Manhattan Beach Sales Update March 2016

There were 31 closed escrows during March with a median price of $2,462,500 compared to 34 during the same period in 2015 (prior year median $1,850,000).

So sales slightly down but prices in 90266 way up. Q1 2015 there were 74 closed escrows and Q1 2016 there were 69. So no question we can say sales down about 9% blended.

At the low end $984,000 bought a townhouse in Manhattan Village. If your budget was $5.7M you bought the highest priced property which was in the Hill Section. And for $5.150M you could have bought a 33*105 SqFt lot with ocean views on Manhattan Ave.

Of concern to Manhattan Beach would be Sellers should be the inventory level. There are 101 active listings in Manhattan Beach right now and 54 homes in escrow. Based on the sales calculation, the absorption rate is over 90 days which is a more balanced market and looking at the UC, under contract calculation, we're at around 2 months. I've been warning about this inventory buildup for quite a while and we'll see if it get worked through over the Spring Selling Season. But as of now the increased inventory is leading to price reductions and properties selling at a discount to list. In fact, 16 of 31 did so on March.

I am also concerned with the number of lot sales I've been seeing going at what I consider very high prices. Yes, I get it that builders need lots but at the end of the day they have to be able to make some profit. So I think a lot of this is getting highly, highly speculative. But what do I know.

Let's take a look at some actual sales.

MANHATTAN BEACH SAND SECTION



In the Sand Section unless you could break $2M you were pretty much looking at El Porto in the North End and a 2 bedroom. By the time you get to the mid $2M's you start to find some really nice townhomes, still north of the Pier.

Looks like a builder got a lot for $2.761M on a walk street corner. Your guess is as good as mine what the finished product sells for.

When you get over $3M you find a nice 3600 SqFt 4 bedroom SFR in the 500 block of 4th St.

Another property that sold as a lot sale was 212 16th St which sold for land value of $4.625M.

MANHATTAN BEACH TREE SECTION



MANHATTAN BEACH HILL SECTION


MANHATTAN VILLAGE


EAST MANHATTAN BEACH





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