Median Home Price Hits New Peak

By Dave Fratello | April 5th, 2020

It may come as a surprise now, but Manhattan Beach has just crested at its highest-ever median home price.

As of March 31, the Manhattan Beach median price was at $2.410M, the highest point ever since the median first hit $2.400M in October 2018.

This is actually a bit of a bounceback after the median ended 2019 lower, the first time that the year-end median had dropped in 9 years. (See "Median Price Down 2% in 2019.")

Way-back-when in December, the median was at $2.351M.

Keep in mind, on our chart here, every median price point on the chart is calculated based on a rolling 12 months' worth of sales. And as you can see on this chart, the number simply has never been higher.

We'll call this a bright spot, even while no one has a clue what's next for the real estate market. We're going to need some sales to have a median price to talk about, right?

1632 Mathews Avenue Manhattan Beach CAWorth noting: The "median home" in this case is 1632 Mathews (4br/4ba, 3000 sqft.), an East MB custom Spanish-inspired remodel with a pool.

It sold in June 2019 for that median price: $2.410M, a simple $11K markup over asking in a quick sale.

Just looking at the 59 sales within Q1 2020, you would spot the median at $2.300M, with yet another East MB Spanish-inspired remodel at 2112 Magnolia (4br/3ba, 2550 sqft.) playing the role of "typical" middle-of-the-road sale.

During the quarter, 56% of homes sold under the level of the 12-month median, with 10 homes sold from $2.400-$3.500M, 10 more between $3.500-$5.000M, and 6 sales over $5.000M.

We'll have a bigger tranche of data coming up later this month, updated through the end of Q1. Watch for that.

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