Median Price Down 2% in 2019

By Dave Fratello | January 7th, 2020

What goes up... doesn't necessarily keep going up.

So it was with the median home price in Manhattan Beach in 2019.

Every year for 9 straight years (2009-18), the median price rose, sometimes drastically, other times mildly.

Now, at $2,351,000, the median is down at year end for the first time since a steep drop from 2008-09.

It's just a 2% drop from 2018's record high of $2,400,000

And we're looking at a number that is $2,000 higher than the 2017 high. That means, even with this past year's mild drop, the median price still marked its second-highest year-end total ever.

Alert readers here at MB Confidential have had plenty of warning.

At midyear, we posted "Median Price for MB Dips Mildly," at a time when the median price was at $2,350,000. (That was for the 12 months ending June 30, 2019.)

And in our Q3 MB Market Report, our conclusions chapter led with the observation that prices were "flat."

We'll be revisiting that report and some of its indications, because the 4th quarter saw a serious bounce here in Manhattan Beach.

However, that bounce didn't apply to the median price. At the end of Q3, it was back at $2.395M, almost even with the start of the year. So that number had dropped again by year end.

As you can follow in the chart below, showing just 2018-19 data, the median bounced around a bit before settling at this slightly lower point for the year. (Roll over the points for monthly figures. Email subscribers will need to view this post in a browser to see the second chart.) Each data point in the chart shows the median for 12 months' worth of sales leading up to the end of that month.

 

Whatever's next, we do have a first for recent years: An actual drop in prices for MB.

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