MB Market Update for 4/3/17

By Dave Fratello | April 4th, 2017

The pace of sales seems to slightly exceed that of new listings these days, with inventory dropping below 100 for a while last week. We saw it as "low" as 94.

However, at the time of our MB Market Update snapshot (a tad late, 4/3 instead of 4/1), inventory was up slightly over our mid-March update at 102 citywide.

So it is at a time of year when sellers want to get listings out there, and buyers are plenty active, too.

Maybe most notable is the net drop in inventory for the Tree Section. Our busy suburbs west of Sepulveda show 20 active listings, down 8 from mid-March. And this is at a time when each day brings a new listing in the Trees. That's a healthy pace of absorption.

719 19th Street Manhattan Beach CASome quick sales in the Trees have also been big-dollar ones. None bigger than 719 19th, an enormous new-construction home (6br/8ba, 5870 sqft.) on a larger-than-typical corner lot (6250 sqft.).

That extra-large beauty got snapped up right away reasonably close to asking price, for $6.500M cash (ask was $6.799M).

It's only the 4th-ever Tree Section home sold for $6M or more. And wouldn't you know it, all were in 2015-17. The others:

621 13th (4br/5ba, 5650 sqft.) at $6.150M (May 2015),

3305 Pine (2-home "compound") at $6.750M (April 2016), and

528 15th (6br/7ba, 6025 sqft. new construx) at $6.800M (June 2016).

2512 Palm Avenue Manhattan Beach CAIn this period, other quick sales in the Trees included new construction at 2512 Palm (5br/6ba, 3350 sqft.), which was determined not to sit around on the market, so they priced low ($2.995M) and sold immediately over asking ($3.200M).

1904 Walnut (5br/4ba, 3050 sqft.), listed as "French Country" style in 2003 when new, but recast as a modern Spanish before this year's sale. Asking $2.899M, they took a 5% lower offer and closed it super quick for $2.740M.

That 1904 Walnut sale is an interesting barometer for Tree Section remodels, of which there are a few out there on the market now. For a pretty good location near schools, etc., for a totally redone home, they were in the mid-2.7s. Noted. (Also noted: Not the largest home in the area < 3100 sqft.)

Two more dated/out of style homes also sold in this period.

3008 Elm Avenue Manhattan Beach CA3008 Elm (5br/6ba, 3225 sqft.) is a Mediterranean built in 2005, with all of the expected flourishes of homes built at that time: travertine flooring, ornate details like columns, frilly stair railings and dark wood cabinetry in the kitchen, and so on. Perfectly fine if that's your style, but increasingly, homes in this style are getting reworked like 1904 Walnut. Last year, they sought $2.699M, dropped it to $2.599M this year and finally closed it up at $2.473M.

A very similar product, 2509 Walnut (5br/5ba, 3150 sqft.), a 2007 Mediterranean, is in escrow now with a list price of $2.599M.

709 27th Street Manhattan Beach CAMeantime, 709 27th (4br/3ba, 3150 sqft.) is a 1980s build on a nice block that had some updates but is about to get a rather major overhaul to bring it current. Sold for $2.500M

Here's the rest of our local real estate market update report for the period ending 4/3/17:

  • 102 active listings as of 4/3/17 (+2 from 3/15/17)
  • 90 SFRs (+1)
  • 12 THs (+1)

See the inventory list as of 4/3/17 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 20 actives (-8)
  • Sand Section: 48 actives (+2)
  • Hill Section: 13 actives (+4)
  • East MB: 21 actives (+4)

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 4/3/17."

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