MB Market Update for 9/15/18

By Dave Fratello | September 19th, 2018

We enter a period of the year where you should expect more listings and action.

So far, inventory is holding mostly flat, even with new listings, meaning buyers are stepping up.

Let's take a quick look at one notable sale. (You can see more in our latest pending/sold report.)

425 2nd Street Manhattan Beach CAIf you know MBC, you know we love the South End of the Sand Section, and a new home down south now draws our attention as a healthy recent sale.

That's 425 2nd (5br/6ba, 4130 sqft.), with a custom design that makes the most out of the location to deliver private and open spaces.

Though not on a walkstreet, the home has a (sunken) private front patio off of a den, plus a large outdoor room off the living room on the middle level, and a more-than-ample deck off of the master up top. That's a major commitment to outdoor living. Nice.

At $5.575M, this one is barely a tick below two other conventionally sized South End SFR sales east of Highland, but not on walkstreets: 81 Morningside (5br/6ba, 4250 sqft.) at $5.650M in March this year (and now back on market), and 500 4th (5br/5ba, 4175 sqft.) at $5.600M in Feb. this year.

Two other South End new homes sold in 2016 were at $5.250M and $5.350M.

If it seems like we're narrowing the criteria too much to draw comparisons, that's not really so. South of the pier and west of Highland is its own, special world. Ocean views. Big dollars.

East of Highland, you'll find townhomes and family walkstreet homes. The walkstreet homes draw a big premium over non-walkstreet homes. So to compare like to like, we need these other off-walkstreet homes for comparison's sake.

3604 Walnut Avenue Manhattan Beach CAAnd just for sake of making a record of this, we note that on 9/18/18, a Tree Section new construction home at 3604 Walnut (5br/5ba, 3250 sqft.) has come to market at $3.250M.

The home is advertised in the description as "new 2018 California coastal construction" and the build date is given as 2018 in the MLS.

This would be typical of new construction.

Here's the rest of our local real estate market update report for the period ending 9/15/18:

  • 99 active listings as of 9/15/18 (+1 from 8/31/18) 
  • 74 SFRs (+3)
  • 25 THs (-2)

See the Inventory list as of 9/15/18 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

  • Tree Section: 16 actives (+1)
  • Sand Section: 47 actives (+1)
  • Hill Section: 11 actives (-1)
  • East MB: 25 (flat)

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 9/15/18."

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