MB Market Update for 3/15/17

By Dave Fratello | March 21st, 2017

Let's take a quick look at recent market activity for March so far.

Active it has been!

Let's look at the very most recent news first. One trend that stands out... New construction in the Tree Section has been flying off the shelves:

719 19th Street Manhattan Beach CA719 19th (6br/8ba, 5870 sqft.) is an enormous new home with a huge basement providing a chunk of the square footage. Did the $6.799M asking price seem big? It was no deterrent – they have a deal after just one month on the public market.

2602 Pacific (4br/5ba, 3200 sqft.) had just exceeded 320 combined DOM on 2 listings, has shed $300K from its asking price, had all the staging removed and was just kind of waiting... it finally has a deal. It was last at $2.799M

2622 Maple (5br/6ba, 3200 sqft.) is a corner-lot home with a familiar style and layout. It needed only a bit more than a month on market (list: $3.495M) to get absorbed.

605 29th (5br/6ba, 4700 sqft.) is a big new home just east of Blanche, sold off-market pre-completion. It's showing in escrow with a list price of $4.500M.

2512 Palm Avenue Manhattan Beach CA2512 Palm (5br/6ba, 3350 sqft.) is new construx on a cul-de-sac between Marine and Ardmore that seems to have tried an "underpricing" trick to draw every buyer in the market to the front door immediately. It worked. They came out at $2.995M, lower than all comparable Tree Section new construction sold in the past 20+ months other than homes with location challenges built in to their prices: 1817 Oak ($2.699M), 1405 Oak ($2.790M) and 2001 Oak ($2.800M) all of which are on Oak, 2201 Pacific ($2.850M) and 756 36th ($2.945M).

(Looking to 2015 for a sub-$3M comp, we only found one new construx sale under $3.0M, but that one, 1900 Palm, from April 2015, boasts a prime location and a sale price of $2.955M.)

This rush of activity leaves just 3 new construction offerings on the public market in the Trees (more are selling and available off-market, pre-completion).

Another way to take the measure of recent market activity is to take a snapshot, as we did last week.

From Friday, March 10 through Friday, March 17, there were 13 new listings in Manhattan Beach, and 17 new escrows.

So, for our March 1-15 market report, inventory actually dropped a bit due to more deals being made than the number of new listings coming out over the same span.

Look at this another way, pending sales (properties in escrow) as of March 15, compared with a quieter time:

Tree Section: 18 pending (4 in mid-December)

Sand Section: 11 pending (5 in mid-December)

Hill Section: 17 pending (2 in mid-December)

East MB: 21 pending (8 in mid-December)

The total is 67 properties in escrow on March 15, with inventory of 100 at the time.

308 20th Place Manhattan Beach CAWith that blistering sales pace having continued, inventory dropped to 96 as of Tuesday morning.

You may have noticed that one of those recent new escrows was at Dave's listing for 309 20th St. (aka 308 20th Place), listed for $3.450M. (Pictured here.)

Here's the rest of our local real estate market update report for the period ending 3/15/17:

  • 100 active listings as of 3/1/17 (-4 from 3/1/17)
  • 89 SFRs (same)
  • 11 THs (-4)

See the inventory list as of 3/15/17 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 28 actives (-3)
  • Sand Section: 46 actives (+2)
  • Hill Section: 9 actives (-3)
  • East MB: 17 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 3/15/17."

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