New Construx Sales Dipped Slightly in '18

By Dave Fratello | January 30th, 2019

An 8-year new construction boom in Manhattan Beach continued strongly last year.

With 54 sales of newly built homes, the city hit its second-highest total since 2011.

manhattan-beach-new-construction-home-salesBut, as was so often the case with 2018 real estate data, last year didn't quite hit the peaks that 2017 had hit.

The #1 year for new construction sales was 2017, with 61 sales.

(As is typical, we rely on MLS-reported data here. Many new construction homes sell pre-market, during construction, although most are also reported on the MLS after closing. But some transactions do stay private.)

This makes for 258 new construction sales in the 8-year span we're studying.

There wasn't much new building in 2009-2010, so we didn't record data from then.

We did scrutinize the MLS data closely to eliminate duplicates and major remodels sold as "new" when the homes weren't truly new. So that 258 figure is reliable.

We can actually observe that 60% of all new homes sold in the last 8 years were sold in just the past 3 years: 2016-18.

That's kinda neeto, but also significant: It took a while for the market to stabilize, for builders to start buying lots and building and for homes to come to market. It's an 18-month to 24-month lag from lot to new house.

1721 8th Manhattan Beach CASo, you can say market supply spooled up gradually and still found plenty of demand. (Pictured here is 1721 8th, which set a record for East MB new construx at $3.950M.)

Buyers want new construction, but with that lead time built into the process, one question is how much longer builders and investors will keep starting new projects.

Lots are pricey now, but builders are still getting land when they can. And there are several new homes lined up to come out early this year.

Will we hit 50 sales again this year, though? Not sure there's that much supply coming.

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New Construction Homes Sold in Manhattan Beach in 2018

Below are most of the new homes sold in 2018; our system stops the display at 48 solds. (Sorry!)

(email subscribers will need to view this post online to see the listings)

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 714 N Dianthus Street BD/BA 5br/5ba SQFT 3573 sqft LOT 5161 PRICE $3,750,000 $PSF $1,050 DOM 43 DOM SOLD SOLD 12/14/18 START $ $4,195,000 START 12/14/18
Address 513 Longfellow Avenue BD/BA 5br/6ba SQFT 5128 sqft LOT 4014 PRICE $4,275,000 $PSF $834 DOM 270 DOM SOLD SOLD 12/10/18 START $ $5,349,000 START 12/10/18
Address 2412 Manhattan Avenue BD/BA 4br/4ba SQFT 2480 sqft LOT 3495 PRICE $4,250,000 $PSF $1,714 DOM 94 DOM SOLD SOLD 11/30/18 START $ $4,799,000 START 11/30/18
Address 444 28th Street BD/BA 3br/4ba SQFT 2440 sqft LOT 1549 PRICE $3,050,000 $PSF $1,250 DOM 97 DOM SOLD SOLD 11/28/18 START $ $3,399,000 START 11/28/18
Address 665 19th Street BD/BA 5br/7ba SQFT 3598 sqft LOT 4398 PRICE $4,125,000 $PSF $1,146 DOM 17 DOM SOLD SOLD 11/15/18 START $ $4,250,000 START 11/15/18
Address 856 14th Street BD/BA 5br/6ba SQFT 3500 sqft LOT 5014 PRICE $3,707,000 $PSF $1,059 DOM 6 DOM SOLD SOLD 11/06/18 START $ $3,695,000 START 11/06/18
Address 1653 3rd Street BD/BA 4br/4ba SQFT 2328 sqft LOT 7504 PRICE $2,035,000 $PSF $874 DOM 85 DOM SOLD SOLD 11/02/18 START $ $2,275,000 START 11/02/18
Address 440 24th Street BD/BA 4br/4ba SQFT 2755 sqft LOT 3382 PRICE $3,175,000 $PSF $1,152 DOM 76 DOM SOLD SOLD 10/29/18 START $ $3,375,000 START 10/29/18
Address 1446 18th Street BD/BA 5br/6ba SQFT 4712 sqft LOT 7022 PRICE $3,850,000 $PSF $817 DOM 79 DOM SOLD SOLD 10/24/18 START $ $4,075,000 START 10/24/18
Address 876 11th Street BD/BA 5br/6ba SQFT 4143 sqft LOT 6005 PRICE $3,925,000 $PSF $947 DOM 53 DOM SOLD SOLD 10/24/18 START $ $4,295,000 START 10/24/18
Address 124 38th Place BD/BA 3br/4ba SQFT 1920 sqft LOT 1353 PRICE $2,760,000 $PSF $1,438 DOM 92 DOM SOLD SOLD 10/19/18 START $ $3,099,000 START 10/19/18
Address 532 21st Street BD/BA 5br/5ba SQFT 4336 sqft LOT 3512 PRICE $4,900,000 $PSF $1,130 DOM 193 DOM SOLD SOLD 10/15/18 START $ $5,499,000 START 10/15/18
Address 1721 8th BD/BA 6br/6ba SQFT 4480 sqft LOT 8750 PRICE $3,950,000 $PSF $882 DOM 0 DOM SOLD SOLD 10/10/18 START $ $3,999,000 START 10/10/18
Address 130 19th Street BD/BA 4br/5ba SQFT 4200 sqft LOT 2698 PRICE $8,085,000 $PSF $1,925 DOM 22 DOM SOLD SOLD 10/09/18 START $ $8,599,000 START 10/09/18
Address 443 23rd Place BD/BA 3br/4ba SQFT 2460 sqft LOT 3382 PRICE $2,800,000 $PSF $1,138 DOM 44 DOM SOLD SOLD 09/26/18 START $ $2,975,000 START 09/26/18
Address 425 2nd Street BD/BA 5br/6ba SQFT 4130 sqft LOT 2704 PRICE $5,575,000 $PSF $1,350 DOM 1 DOM SOLD SOLD 09/06/18 START $ $5,650,000 START 09/06/18
Address 1904 Palm Avenue BD/BA 5br/5ba SQFT 3600 sqft LOT 4482 PRICE $4,100,000 $PSF $1,139 DOM 76 DOM SOLD SOLD 08/24/18 START $ $4,350,000 START 08/24/18

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