MB Market Update for 6/15/16

By Dave Fratello | June 17th, 2016

Looking at a couple of recent sales, East Manhattan values seem to be holding up pretty well, despite burgeoning inventory citywide.

1160 9th Street Manhattan Beach CALook at 1160 9th (5br/4ba, 4200 sqft.), a 90s Mediterranean with modest upgrades on a corner lot.

You get more for the money in East Manhattan, and this one proves the rule: $2.455M and $585/PSF. (Lot size for this one is just shy of 6000 sqft.

And there was a comparably sized 2002 Mediterranean at 1430 21st (5br/6ba, 3900 sqft.) on a full-sized (7500 sqft.) lot that sold in this period for $2.660M and $684/PSF.

We count 9 basically similar sales in all of 2015: Homes of 90s or early-2000s vintage, 4-6br, around 4000 sqft. +/- a few hundred sqft., mostly on 7500 sqft. lots. All of those sales last year between $2.500M-$2.900M, heavily concentrated in the $2.500-$2.600M range.

1147 3rd Street Manhattan Beach CAThese 2 most recent sales make for 6 that we can call similar this year. Both the sales pace and price ranges for these sorts of East Manhattan resales seems to be in line with last year's figures. In addition to the sales referenced above, we've seen these four:

1147 3rd (6br/4ba, 4250 sqft.) at $2.650M and $621/PSF [pictured]

1321 5th (4br/4ba, 3500 sqft.) at $2.450M and $700/PSF.

1813 3rd (5br/5ba, 3600 sqft.) at $2.525M and $700/PSF.

1305 11th (5br/4ba, 3700 sqft.) at $2.275M and $616/PSF.

Now, this is not to say everyone selling in East Manhattan has gotten the job done.

There are still 6 active listings east of Sepulveda that would match our criteria. Three have only been on market about a month, and 2 are over 6 months. They're almost all priced around $2.800M+, a notch above most of this year's actual sale. So they may have some things to work out.

Here's the rest of our local real estate market update report for the period ending 6/15/16:

  • 122 active listings as of 6/15/16 (+7 from 6/1/16)
  • 105 SFRs (+7)
  • 17 THs (same)

See the inventory list as of 6/15/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section32 actives (+1)
  • Sand Section40 actives (-2)
  • Hill Section14 actives (+2)
  • East MB36 actives (+6)

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 6/15/16."

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