MB Market Update for 4/15/18

By Dave Fratello | April 17th, 2018

At different times of day on Sunday, April 15, Manhattan Beach real estate inventory wavered from 100-103. When we finally took our snapshot, it was 102.

This officially marks the first time that 2018 inventory exceeded the total for 2017 during one of MB Confidential's twice-monthly market updates. It's 11 more than last year, but 9 shy of the figure for the same time in 2016. (All other recent years in our tracking had much lower inventory.) We've graphed this below, in an update of a chart we ran late last week.

An oddity of this period was that only 7 sales closed in the first half of April. While new escrows are moving along at a decent pace, inventory is growing overall and the number of sales in the past year is higher than the year prior, it doesn't quite make sense that we'd average just one sale every two days in Manhattan Beach. But we'll call that a quirk for now.

501 8th Street Manhattan Beach CAMaybe the most interesting sale of the period was 501 8th.

It's a walkstreet lot in the South End. If the mid-block lots are selling consistently in the mid-toward-high 3's, how much was one worth that's only the second lot in off of Valley?

The list price of $2.795M was not really a price, but a shrug, and an invitation. We don't really know what it's worth, they seemed to say. Come and get it!

(To be fair, the listing agent accurately predicted the sale price of $3.000M, which came after multiple offers.)

So it looks like the answer about the Valley-proximity question is that the discount from a prime interior lot was around 15%.

2507 N Valley Drive Manhattan Beach CAOne new escrow we found interesting was at 2507 N. Valley (4br/4ba, 2825 sqft.), partly because it's a home Dave sold a few years ago. (In April 2013, to be exact. Here's the sold listing [$1.885M]).

They came out at $2.450M this year and, for weeks, nearly had that price tier to themselves. But it wasn't selling, so they began making significant cuts to draw attention.

The first cut was $75K after 3 weeks. The next, much bigger at $125K after another month. At $2.250M, this was a lot of house for the money, and virtually the only home of roughly the same size west of Sepulveda under $2.5M. That last cut got it done.

We'll also not that the big new corner Cape Cod at 1901 Palm (5br/7ba, 4750 sqft.) also made a deal during this period. While they started very ambitiously there at $5.500M, the listing had cut to only $5.099M when a buyer came ready to sign.

Here's the rest of our local real estate market update report for the period ending 4/15/18:

  • 102 active listings as of 4/15/18 (+26) 
  • 79 SFRs (+24)
  • 23 THs (+2)

See the inventory list as of 4/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 19 actives (+1)
  • Sand Section: 52 actives (+7)
  • Hill Section: 12 actives (+6)
  • East MB: 19 actives (+12)

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 4/15/18."

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