Manhattan Beach Median Home Price Hits $3.1 Million for 2022Jan 13, 2023 08:28AM ● By Mb News Staff
That record $3,137,000 for 2022 reflects the median price for all homes sold within calendar year 2022.
It beats the previous record of $3,045,000 set in 2021, and reflects a large jump over the 2020 median of $2,600,000.
While this 2022's year-over-year increase is far more modest is just 3%, the median price is up 21% in just two years.
(At one point in October 2022, the median had actually hit $3.166M, but it dipped slightly after that.)
Data show only one actual year-over-year decrease in the local median price since 2009, which was from 2018-2019, a drop of 2%.
So, does the recent increase in the median price mean that the Manhattan Beach market is skyrocketing upward? Maybe not.
"Median prices do tend to lag some other indicators," said Dave Fratello, broker at Edge Real Estate Agency and author of Manhattan Beach Confidential.
"Data showing that prices have come down in Manhattan Beach is still mostly anecdotal," Fratello added. "It's more about individual homes selling for less than expected, or less in the second half of the year than they clearly would have sold for in the first half."
The number of home sales in 2022 was down sharply compared to 2021, which meant much less money was spent on local real estate as well, according to another MB Confidential analysis.
Fratello said: "No matter what, 2023 seems sure to have a real show in store for us."
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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.
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.