MB Market Update for 3/1/16

By Dave Fratello | March 3rd, 2016

Last week, we saw inventory of homes for sale in Manhattan Beach climb to a level it had not reached in the past 3 years: 83 homes for sale during a spell last Friday. (See "Inventory Booming – Now Double Last Year's.") 

But homes sold, taking them off the board, and by the time we took our twice-monthly inventory snapshot for the MB Confidential market update, inventory was down to "only" 78 listings. Now, again, as we post this update, on March 3 we are at 83 listings again. (UPDATE: Inventory rose to 85 by later in the day Thursday, a new 3-year peak.)

Interesting facts to amplify that feeling you have that options are growing:

  • There were 25 new listings in Manhattan Beach over the 7-day period ending March 1. 
  • There were 38 listings holding open houses last weekend (Feb. 27-28).

Great homes are still selling. There seems not to be a flagging of demand. Buyers are essentially saying, "Keep 'em coming!" A few deals made on last week's new listings:

2500 Maple Avenue Manhattan Beach CA 2500 Maple (4br/5ba, 3900 sqft.), a Tree Section remodel that was just recently completed.

Location on Valley seems not to have been a factor, nor was the somewhat unusual layout.

This is a great example of making a home the most it can possibly be. Asking $2.999M, it got immediate offers and had a deal posted by Monday morning.

2100 Pine (5br/5ba, 3175 sqft.) is a custom-built home that looked to be THE hot property in the Tree Section for the week.

This custom-built home reflects tremendous architectural vision, with an authentic feeling of classic Americana, mixed with modern design preferences where it matters most. Asking $3.099M, this one was in escrow by Tuesday evening.

762 31st is a lot sale on the "better" side of one of the Tree Section's very best streets, the tree-lined 31st St. west of Pacific. Building on these lots can get you a garage on a lower level on 30th St., tucked away under a home with its entry on 31st. List price was $1.900M, relatively low for a prime lot. They had a deal within 5 days.

Did anyone buy anything outside the Tree Section?

Why, yes. Another lot sale, in the Hill Section, at 407 N. Poinsettia, got fairly quick action despite what seemed like a rich asking price of $3.495M. More than one offer, so you knew it was a must-have.

Thinking bigger in the Hills, a Cape Cod estate at 872 6th has a deal, listed at... ready?... $9.499M. (This was not a new listing last week, but it's a big deal during our market update period.)

2416 Highland Avenue Manhattan Beach CA 2416 Highland (3br/4ba, 2350 sqft.) was just one of 3 Sand Section townhomes to make deals recently. It's a boldly designed, yet functional modern with some really great views. Listed at $2.599M.

The other townhomes were 2909 Highland (3br/4ba, 2030 sqft.), asking $2.499M, and, finally, after 300 DOM, 3105 Vista (3br/4ba, 2400 sqft.), asking $2.295M.

There were deals east of the Highway, too – everything's on our spreadsheets.

Here's the rest of our local real estate market update report for the period ending 3/1/16:

  • 78 active listings as of 3/1/16 (+8 from 2/15)
  • 67 SFRs (+9)
  • 11 THs (-1)

See the inventory list as of 3/1/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 22 actives (+5)
  • Sand Section28 actives (+2)
  • Hill Section: 9 actives (-1)
  • East MB19 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 3/1/16."

Please see our blog disclaimer.

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