Manhattan Beach November 2016 Overview
"So, how's the market doing?" is probably the most common question Realtors hear.
In Manhattan Beach, as we wind down 201, the market is very strong. The inventory build up seen earlier in the year has balanced itself and we still remain in a very stable Seller's Market.
If you would like to skip the commentary and just see what sold, scroll down to the bottom of this page for full descriptions, pictures and more.
This is an decrease of almost 25% from the 41 homes sold in 90266 during October.
But before you hit the panic button (or jump for joy if you are a buyer), as of this posting there are 37 properties in escrow and it is fair to assume most of them will close during December.
With only 76 available active listings in Manhattan Redondo Beach (which is a huge drop off from earlier in the year), this is still a fairly strong Seller's Market with around 2 months of inventory on hand.
To out things in perspective, during November, there were 39 closed escrows in North Redondo Beach, 16 in Hermosa Beach and 32 in South Redondo Beach CA. Considering that Manhattan Beach sells at a higher price point, the market is certainly solid.
Year to date through November in Manhattan Beach there have been 367 closings putting us at an average run rate of just about 33 properties per month. In that regard, November was totally on par with the YTD run rate.
The average sales price YTD has been $2,426,902 with a median price of $2,087,500. These numbers, as are all others quoted in this post, are properties reported as sold through the MLS and do not include private sales.
For the month the average sales price was $2,225,187 and the median was $1,900,000. Both are below the YTD numbers.
If you are a home owner thinking of selling those numbers are certainly not well received. For buyers possibly very encouraging.
You may have heard the statistic that Manhattan Beach has more $1M and higher homes than anywhere else in CA and that certainly held true for November.
The lowest priced sale for November was $1,070,000 for a two bedroom 783 SqFt SFR on Harkness.
The highest priced sale was $4,650,000 for a 2016 built SFR on John St (listed by Teles Properties).
Twenty one properties sold below the MLS list price with the balance selling for the last list price or over. That certainly shows a major disconnect between where sellers or their agents think the market is at and what buyers will actually pay.
And for those counting, the average days on market for November was 46.
Let's look at the activity by area. The Multiple Listing Service (MLS) separates into 6 separate areas as discussed below.
Manhattan Beach Sand Section Sales
The Manhattan Beach Sand Section is MLS Area 142 and includes the Strand as well as the walk streets. It also stretches north of Rosecrans to the El Porto neighborhood.
There were six sales in November in the Sand Section with prices ranging from $1.3M up to $3.65M.
A few observations:
First, the highest sale for the month was not in the Sand Section but in the Tree Section. It is no longer a foregone conclusion that Sand Section homes will be the highest price sales. This could have just as easily been in the Hill Section.
Second, four of the six sold for under the asking price and one was basically an off market deal entered into the MLS "for comp purposes" so who knows where that one started out.
Manhattan Beach Tree Section Sales
There were 3 homes sold in the Tree Section (MLS Area 143) ranging in price from $1,718,000 up to the previously mentioned highest sale at $4,650,000.
Expect the Tree Section to continue to maintain its popularity which may be boosted even higher depending on any future development of the Manhattan Village Mall.
Here's what sold. Scroll down further for more detail.
Manhattan Beach Hill Section Sales
There were 5 Hill Section (MLS Area 144) sales during November.
While most of the Hill Section homes are SFRs, there are a few townhomes located close to or on Manhattan Beach Blvd. The lowest priced Hill Section sale came in at $1,450,000 and was a townhome at 710 MB Blvd that was sold as an auction.
The other homes were all SFRs and went from $1,850,000 up to $4.2M which was the second highest priced sale for the month.
Here's the five listings:
Manhattan Village Sales
If you are not familiar with this community (MLS Area 145), it is the located just east of the Manhattan Village Mall with an entrance on Marine Ave. It is the only gated community of its kind in the Beach Cities and many homes have golf course views. Not quite beach-y but definitely a lifestyle for sure.
While many of the attached properties may appear to be townhomes they are zoned as "PUD" meaning Planned Unit Development. As such, lenders will often offer the same mortgage interest rates as they would for SFRs.
While the homes may appear to be low priced - at least by Manhattan Beach standards, the HOA dues in the low $600's add the the cost of ownership.
November had more than the usual number of sales and here's what sold:
EAST MANHATTAN BEACH
By far the most sales took in November place east of Sepulveda Blvd. "East Manhattan Beach" is divided up into MLS Area 146 (Manhattan Heights/Liberty Village) and MLS Area 147 (Mira Costa) which is where 13 of the 14 sales closed. All but one were SFRs.
A few observations.
East Manhattan in the aggregate had the highest inventory earlier in the year. As prices have leveled off and inventory has been rebalanced the activity has picked up. For around $3M (20% above the "average price" you can get a very nice resale home and for mid $3Ms new construction.
Here's a few examples.
1230 8th St
1130 5th St
Here's the full list: