MB Market Update for 8/1/16

By Dave Fratello | August 2nd, 2016

Relief.

201 Larsson Street Manhattan Beach CAThat can only be the feeling for the seller at 201 Larsson. And for neighbors.

This corner-lot property has been listed for sale on and off in parts of 7 years (2004, '09, '10, '11, '12, '15 and now '16). Only this year did they finally consummate a sale.

List price in November 2015: $3.399M

Sold price in June 2016: $2.400M.

It took a long time to hear what the market was saying, but there it was, finally. (FYI, the sale occurred in June, but only posted to the MLS in late July, which is why we are mentioning it now.)

There is so much going on in the market now worth a comment, it's almost beyond the scope of one market update.

But we have to mention this: That growing-inventory problem? That epic high peak hit less than two weeks ago?

Over.

This is why we write things down, folks. This way, you can follow the story, and remember the details.

On Friday, July 22, MBC posted "Wow, 141," which was a brief note about how inventory had hit 141.

Tuesday morning this week, inventory is at 114, a drop of 27 listings. That's a reduction of 19%. Almost all of that drop is attributable to absorption, i.e., sales/new escrows.

3312 Poinsettia Manhattan Beach CAThe greater number of these new sales came on listings priced under $2.0M, which make up the lower one-third of the market.

But there are big exceptions to that: Tree Section new construction at 3312 Poinsettia (pictured; last at $3.299M), Martyrs-area new construction at 527 14th (last at $5.499M), a newer Hill Section 'Beach Plantation' on an alley at 931 Boundary Place ($2.999M) and a 2000-built Mediterranean at 1227 6th (list: $2.649M).

So much for the "Dog Days of Summer." Looks more like the dogs are out feasting. Are buyers sensing the opportunity in the market and pouncing? How did they decide to do so all of a sudden?

Here's the rest of our local real estate market update report for the period ending 8/1/16:

  • 118 active listings as of 8/1/16 (-15 from 7/15/16)
  • 102 SFRs (-14)
  • 16 THs (-1)

See the inventory list as of 8/1/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 28 actives (-6)
  • Sand Section: 37 actives (-7)
  • Hill Section12 actives (-1)
  • East MB41 actives (-1)

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 8/1/16."

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