MB Market Update for 3/15/16

By Dave Fratello | March 17th, 2016

Did you know?

March 15th is the "traditionally observed" anniversary of the founding of MB Confidential. But you can go ahead and celebrate it on St. Patrick's Day.

This year, MBC is 9 years old, starting Year 10.

Way-back-when, there was just one reader (Mrs. MBC) – our continued inspiration.

MB Confidential does so much more now, for so many more people, than ever.

We're so excited, every day, to get the word out, get the information out, to meet, chat, analyze, strategize and (is this a word?) conspiracize with various readers, friends, colleagues and clients.

MB Confidential makes it all possible. So grateful.

Thanks to you for finding MBC, for coming back, and for so much more. (Want to email Dave? Use that link to send a quick note.) 

Now, if you're here, you'd probably like to know more about the Manhattan Beach real estate market.

It's time for one of our twice-monthly updates to discuss exactly that.

There's no doubt that the winds began blowing differently in March in Manhattan Beach.

Inventory's growing. Briefly it went over 90 homes for sale in all Manhattan Beach during this 2-week period, and we ended March 15 at 86.

Inventory was at 52 at the same time last year – putting this year 65% higher. (Some might say these are still small numbers and that there's a risk of making too much of the change. We like to put the numbers out there for discussion.)

There's a perception that buyers are pausing to see what more might develop. There are a couple of crowded market tiers, meaning buyers have choices. So they think they have time, too. Sellers still believe they have the upper hand and will get their numbers, more or less. We'll look back in a few months to see if now was some sort of inflection point, or just an interesting moment.

It would be foolish, of course, to let a prime opportunity pass you by just because you'd like to see what might come out later in March, or in April, or in May or June. Buyers seem to see that, too. 

So while there was a net addition of 8 listings to the market over 2 weeks, you saw some great homes sell:

2100 Pine Avenue Manhattan Beach CA2100 Pine (5br/5ba, 3180 sqft.) is a custom build from just 8 years ago that feels like a historic home, dripping with loving detail that calls back to 18th- and 19th-century homes from the East Coast. Listed at $3.099M, this one was perceived as under-priced and was expected to get wildly bid up. More on this one when it closes in April.

3009 Poinsettia (4br/4ba, 3600 sqft.) is a custom Cape Cod that is special because of the name attached to the build and the exquisite, almost-too-formal, detail both in the construction and the interior design. A classic on a nice street, asking $3.700M, sold within 2 weeks.

23 Malaga Place (3br/3ba, 2200 sqft.) is a very pleasantly remodeled Village TH in a private location. It's been quick to see similar townhomes start to sell in the $1.8's, but here we are. This unit was listed at $1.879M and lasted less than 2 weeks.

4109 Crest (3br/4ba, 1950 sqft.) rests high up above it all, a modern SFR with the kind of ocean panoramas that are somehow minimized if you call them "stunning," "180-degree" or "forever" views. Given the location it was also offered at a pretty low price for an MB view home: $2.100M, and it made a quick deal.

These are just a few of the 22 homes that went into escrow March 1-15.

So there's still plenty of demand. Supply is just outstripping it a bit – a trend worth watching.

Here's the rest of our local real estate market update report for the period ending 3/15/16:

  • 86 active listings as of 3/15/16 (+8 from 3/1)
  • 74 SFRs (+7)
  • 12 THs (+1)

See the inventory list as of 3/15/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section26 actives (+4)
  • Sand Section: 31 actives (+3)
  • Hill Section: 10 actives (+1)
  • East MB19 actives (same)

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 3/15/16."

Please see our blog disclaimer.

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