MB Market Update for 9/15/19

By Dave Fratello | September 20th, 2019

It feels very busy in the market right now, as suits the time of year.

We'll have stats to go by as the month rolls along, but we can say this:

- lots of new escrows since Labor Day

- many new listings (132 active as of Friday morn)

- our office is jamming, our days packed

Our mid-month data are all below.

Let's look at a few notable sales from the first part of September:

2306 Pacific Avenue Manhattan Beach CA2306 Pacific (5br/4ba, 3520 sqft.)

This is a 2001-built Cape Cod. Though appealing with a traditional great-room floorplan and open living room at the entry, the home was definitely "of its time," with maple flooring, and kitchen and baths asking politely for updates.

At first they reached high, listing for $2.779M and even making a deal fairly quickly. But after that didn't work, price cuts came and the listing marked 7 weeks on market.

It has closed now for $2.600M (-$179K / -6%).

The basic 4-5br 3000+ sqft. family home market in the Tree Section has been very active this year, with most resales settling in the $2.5-$2.8M range.

Early in the season, you may recall, Dave and the Edge team sold a 1985 original with substantial updates at 2104 Poinsettia (4br/3ba, 3000 sqft.) for $2.755M with multiple offers.

A 2004 Mediterranean at 1812 Elm (4br/3ba, 3000 sqft.) sold during this period for $2.534M.

1601 19th Street Manhattan Beach CAOn the east side, a 2001 Mediterranean on a corner at 1601 19th (4br/4ba, 2850 sqft.) sold for $2.199M.

It had launched notably higher at $2.359M and needed 60 days to find its level.

FYI, the home is not actually white. That's a doctored image featured in the listing.

As we noted in a recent post, "White, or Not?," the listing agents "have helpfully crafted a rendering of what the home might look like if you bought it, then hired painters to give it a once-over. A whitewash, if you will."

That's legal as long as the agents present a required caption on the photo in the MLS.

We thought it interesting to put 1812 Elm and 1601 19th side-by-side to note that these are very similar houses on similar lots, but one's east and one's west.

There's a 13% difference for essentially the same product, with a premium west of the highway.

We can recalculate a bit based on some other information. 1812 Elm was sold with no buyer agent commissions, equating to a market price with commissions of $2.599M. If we use that as the "sale price," the difference between east and west is 15%... exactly the "rule of thumb" we use when describing the rough discount for going east of Sepulveda.

Here's the rest of our local real estate market update report for the period ending 9/15/19:

  • 126 active listings as of 9/15/19 (+2 from 8/31/19) 
  • 101 SFRs (+2)
  • 25 THs (flat)

See the Inventory list as of 9/15/19 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 (+5)
  • Sand Section: 57 actives (-2)
  • Hill Section:16 actives (-2)
  • East MB: 25 (+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 9/15/19."

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