Manhattan Beach Median Home Price Hits New Record of $2.9MAug 04, 2021 10:35AM ● By Mb News Staff
The new median price reflects a $100K jump over the June 2021 high water mark (with more details reported in last month's update.)
It also marks a 23% rise over July 2019, and 17% over last year.
"The numbers may look silly, but all over Manhattan Beach, you see
willing buyers with money lining up to pay these prices and competing
against one other to drive prices up further," said Dave Fratello, author of the Manhattan Beach Confidential blog and broker at Edge Real Estate Agency.
Fratello noted that sales closing in July would typically represent the tail end of the
"spring market" and a bit of the early summer.
"Although received wisdom has
been that summer is slower, and you could see a lag down the road,
let's not assume any of the old rules apply - for the moment," he said.
Fratello added that inventory is "incredibly tight" (currently at 63 listings, down 9 listings from just 2 weeks ago), and money is "cheap."
"To see the numbers people are getting on mortgages... those numbers are very low, and may support a degree of insensitivity to price for some buyers," he said.
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For the latest pending/sold reports and massive amounts of additional local real estate data, visit MB Confidential's data page. For an up-to-the-minute scorecard on new listings, new escrows, new closed deals, and new price cuts, visit the Manhattan Beach Confidential Dashboard.