Fewer Sales, New Record Median Home Price in Manhattan BeachMay 10, 2020 08:48AM ● By Mb News Staff
April was a strange month for real estate in Manhattan Beach. Sure, there were fewer sales due to coronavirus stay-at-home orders. But at the same time, the Manhattan Beach year-over-year median home price just hit a new record high, according to local real estate blog MB Confidential.
Manhattan Beach's median home price now stands at $2,499,500, up from $2,410,000 last month.
(Note that every median price point on the chart is calculated based on a rolling 12 months' worth of sales.)
This is the highest point ever since the median first hit $2.4 million in October 2018, according to MB Confidential author Dave Fratello, broker at Edge Real Estate Agency.
Fratello notes that out of the 23 homes that closed in April, there were 16 sales above the new median price. In other words, the closings are skewed toward higher-priced properties, which moves up the median.
Additionally, Fratello noted, although several homes dropped out of escrow in April, they were skewed neither high- or low-priced, so the median should not have been affected by those drop-outs.
"This observation suggests that the median price was going to rise in April almost regardless of COVID impacts," he said.
MB Confidential's various data collections run back as far as 13 years, to 2007, when the blog first started publication.
Manhattan Beach Confidential
MB Confidential is a comprehensive, data-driven website that is updated minute-by-minute with the latest Manhattan Beach real estate news and information.
To see MB Confidential's full market wrap-up for April, click here.
To view MB Confidential's popular "MB Dashboard" (with new listings, new escrows, closed sales, and price cuts), click here.
To speak to MB Confidential's Dave Fratello, email [email protected] or call 310-243-6299.