MB Market Update for 9/1/16

By Dave Fratello | September 2nd, 2016

Dear reader, how often do you write down your predictions?

Two months ago, as Summer dawned, here at MBC we suggested that MB real estate inventory could only go up for the next couple months. The citywide number of homes for sale had just hit 131, another recent high. We printed the following Q&A:

     Q: Do you think it will go higher?

     A: It's Summer. It's got to go up. The current higher-inventory trend began in August last year.

And for two solid weeks, we were right. Soon, inventory was at 141.

Then, as you see in our chart here, the bottom fell out of local inventory... almost literally, as most sales that drained the market have been under $2M.

So there are two ways to look at that very notable two-month downtrend.

One: Thanks to sales, inventory is less overloaded than before. There's health in the market.

Two: Awww jeez, we are still 63% higher than last year. It's not exactly slim pickin's.

This week is quiet for new listings, but we have a couple of months of the Autumn market coming right after Labor Day. Should be interesting times. (Note that we didn't say "Fall market," which sounds too much like "falling market," which is the sort of thing that just gets everyone upset. Also, we're not going out there with any new predictions right now.)

The last half of August was notable for a coincidence of sorts. Three homes on 11th Street in East Manhattan all closed during this period:

1421 11th Street Manhattan Beach CA1421 11th (3br/2ba, 1500 sqft., 6500 sqft. lot) (pictured) is a mostly original ("well cared for") 1960 cottage, which came out at $1.549M but sold for $1.385M (-11%).

1301 11th (3br/1ba, 1050 sqft.) is a smaller 1950s cottage on a smaller lot (~5300 sqft.), but sharply updated inside. Nice. Sought $1.249M. Got $1.205M.

1247 11th (3br/2ba, 1700 sqft.) sold immediately with multiple offers in mid-July (echoes of the past, or the future?) when offered at $1.549M; it just closed for $1.575M

Here's the rest of our local real estate market update report for the period ending 9/1/16:

  • 108 active listings as of 9/1/16 (-4 from 8/15/16)
  • 91 SFRs (-6)
  • 17 THs (+2)

See the inventory list as of 9/1/16 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section27 actives (-2)
  • Sand Section34 actives (-4)
  • Hill Section13 actives (same)
  • East MB34 actives (+2)

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 9/1/16."


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