MB Market Update for 9/15/17

By Dave Fratello | September 19th, 2017

It was a busy Summer, but 2017 has continued a 2-year-long trend of much higher inventory. 

The Sand Section continues to soak up much of the blame, with inventory 50% or more higher than in recent years.

On our mid-September report, we found 122 listings in Manhattan Beach, 8 more than last year at the same time, and almost double the average of the prior 3 years.

As you see from our chart here, this year, MB avoided the kind of Summer bulge in inventory that was seen last year. Listings hit a peak of 133 in mid-July 2016, but the number was at only 115 at the same point this year.

But now we're a bit higher.

We won't have a ton of time to see what, exactly, it all means.

As you see clearly in the trendlines, inventory drops off quite a bit by mid-October each year. Right now, the inventory's good, and the gettin's good for buyers, but it will gradually calm down.

If you're a seller in general, but in the crowded Sand Section in particular, this is the time to hope for a deal, and to work to make it happen.

Some notable sales from the first half of September:

212 40th Street Manhattan Beach CAEl Porto continues to redefine normal with just another couple of $1.7-$1.8ish sales.

One at little 212 40th (3br/2ba, 1520 sqft.) is a charmer that people always seem to love. It got $1.800M.

Meantime, a 2-story, very well-updated standard El Porto duplex - converted to an SFR by making the lower-floor studio a master suite - at 121 Rosecrans Place came in at $1.750M. That one really has no views, except from standing on the roof.

We already raved here on the blog about the big corner-lot Cape Cod at 3420 The Strand, which hit $15.400M.

A couple other interesting walkstreet properties closed in this stretch.

212 7th Street Manhattan Beach CA212 7th (3br/3ba, 2275 sqft.) is unique in several ways.

It's technically a condo sharing a lot with a front unit on Manhattan Ave. While it's very, very dated, the buyer's going to want to keep it intact and remodel in place, because the views are truly helicopter-like from the existing structure. And it was built under old height-calculation rules, which - to make a long story short - allow this to be much taller now than a new structure would be.

Also curious: The most recent owner held it only several months, paying $2.750M off-market in December 2016. The resale now, at $3.850M, shows the potential benefits of going hunting for off-market deals, and perhaps the perils of selling without full market exposure.

121 35th Street Manhattan Beach CAAlso in the Sand, we've seen the fixer/lot sale at 121 35th on the market a couple of times since 2015. The closed sale at $4.700M is suggestive of land values for comparable 100-block locations.

And no, the North End is not showing greatly lower values than other parts of down.

Among a raft of sales in East Manhattan in early September, one of the more intriguing was on a street few probably knew existed.

1270 Bryant Place Manhattan Beach CA1270 Bryant Place is on a cul-de-sac with only a few homes right by the Mira Costa baseball fields.

The ranch-style, single-story house has sprawling front and side yards on a 7675 sqft. lot. It's not the most you could do with that plot, however. We're curious to watch what happens there.

Sold price for 1270 Bryant Place: $1.887M, an overbid from the $1.799M asking.

Here's the rest of our local real estate market update report for the period ending 9/15/17:

  • 122 active listings as of 9/15/17 (+7)
  • 96 SFRs (+8)
  • 26 THs (-1)

See the inventory list as of 9/15/17  here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 28 actives (+2)
  • Sand Section: 61 actives (+3)
  • Hill Section: 8 actives (+1)
  • East MB: 25 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 9/15/17."

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