MB Market Update for 8/15/17

By Dave Fratello | August 16th, 2017

 Just one year ago, Manhattan Beach real estate inventory was at 112. Mid-August 2017, we're at 114.

The biggest dropoff since last year: East Manhattan, where there were 32 listings last year, but only 19 now.

The biggest bulge: the Sand Section, where inventory's now up to 61, against 38 last year (+61%).

132 16th Street Manhattan Beach CAThe Sand Section did boast some (*some*) of the biggest action in this most recent market update period, with a closed sale at 132 16th (4br/5ba, 4050 sqft.) at $8.000M.

Yet that sale carried disappointing news at the same time. It's not the same house as the next-door neighbor, 200 16th, which sold new in Feb. 2016 for $9.000M. And yet, it sold for considerably less just 18 months later.

At first, that high sale at 200 had inspired the sellers at 132 16th to shoot the moon. They tried at $10.499M, down to $9.899M, last year, before changing in May this year to $8.499M and selling lower still.

So, instead of beating the neighbor's record, they sold $1M lower. Neighbors may not like to see this.

3420 The Strand Manhattan Beach CAMeantime, the Sand Section saw a Strand closing: A likely land-value sale at 2400 The Strand at $11.900M (sale data not posted online), along with a new escrow (only 2 months in) at marvelous 3420 The Strand (5br/6ba, 5550 sqft.) (pictured), last asking $16.500M. Those top-tier properties don't often sell quickly, but there it went.

Of course, in this first part of August, almost all "biggest sales" stories are simply blown away by the $20.000M sale of triple-lot 814 Pacific in the Hill Section. (See more in "Just a Couple $20M Sales.")

Market seasonality is such that August is generally a quieter period, the calm before an expected run in the market in September/October. We've got clients looking ahead to that period both to see more inventory (yes, more) and more active buyers.

In a year that's outpacing recent years for sales totals, both of those hoped-for post-Summer phenomena - more listings and more buyers - are possible.

Buyers have been making quick work of what has been offered over these past several weeks.

We saw 17 new escrows in the first 15 days of the month of August. That's more than one a day. And consistent with the year-long pace of sales in MB.

Every listing to go into escrow in East Manhattan in the first half of August had less than 3 weeks on market - less than 2 in many cases:

East Manhattan Beach Newly Pending Sales

ADDRESSBD/BASQFTLOTPRICE$PSFDOMSTART $START
5 Marin Court 2/2 1465 1653 $1,075,000 $734 16 $1,075,000 07/27/17
1336 2nd Street 3/2 1223 5001 $1,550,000 $1,267 11 $1,550,000 08/03/17
1467 3rd Street 5/5 4472 7466 $2,750,000 $615 13 $2,750,000 08/01/17
1344 19th Street 4/3 3148 7001 $2,350,000 $747 18 $2,350,000 07/27/17
1330 21st Street 4/2 1796 7499 $1,650,000 $919 3 $1,650,000 08/02/17
1407 23rd Street 4/2 1987 7014 $1,925,000 $969 11 $1,925,000 07/25/17
1270 Bryant Place 4/2 1888 7677 $1,799,999 $953 5 $1,799,999 07/27/17

That kind of quick absorption goes against the rule of a "slow Summer" market.

Good news for those who chose to list in this awkward time.

With public schools ready to start in a week, we're getting ready to see even more news from the market.

For now, here's the rest of our local real estate market update report for the period ending 8/15/17:

  • 114 active listings as of 8/15/17 (+1)
  • 89 SFRs (-11)
  • 25 THs (+12)

See the inventory list as of 8/15/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 25 actives (+1)
  • Sand Section: 61 actives (+5)
  • Hill Section: 9 actives (flat)
  • East MB: 19 actives (-5)

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 8/15/17."

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