MB Market Update for 1/31/20

By Dave Fratello | February 4th, 2020

The early part of 2020 continues to see lower inventory than in 2019.

At the end of January 2019, there were 80 homes for sale citywide in Manhattan Beach, while at the end of January 2020, that was just 64.

That means 2020 is line with 2016, and right between 2017-2018.

Inventory matters because there can be a relationship between inventory and prices. Last year, most of the year, inventory ran higher than in all recent recovery years. The median price dropped 2%. Possibly related... possibly coincidence.

We see that 18 MLS-listed properties went into escrow within the month if January.

Among those closed sales in the second half of January:

128 18th Street Manhattan Beach CA128 18th (5br/6ba, 4000 sqft.), a 2012-built modern with good views on a walkstreet.

Though it had tried to sell in recent years from $7.4M up to $9.0M, its closing price was more moderate: $6.650M.

And what's really interesting is the fact that this is just $1.0M higher than the acquisition price in 2012.

It is definitely surprising to see a 100-block property appreciate just 15% over the past 8 boom years.

Two new townhomes also grabbed headlines.

2204 Alma Avenue Manhattan Beach CA2204 Alma (4br/4ba, 2600 sqft.) got $3.778M, a full $321K under asking ($4.099M). But here the buyer was self-represented, with some discount for that.

And the new high sale for townhomes just occurred: 3517 Bayview (3br/4ba, 3000 sqft.) got $5.650M, beating the record for a townhome sale by $75K. (See "New Townhome Champion" for more.)

Just one sale in the Trees closed in this period: 1408 Oak (5br/3ba, 2900 sqft.), a partly remodeled 1995 SFR. Asking $2.400M, it closed for $2.256M.

A larger 1980s home across the street (more or less) at 1413 Oak (4br/3ba, 3480 sqft.) with some simple, cosmetic remodeling had closed for $2.385M in August last year.

Here's the rest of our local real estate market update report for the period ending 1/31/20:

  • 64 active listings as of 1/31/20 (-2 from 1/15/20) 
  • 52 SFRs (-2)
  • 12 THs (flat)

See the Inventory list as of 1/31/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 13 actives (-1)
  • Sand Section: 36 actives (-1)
  • Hill Section: actives (+2)
  • East MB: (-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 1/31/20".

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