Manhattan Beach Median Home Price Drops 3% From Peak
Apr 06, 2023 08:48PM ● By Mb News Staff
Source: Manhattan Beach Confidential
The median home price in Manhattan Beach as of March 2023 officially stands $3.06 million.
And while that sky-high number seems staggering to most, the median has actually dropped 3% from its peak in September 2022 of $3.166 million, according to local real estate blog Manhattan Beach Confidential.
MB Confidential calculates the median price using a rolling 12-month set of data, so the median should be expected to move more gradually in either direction.
The above chart above looks only at 24 months' worth of data, and displays an incredible rise from $2.700 million two years ago. So even with the current dip, right now the number is still 13% above March 2021.
Yet with the market reacting chaotically to interest rate rises, it's unclear what might happen next. Could Manhattan Beach lose all of the gains it has made since March 2021?
"Anything's possible, but from this seat, it looks unlikely that there would be a continued decline that sheds more than 10% from today's median home value in Manhattan Beach," said Dave Fratello, broker at Edge Real Estate Agency and author of Manhattan Beach Confidential.
Fratello continued: "Low inventory is keeping a solid "floor" under prices, and some market segments (especially near $2M) are very busy, even competitive, all over the South Bay. Manhattan Beach has been busy at all price points recently."
The following chart features year-end median prices for each year.
Source: Manhattan Beach ConfidentialFor more analysis on the latest median price, see the MB Confidential blog post here.
Manhattan Beach's Most Complete Real Estate Resource
MBConfidential, MB News's sister publication, offers the most detailed
resource available for Manhattan Beach real estate data.
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.
