MB Market Update for 5/31/18

By Dave Fratello | June 6th, 2018

OK we're a few days into June already, but we do want to catch up on data from the second half of May.

Inventory is really fluctuating week to week these days. Plenty of sales and listings are coming in bursts.

So in mid-May, we were at 100, end of May at 91, and back up to 97 again as of Weds. morning.

As a general rule, we expect new inventory to slow down for Summer, but we'll see.

Looking at recent sales, there are two big ones in the Hill Section and another newly pending.

100 N Dianthus Street Manhattan Beach CAThe question with the big corner-lot custom-built home at 100 N. Dianthus was whether a buyer might prefer just the lot (~9400 sqft.) or would appreciate the house, also, and try to update and rehabilitate it.

Turns out: It's a land sale. At $6.362M.

The large home will come down and be replaced by something more modern. It's happening all over the Hill.

Right near downtown, new construction at 524 11th (6br/7ba, 6250 sqft.) was pre-sold off-market and just closed for $7.307M.

This is all after an earlier sale in May at 621 8th (4br/5ba, 4850 sqft.) for $7.100M.

And a new escrow during this period has just opened up at 218 N. Dianthus (4br/5ba, 6100 sqft.), a 2007-built, 2009-sold, vast custom Mediterranean. It was last at $5.995M.

304 N Ardmore Avenue Manhattan Beach CAAnother new escrow opened up at 304 N. Ardmore, more new construction (5br/6ba, 6350 sqft.) asking $7.199M.

So, wow.

It's like the Hill Section could have its own update.

The most notable sale in the Sand Section was a 90s townhome with some upgrades at 616 Highland (3br/4ba, 2125 sqft.) at $2.699M, or $200K below start.

Two Tree Section new construction homes also closed during this period.

One was 705 27th (5br/5ba, 3350 sqft.) at $3.825M. No basement at that one, but a prime location and a truly different floorplan and style. Nice to see some differences rewarded.

And speaking of different...

1501 Elm Avenue Manhattan Beach CA1501 Elm (4br/5ba, 3150 sqft.) was a spec home but built very much in custom, modern style.

The split garages allow a central entry hallway that flows interestingly to the very open great room in back. The yard was fully built out/paved with outdoor kitchen and spa.

They asked "only" $3.175M, on the low end for new construction, and got most of that: $3.125M.

Here's the rest of our local real estate market update report for the period ending 5/31/18:

  • 91 active listings as of 5/31/18 (-9) 
  • 67 SFRs (-6)
  • 24 THs (-3)

See the Inventory list as of 5/31/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 15 actives (-1)
  • Sand Section: 51 actives (-5)
  • Hill Section: actives (-2)
  • East MB: 

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 5/31/18."

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