Manhattan Beach Real Estate Sales June 2017
|Manhattan Beach Closed Escrow June 2017|
With both June 2017 sales and the first six months of the year now in the books we can start to answer the question "How's the Market Doing?" with some data to back us up.
The Real Estate market is doing great - if you are a Seller. For Buyers, it may be tough out there!
Here's the 80,000 foot quick look and then we'll take a deeper dive.
- 58 Closed Escrows*
- Median Sales Price $2,592,500
- Average Sales Price $2,969,701
- Average Days on Market
- Lowest Sale Price $1,060,000
- Highest Sales Price $10,885,000
- Sand Section 12 Sales
- Tree Section 22 Sales
- Hill Section 6 Sales
- Manhattan Village 1
- East Manhattan Beach 17
- 21 Properties Sold over list price
- 26 Homes Sold under the MLS price
- 33 Listings in Escrow 15 days or less
Through the first 5 months of 2017 there were 168 sales in Manhattan Beach averaging a run rate of 33.6 homes per month. So a pop up to 58 is very welcome. Factoring June in, would put us at 226 sales averaging 37.6 homes. Either way, a nice uplift.
Compared to the first six months of 2016 we have also seen an uplift. Last year there were 185 sales January through June with 40 sales during June. Basically a good trend line for Sellers and Homeowners in 90266.
Let's look at the June activity on a neighborhood basis. Follow the links for detail about any of the listings.
MANHATTAN BEACH SAND SECTION
|100 Morningside Dr Manhattan Beach CA|
There were 12 sales in the Sand Section ranging in price from $1,960,000 up to $6,510,000 with 6 of the sales $4M and over and another two in the $3M range.
The most expensive sale was neither new construction, Walkstreet or Strand but a resale of a 2015 built "Matt Morris" 5003 Sq Ft 6 bedroom home on Morningside Drive (pictured above) that went for $6.51M as noted.
As for new construction, 400 16th St sold for $5.2M. It is a 5 bedroom 3935 Sq Ft home on a 2700 Sq Ft lot. By the time we get to the Strand $4.95M purchased a 1900 Sq Ft Townhome built in 2005.
The lowest priced Sand Section sale was $1,960,000 for what was touted as "one of the last undeveloped south facing Walkstreet" lots. At $1,960,000 for a 1056 2 bedroom house built in 1930 let's assume that went for land value. Next up was a duplex for $2.375M in El Porto that sold for $2.375M.
Which leads us to the first property most likely acquired to actually live in, 412 Highland Ave, a detached Townhome selling for $2,483,405.
If you are thinking of buying a home in the Sand Section, realistically budget $3M plus unless you can make a Townhome work for your needs.
MANHATTAN BEACH TREE SECTION
|605 25th St|
Twenty two properties were sold in the Manhattan Beach Tree Section during June. That's a big number but not surprising as the Trees is the destination of choice for many Manhattan Beach Home Buyers. Why is it so desirable? Well location, location, location. You can walk to the beach from many Tree Section homes but you also have easy freeway access and proximity to LAX.
The most expensive home was a resale, not new construction. 605 25th St (pictured above) was built in 2015 and features 5 bedrooms, 4.5 baths in 5349 Sq Ft and sold for $5,475,000. The next closest in price was about $1M lower: 605 29th St sold for $4,500,000. That home is 4716 Sq Ft on a slightly smaller lot and was built in 2017. Another example of resales selling for more than new construction.
If you are thinking of buying in the Tree Section in the $3M range, 1501 Pacific Ave is pretty typical of what you can expect. Built in 2003 with 6 bedrooms, 3.5 baths in 4059 Sq Ft. Pretty typical exterior and interior for the time it was built (see below).
|1501 Pacific Ave|
|3408 N Poinsettia|