MB Market Update for 3/31/18

By Dave Fratello | April 3rd, 2018

Note that our market update date above is March 31. You wouldn't want an April 1 update, would you? ("Fake news!")

Just the facts here.

In the second part of March, inventory fell notably by 12 listings overall from mid-March, reflecting substantial buyer activity.

There were new listings coming out, but not a lot of listings are hanging around these days. Buyers need to be ready to move... and they are.

A quick story: We recently prepared to tour clients visiting from out of town through a range of listings available in Manhattan Beach. We were going to focus on the price range of $2.0M-$2.5M. As the day for the tour approached, options kept coming off the board. They were all selling.

As a result, we had to see properties that likely weren't going to work, raise the price range, expand the search area and look at Hermosa. This was just to make the best use of everyone's time, but it's not clear we saw a property they'll act on now.

That's a sample of the dilemma for buyers now, at least in the "mainstream" price ranges. You think you know what you want? Others do, too, and they're acting.

At this point last year, there were 102 listings on the market, up 2 from mid-March. Inventory today is 25% lower. (See our April 2017 update here.)

Recently, two of Dave's listings didn't make it to market.

721 26th Street Manhattan Beach CAIn this period, we closed 2 sales in the Tree Section: 721 26th (pictured) and 558 Rosecrans.

Both sold off-market while we were mapping out plans for prep and marketing.

This was also a period that saw 4 new closed sales among Sand Section townhomes:

3101 Alma (3br/4ba, 1870 sqft.), a 2005 Spanish, sold off-market for $2.400M.

308 3rd (4br/4ba, 2675 sqft.) was new and sold for $3.700M.

320 35th (4br/5ba, 2450 sqft.) was new and sold for $2.960M, near the start price of $2.999M.

400 27th Manhattan Beach CA400 27th (4br/4ba, 2750 sqft.) (pictured) sold for (wow) $5.100M (wow), one of only a few MB townhomes to close with a "5" in front.

(The high came last year, with 703 Bayview [4br/5ba, 2950 sqft.] at $5.575M... double wow.)

Here's the rest of our local real estate market update report for the period ending 3/31/18:

  • 76 active listings as of 3/31/18 (-12) 
  • 55 SFRs (-11)
  • 21 THs (-1)

See the inventory list as of 3/31/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 18 actives (-4)
  • Sand Section: 45 actives (-1)
  • Hill Section: 6 actives (-2)
  • East MB: 7 actives (-5)

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 3/31/18."

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