MB Market Update for 6/15/18

By Dave Fratello | June 20th, 2018

So here's Summer for you. Traditionally, it's a time of year where the real estate market slows a bit, though there are always exceptions to the rule.

We'll get you full mid-year data in July (after June concludes), but in short, inventory now is almost exactly the same as this time last year, and the number of closed sales for the year is close to last year's pace, though lagging a bit.

In our twice-monthly updates, we like to pull up notable sales. And when one is Dave's, its blogger's privilege to start with that one.

1515 2nd Street Manhattan Beach CA1515 2nd (4br/3ba, 1900 sqft.) hit the market in late May, drew plenty of interest at $1.699M, followed by multiple offers and the opening of escrow 11 days after launch.

We did follow a conscious strategy of pricing the the property a bit low to be sure to get action on the property soon.

That worked, as it should in a healthy market. We'll hope to update you further on this one when it closes - should be next month.

That's a new escrow, not, strictly speaking, a new sale. Among the really notable closed sales this period:

1150 5th (4br/3ba, 2125 sqft.), a flipper remodel, single level home just east of Sepulveda, came out at $2.250M and drew multiple offers, settling $120K higher at $2.370M.

765 Manhattan Beach Boulevard Manhattan Beach CA765 MB Blvd. (2br/3ba, 1850 sqft.) was the first of 5 new units at the "gateway" to MB along MB Blvd. to close. Asking $2.145M to begin, it sold for $2.100M.

Soon after, the second in the complex closed: 757 MB Blvd. (2br/3ba, 1985 sqft.) at $2.000M. One of the two 3br units in the building is still available: 756 Center Place (3br/3ba, 2185 sqft.), asking $2.275M.

In the Tree Section, in one of the toughest locations available, spec builders put up a fairly glamorous modern home at 3605 Oak (5br/4ba, 3250 sqft.). People had a lot of trouble with the proximity to Rosecrans and being right across the street from the hotel. (We've shown it more than once, but for our folks it was a no-go.)

Price solves issues, however. After more than 330 days on market, including a change of agents, 3605 Oak has a new (first) owner, with the sale at $2.650M.

Maybe the most striking developments in the local market continue to be in the Hill Section.

Just look at the brief roster of most recent sales. That's 5 over $6M and really 3 of those near or over $7M.

And during this 2-week period, a monster sale at 612 John (6br/8ba, 7400 sqft.) occurred, with the listing making a deal within 2 weeks after coming out asking $13.700M.

Here's the rest of our local real estate market update report for the period ending 6/15/18:

  • 102 active listings as of 6/15/18 (+11) 
  • 75 SFRs (+8)
  • 27 THs (+3)

See the Inventory list as of 6/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 15 actives (-2)
  • Sand Section: 51 actives (+8)
  • Hill Section: actives (-2)
  • East MB: 23

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 6/15/18."

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