Median Prices Through Q3: Up, Again

By Dave Fratello | October 8th, 2018

Manhattan Beach home prices have continued their unrelenting climb through 2018.

manhattan-beach-median-home-price-Q3-2018Our latest quarterly check-in on the Manhattan Beach median price finds another new high: $2,395,000.

We were startled to see the figure hit $2,349,000 for the full year of 2017, a jump of 13% over 2016. (See our post from Jan. 2018 with that data; or this cover story featuring Dave's data in the Easy Reader.)

We were basically ready to see the median-price figure hit $2,370,000 at mid-year this year.

So what's another $25K anymore?

As our chart notes, every median-price figure we report compiles a full year's worth of data. Hence, the year-end 2017 median price captures all of 2017, while the mid-year data here in 2018 covered July 1-June 30 of each year.

Our latest chart covers Oct. 1-Sept. 30 to capture a full 12 months.

Now scratching at $2.4M, the Manhattan Beach median home price is (again) at its highest point ever.

If there's talk of a slowdown or weirdness in the market these days (there is), you have to base that largely on anecdotes. The data continue to portray a rising market.

Where there is a slightly negative indicator, it is in the total number of sales of homes in Manhattan Beach.

Just last week we reported sales totals for Jan. 1-Sept. 30 for each of the past several years. (See our MB Market Update for 9/30/18.) We saw a dropoff in sales year-to-date this year compared to what we called "the sugar-high year of 2017," but otherwise strong numbers.

Exactly the same can be said of the 12-month data.

It was an 8% decline year-over-year from Jan. 1-Sept. 30, and it's an 8% decline year-over-year looking at Oct. 1-Sept. 30.

Looks like that extra dose of sugar in 2017 was worth an 8% boost in sales, eh?

Just as we said for the Q3 data last week, the sales total so far remains the second-best out of the past 5 years, so we're not exactly flopping around here in MB quite yet.

As a reminder, last week we found that Q3 2018 (July 1-Sept. 30) actually recorded more newly pending escrows than Q3 2017. So while actual, closed sales lag a bit, the pace of sales as measured by new deals is actually up here recently.

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