MB Market Update for 3/1/17

By Dave Fratello | March 2nd, 2017

As we put the rains behind us (well...) and look forward to Spring and even Summer, let's see if the local real estate market is doing what's expected.

Inventory? Check. It passed 100 midweek last week for the first time in 2017.

Inventory hit 101 at the end of March in 2016. (See "MB Real Estate Inventory Hits 100+," from March 31, 2016.)

This event was foreseeable, in that there has more inventory hangover around the holiday season and into January.

Sales?

Yes, sales are happening too. Some biggies. And some older inventory is clearing out, too. Examples of some new escrows:

3608 Manhattan Avenue Manhattan Beach CA3608 Manhattan Ave. (4br/4ba, 2625 sqft.) is new construction that's been on the market in 2016 and '17. Last year, they wanted $4.285M. This year, they raised the price to $4.385M. In escrow now.

1506 Gates (5br/6ba, 4650 sqft.) is an East MB Mediterranean that has nearly 400 DOM since 2015, and is now finally in escrow. (List: $2.599M.)

421 32nd (4br/5ba, 4250 sqft.) racked up 100+ DOM after a launch in November 2016, never took a cut and posted a deal this week. (List: $4.275M.)

1240 5th (6br/7ba, 10,000 sqft.) is a huge East MB manse on a large lot on a private street. They've tried many times over the last few years, and they're now in escrow. (List: $7.500M.)

917 Highview Avenue Manhattan Beach CA917 Highview (5br/5ba, 6350 sqft.) was up to a year in Combined Days on Market (CDOM) over a couple of listings. This quintessential Hill Section estate-style home was at $7.550M when they made a deal.

1622 8th (5br/4ba, 5000 sqft.) is a giant, cavernous 1990 build that needs absolutely everything to be updated. Big house, big lot, big job. But before 3 months had tolled, they had a deal. (List: $2.199M.)  

There are some notable newly closed sales, also. Take a glance at the spreadsheet or just here on our up-to-the-minute list of latest sales.

Here's the rest of our local real estate market update report for the period ending 3/1/17:

  • 104 active listings as of 3/1/17 (+11 from 2/15/17)
  • 89 SFRs (+11)
  • 15 THs (same)

See the inventory list as of 3/1/17 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 31 actives (+8)
  • Sand Section: 44 actives (-1)
  • Hill Section: 12 actives (+2)
  • East MB: 17 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 3/1/17."

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