For the first time ever, the median price for Manhattan Beach homes has hit $3 million.
It happened at the end of November 2021, in data spanning the full 12-month period leading up to this landmark moment.
Manhattan Beach home prices have rocketed up for much of the past year, as we have chronicled, for instance, when the median hit $2.800M (see "Median Price to the Moon," from June) and later $2.900M (see our end-of-July market update).
It's all a remarkable bounceback after pandemic shutdowns hit the market hard in Spring 2020.
Way-back-when, in May 2020, the median price was $2.500M for a 12-month period.
The Manhattan Beach median home price is up 20% since May 2020, just 18 months ago.
It's up 15% year-over-year.
And, hey, enough with this talk about the market cooling, or moderating, or slowing.
If you're going to say that (and we keep hearing it), it needs to be about data, not wish fulfillment, and you can't be ignoring things like seasonality (this is a slow time of year) and constrained inventory (there is nothing for sale!).
Oh, actually, right here, in this "slow time of year" with "constrained inventory," the second half of November 2021, we just saw more new purchase contracts inked than in any comparable period going back to at least 2013.
The 20 new deals reached on Manhattan Beach properties from Nov. 16-30 is notably higher than almost every year from 2013-2019, where 10-13 deals were more common. Hotshot 2020 had 17 deals in this period, but 2021 has just beaten it.
In the Tree Section in this period, we saw $19.2 million worth of listings go into escrow, in the Sand Section, $35.5 million, Hill Section, $8 million and East Manhattan, $13 million. (All those new pending sales and closed sales are linked from our market update spreadsheet.)
With 17 new deals in the second half, this means November 2021 is also a near-record-holder for purchase contract action, with its 33 total new escrows in the month beating the Novembers of 2014-2019 by 7-17 deals, edging out November 2013's 32 deals and second only to November 2020's total of 38.
We keep saying this, but for 2021 to meet or beat records for new deals and total sales over prior years is quite remarkable, given the lower inventory we've seen yearlong.
There were 526 closed sales of homes in Manhattan Beach in the 1-year period ending Nov. 30, just less than the 540-odd rate we saw in Summer months, but far, far higher than in any recent period. (We charted that data in this early-November post.) Pinched supply has not negatively impacted sales totals, but it simply must be a factor in the 20% rise in prices over 18 months.
Now, if you're concerned that these trends can't continue, you're right. At some point, you'll be right.
First, you'll need to see a material change in conditions, especially interest rates or inventory. Or some kind of mass buyer boycott, if everyone wants to get together and say "enough."
Seriously, there are several factors driving Manhattan Beach's real estate market that rhyme with what's driving the whole market crazy regionally and nationally, but we have a few different factors, too, especially those surrounding the fact that our town is highly desirable for second homes.
For now, no, we're not slower, we're not lower, we're still seeing something amazing happen around us.
Here's the rest of our local real estate market update report for the period ending 11/30/21:
> 35active listings as of 11/30/21 (-12 from 11/15/21)
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 24th, 2023 at 5:31pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
For the first time ever, the median price for Manhattan Beach homes has hit $3 million.
Oh, actually, right here, in this "slow time of year" with "constrained inventory," the second half of November 2021, we just saw more new purchase contracts inked than in any comparable period going back to at least 2013.