After the median price for Manhattan Beach homes dropped unexpectedly almost 11% year-over-year, from 2022 to 2023, it has flattened out over the first half of 2024. It has even begun to gently rise.
The median home price was $2.835M as of June 30, calculating based on 12 months' worth of sales. (All data points on the chart above are for 12 months.)
This midyear figure is an improvement over Dec. 2023's final figure of $2.800M, and a slightly larger tick up from the end of Q1 2024, when the median was down to $2.772M.
As our market makes a tentative recovery in sales totals, it seems that we're also seeing a tentative recovery in prices.
Reviewing Q1 data back in April this year, we noted "a pretty stable median price level" over recent months, but also "a hint of a warning" in then-current pending/sales data. At the time, substantially more homes were under contract below $3M than above that price. If that trend continued, the median price might keep slipping.
Instead, prices rose.
Here's a chart that provides a much "bumpier" snapshot of median prices based on 3-month periods:
What this chart says first of all is that after April 1, more homes at somewhat higher prices were selling. That dragged the median up. So much for that worry at the end of Q1 that more homes were under contract below the median. Spring was a cure.
The very quick rise toward the end of the chart may or may not foretell a big rise in other data later. The June figure of $3.250M represents the median for 75 sales in the Spring season (April 1-June 30). Meantime, the 12-month sample for June 30 covers 271 sales, or 3 1/2 times the number of sales from this more recent, sweeter period.
At least we can say it's clear that the most recent sales have moderately pushed up the market-wide data.
And we know from another recent analysis that substantially more homes today are selling in elevated price tiers ($3.5M+, $5.0M+) than was true as recently as 4-5 years ago. (See "Share of Sales Over $3.5M Has Doubled.")
In all, the data suggest a cautiously optimistic outlook for the next several months in Manhattan Beach real estate.
Please see our blog disclaimer.
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 December 2nd, 2024 at 3:36am PST. 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.
