up by 3 from early December. This, at a time of year when usually the total number of listings is dwindling. Who will be last to list before Christmas?

We were at 61 this time last year, so we're up almost 30%. And in 2013-14? Just the 20s and 30s... you don't want to know the % increase. (This is a good time for MBC "Insider" members to review our detailed post, "MB Inventory by Area, 2013-16.")

Looks like we'll head into the New Year with some serious overhang. Meaning... more buyer options for the holidays, right?

It's also notable that very few listings have posted as being newly in escrow during the last 2 weeks.

Does that mean absolutely no one is buying? Maybe. But maybe not.

From our work with clients, we're well aware that buyers are looking and offers are appearing on the virtual desks of listing agents constantly. Some are being accepted by sellers, but not yet reported in shared databases. (Grrrrrrrr.)

Let's just say, there is some activity out there, but less than normal, and some of it occurring off the radar.

Here are the only 5 listings to go into escrow 12/1/16-12/15/16 in all of Manhattan Beach, at least as reported on the MLS:

405 5th Street Manhattan Beach CA405 5th (4br/3ba, 2550 sqft.) is a flat walkstreet lot sale. There's an existing home, but updates would be a rough go. Listed at $3.499M, in line with land value on several other recent walkstreet sales.

316 5th (3br/2ba, 1750 sqft.) is a flat walkstreet corner-lot sale. With a start at $4.180M, it was not in line with recent walkstreet sales, but after a cut to $3.850M, they accepted an offer. Corners with views are worth more, right? One to watch because the first really drastic step up on walkstreet land prices came at comparable 316 4th in March 2015 at $3.770M, a figure that was a high leap over the existing bar, but now just appears forward-looking.

16 Monterey Ct. (3br/3ba, 1935 sqft.) is a Village TH that we called "upgradeable" in the Ticker the other day. Oh, how diplomatic, Dave. Listed at $1.295M and lasted just a few weeks.

227 Larsson Street Manhattan Beach CA227 Larsson (3br/2ba, 1820 sqft.) is a spiffed-up 1960s SFR on the "right" side of Larsson, a very comfy starter type home west of Sepulveda. It launched at $1.799M in the dead of August, took a break "on hold" off market and emerged back on the MLS under contract. Last asking $1.749M.

1756 Voorhees (3br/2ba, 1170 sqft.) is a lightly remodeled, small 1950s cottage on a sought-after full-size 7500 sqft. lot. No one will take your bet if you expect the cottage to remain for long. Asking $1.599M then down to $1.480M before inking a deal.

By contrast to these 5 new escrows, there were 14 new sales closing during the same span of time. Look on our solds spreadsheets for a rundown of those.

Nifty MB Confidential Trick

Before we get to the rest of the data for this report, we wanted to share a tip.

Did you know you can see displays of all Ticker posts, not just the most recent?

On the front page, under the latest Ticker posts, you'll find a button labeled (sensibly) "More Ticker Items." Click that and you get the archive:

This is a great way to do a quick catch-up on market activity on your own.

If you just want to find the newest listings, latest sales, etc., check a box under "Search the Ticker by Category." Then "Search Ticker."

This is one style of presentation of data in a different format than we already provide in several other places on the site, like the MB Dashboard. (Searching the Ticker is a function reserved for registered "Insider" members.)

Here's the rest of our local real estate market update report for the period ending 12/15/16:

  • 78 active listings as of 12/1/16 (+3 from 12/1/16)
  • 67 SFRs (same)
  • 11 THs (+3)

See the inventory list as of 12/15/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 22 actives (+3)
  • Sand Section: 23 actives (-3)
  • Hill Section: 10 actives (same)
  • East MB: 23 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 12/15/16."

Please see our blog disclaimer.

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