MB Market Update for 12/15/19

By Dave Fratello | December 17th, 2019

The year 2019 began with unusually high inventory.

It looks like 2020 won't start quite as high.

With 75 active listings as of mid-December this year, we're 7 below the 82 listings active on 12/15/19.

That's just one indicator. As of mid-December, we had seen 374 closed sales citywide, pretty much on pace with 2018, which had 377 by the same time.

Not that either year has been all wine and roses in real estate.

Q4 2018 was a massive dud, and seemed a scary portent about the year to come... until it wasn't.

The year 2019 started nicely, but saw a steep dropoff in closed sales in Summer, reflecting a slowdown in late Spring. Still, the last part of the year has seen a rally.

This is why we take time to know the stats, but still must go out and actually play the game!

(You can find lots more in our new (free!), comprehensive MB Market Report, which features data from 2008-third quarter 2019.)

Let's look at a few recent sales.

225 39th Street Manhattan Beach CADown in El Porto, 225 39th (3br/3ba, 1600 sqft.) found a buyer in mid-November and closed for $1.900M.

That's $95K under asking, and even below some sales of duplexes in the area, but the market for a 2-level single-family in El Porto is a distinct sub-sub-market, it would appear.

The home's nicely redone and gets some ocean views.

As it happens, the property was featured a few times way-back-when on the old MB Confidential, where it was a curiosity because a flipper bought it out of foreclosure, did a little fixup and tried to make a profit. It didn't quite work. (See "Foreclosure Flip Fails," for instance.)

216 39th Street Manhattan Beach CAThe property has also been in a different kind of limelight since Summer, because it's across the street from the famous/infamous/currently unsold "Hot Pink Emoji House," 216 39th (2br/2ba, 1525 sqft.), now at $1.550M.

Was the emoji house such a nuisance that no one on the block could sell?

No.

Did the emoji house diminish the value of 225 39th? Hard to say, but probably not. That final number looks about right.

How about two little-ish Tree Section homes that have different fates ahead of them?

505 17th (2br/3ba, 1670 sqft.) is an incredibly redone little place with a pool at the mouth of a dream street, cul-de-sac 17th.

The home is a single level, which is attractive, but requires lots of steps to reach that single level, which mitigates the single-level benefit.

The modernization inside was absolutely top-notch and recent, so when you add that kind of pizzazz to a great location, amazing things can happen.

Asking was a bit high at $2.499M, but they closed for a respectable $2.310M.

1905 Palm Avenue Manhattan Beach CASelling for a little more was 1905 Palm (3br/2ba, 1250 sqft.).

Maybe someone wants to use the cottage, but there is a lot of value in that dirt alone.

Palm Ave. around that area may be one of the very best streets in the Tree Section. (Discuss.) This cottage is one of the last unimproved/modernized on the block, which gets a lot of love. Heck there was a $7.0M double-lot home sale on the block earlier this year!

Though the high sale for land in the area of Palm/John is 1817 John (June 2018, $2.525M), for various reasons we thought 1905 Palm might settle closer to $2.200M this year.

In fact it has closed for $2.345M, reflecting both the slightly greater lot size and location.

The opportunity to build something special on a super block is right there.

Here's the rest of our local real estate market update report for the period ending 12/15/19:

  • 75 active listings as of 12/15/19 (-4 from 11/30/19) 
  • 60 SFRs (-3)
  • 15 THs (-1)

See the Inventory list as of 12/15/19 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 18 actives (-2)
  • Sand Section: 37 actives (-1)
  • Hill Section: actives (-2)
  • East MB: 15 (+1)

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 12/15/19".

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