The Disappearing Sub-$1M Sale in Manhattan Beach

By Dave Fratello | December 22nd, 2021

Two 2br condos built 40 years ago or longer were the only homes to sell in 2021 for less than $1M.

They helped show the trend: You almost can't find anything anymore in the city of Manhattan Beach for less than $1M.

Last year, 2020, there were 9 sales under $1M. (See "Lowest Priced Home Sales of 2020 in Manhattan Beach.")

This year's only 2 sub-$1M sales were:

1320 12th Street 2 Manhattan Beach CA1320 12th St. #2 (2br/2ba, 1257 sqft.) at $889K.

This unit is part of a 1974-built 6-unit complex. It had some nice remodeling.

The listing first emerged in Sept. 2020 at $950K, but hung around as the calendar flipped to 2021, selling lower after 4 months on market.

Not at all far away was the first runner-up for lowest-priced sale of the year, and the only other sale under $1M.

1334 12th Street A Manhattan Beach CAIt was 1334 12th Unit A (2br/2ba, 1621 sqft.).

They tried the opposite strategy with a listing that began in early February. Instead of pricing high to draw offers, they priced low.

$899K became $990K with just 4 DOM.

The truth is, the sub-$1M sale has been trying to go extinct for most of the last 5 years, but it just hasn't happened yet.

This year's 2 sales under $1M (there are none pending) falls below the 5-6 such sales seen in 2017-18.

As we look back further, from 2014-16 these under-$1M sales happened a couple times a month, instead of a couple times within a year. 

But go back to 2013, it's 61 sales, and in 2012, 112 sales under $1M. (And in 2012, that was 26% of all the sales in the city of Manhattan Beach posting below $1M... not some freakish, tiny sub-sample of the market.)

The last time sub-$1M sales made up a big part of the market?

In 2003, 292 sales posted under $1M, making up 47% of all sales.


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