Sales Down, But Manhattan Beach Real Estate Hits New Median HighOct 12, 2022 08:33AM ● By Mb News Staff
Source: Manhattan Beach Confidential
At the end of the third quarter, Manhattan Beach real estate reached another median price high, but the number of sales sagged to 2009 levels, according to local real estate blog Manhattan Beach Confidential.
The median home price for Manhattan Beach for the 12 months leading up to Sept. 30, 2022, hit a new high of $3,166,500. That represents a jump of 21% since the first day of 2021.
Among the regions of Manhattan Beach hitting new median highs are the Tree Section, at $3.325 million, and the Sand Section at $3.967 million.
"To be fair, both of these figures, while calculated from a year's worth of data, are still based on fewer than 150 sales," noted Manhattan Beach Confidential author Dave Fratello, broker at Edge Real Estate Agency. "They'll be a bit more volatile due to the low sample size. But it's still something to see."
Meanwhile, there were just 256 home sales in the first three quarters of 2022, compared with 395 at this time in 2021.
All told, Manhattan Beach has seen the weakest year for total home sales in Manhattan Beach since 2009.
"If you're a real estate statistic, you really don't want to be compared with a stat from 2009," noted Fratello wryly.
Even More Nerdy NumbersDigging deeper into the 3rd quarter real estate data, MB Confidential revealed additional information:
- Manhattan Beach real estate inventory was low, but recently crept higher than the 2021 level.
- Pending sales have been slower than in previous years. (Three out of the past 4 months have seen fewer new escrows begin in Manhattan Beach than in any of the prior 3 years.)
- Median days on market for homes that sell was just 9 days. (The same median DOM measure was never under 30 between 2008-2017.)
- By the end of the 3rd quarter, the total value of all homes sold in Manhattan Beach within the prior 12 months was down to $2.780 billion - 24 percent lower than at year-end 2021.
While that's still a huge number, acknowledged Fratello, the drop in sales volume represents $35 million less in potential commissions for local real estate professionals. "So, please, hug your local broker if you can, and just remind him or her
that times have been better, and they'll be better again," he added.
Manhattan Beach's Most Complete Real Estate Resource
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.
Additionally, for more insights into the market, to inquire about buying or selling properties, or to learn more about off-market inventory, contact MB Confidential author and Edge Real Estate Agency broker Dave Fratello by email, or call (310) 243-6299.