For the first three quarters of 2016, the median price for homes in Manhattan Beach rose to a new record high.
Raise your hand if you saw that coming.
Here's the new high for real estate in MB: $2,087,500.
That's the median price for the first three quarters of this year, compared with the first three…
For the first three quarters of 2016, the median price for homes in Manhattan Beach rose to a new record high.
Raise your hand if you saw that coming.
Here's the new high for real estate in MB: $2,087,500.
That's the median price for the first three quarters of this year, compared with the first three of each of the prior 7 years.
Just the other day, we heard someone who's not in third grade say the "median" was the "average" price.
No.
So here's a friendly reminder: The median price is the number at which half the homes sold for more, while half the homes sold for less. Specifically, out of 292 sales from Jan. 1-Sept. 30, 2016, there were 146 on either side. (You data nerds will understand that we had to average the prices on sales #146 and #147, but the point remains the same.)
This is quite nearly a 50% increase in the median price from the depths of 2009, and a not-insignificant 4% uptick from 2015 and 10% up from 2014.
You hear a lot of people say things like, "If we could just skate along at 3-5% appreciation every year, we'd be happy." Well, after a major runup from 2012-14, that's almost what we're getting now.
Caveat: Individual results will vary.
Now, Dave, what's so surprising about an increased median price here in 2016?
There is no way to say this has been a "bad" year, just one where it feels like things are leveling out.
There's been a flight to quality. New construction homes are coming out but struggling to get their specked-out prices. And when new construction prices wobble, so do prices for "used" homes.
But for all the signs that might be of some concern – higher inventory, lower sales volume, higher DOM counts – the fundamentals for Manhattan Beach real estate remain pretty good. Buyers are happy to have choices, time and (still) unspeakably low interest rates.
We'll take a look at more data shortly, but for now, enjoy that first takeaway: Up, again.
------------------------------
RECENT, RELEVANT POSTS:
"Inventory Higher in 2015; Prices, Too"
"Sales Down, Prices Up So Far in 2015"
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 January 18th, 2025 at 3:58pm 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.
