MB Market Update for 6/15/19

By Dave Fratello | June 18th, 2019

As we enter Summer, we're looking forward to vacations, Summer School, junior guards, and finally figuring out what is supposed to happen with some of the lingering inventory in Manhattan Beach real estate.

We're 1/3rd over the inventory pace of both 2017 and 2018, with 136 listings on the market as of June 15.

And 45% of those active listings are priced over $3.500M (61 out of 136).

That fact remains amazing, inasmuch as 2018 saw just 21% of total sales coming in over $3.500M.

But, we're trying not to be too alarmed, because this is the third straight year with such a high proportion of active listings midyear priced over $3.5M. (See "Is MB Inventory Often 'Top-Heavy?", in which we brazenly violate Betteridge's law of headlines - for the answer to the question was, "yes.")

We often focus on new closed sales in our twice-monthly updates, but instead let's look at the newest deals to be made in that $3.5M+ category:

1643 8th Street Manhattan Beach CA1643 8th (5br/6ba, 4835 sqft.) is new construx in East MB that was once aiming to be the first with a good chance to sell over $4M.

But that was back in April. Though they got a quick deal at one point, it didn't pan out and 1643 8th came back, still at $4.199M.

Then 2 more $4M+ listings emerged and found buyers.

1320 9th (6br/7ba, 4900 sqft.) came out at $4.250M, got an immediate offer and has already closed for full asking price.

Then 1755 8th (5br/8ba, 4835 sqft.) returned to market after a hiatus, asking $4.550M, and is now in escrow.

Now, at last, 1643 8th has joined it, with a deal inked this week.

1450 23rd Street Manhattan Beach CAAlso making a deal recently was 1450 23rd (5br/7ba, 4750 sqft.), a nearly new (2017) home with all the features and wow factors of modern construction.

In July 2017, this one closed for $3.383M.

It has been asking $3.799M (+$416K/+12%) since late April.

With less than 2 months on market, they're in escrow.

And it was hard not to love a walkstreet home west of Highland that's the top sale in the last 2 weeks. (Well, new escrow.)

220 16th Street Manhattan Beach CAThat's 220 16th (5br/4ba, 2700 sqft.), which at one point was 1 of 3 west-of-Highland walkstreet listings that were "less than full sized," meaning far below the 4000-ish sqft. maxes for new homes.

Asking $5.499M, it was actually the least-pricey of this small sub-class of homes. The 1960s original sported a 1980s/90s remodel plus recent upgrades. It's got a nifty deck with views of the pier just off the living spaces.

As 220 16th proceeds under contract, its competitors at 132 17th (3br/2ba, 1950 sqft., asking $5.995M) and 121 20th (4br/4ba, 2700 sqft., asking $7.985M) remain.

Here's the rest of our local real estate market update report for the period ending 6/15/19:

  • 136 active listings as of 6/15/19 (+7 from 5/31/19) 
  • 108 SFRs (+5)
  • 28 THs (+2)

See the Inventory list as of 6/15/19 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 29 actives (+3)
  • Sand Section: 67 actives (+5)
  • Hill Section:19 actives (+3)
  • East MB: 21 (-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 6/15/19."

Please see our blog disclaimer.

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