East Manhattan Beach Powers Real Estate Recovery
Jul 18, 2024 02:08PM ● By Mb News Staff
With far fewer home sale transactions and slipping prices, the year 2023 was a challenging one for Manhattan Beach real estate.
Now this year, according to local real estate broker Dave Fratello, the number of sales is up slightly. Prices are beginning to tick up as well.
The engine for this recovery? Perhaps surprisingly, it's not the famed beach areas or tony neighborhoods west of Sepulveda. It's East Manhattan Beach, according to Fratello, who writes about local real estate on Manhattan Beach Confidential, MB News's sister publication, and who is the founding broker of Edge Real Estate Agency.
While the whole city is still seeing home sales well below average, East Manhattan's sales pace is only 16% below average for the region, for sales in the first half of the year (Jan. 1-June 30). The Sand Section and Tree Section are both 32% below normal in sales totals. Overall, Manhattan Beach is 27% below the average number of home sales. (See "Don't Blame East Manhattan for Slow Sales" on the MB Confidential blog.)
Meanwhile, over the past month, almost all home sales closing in East Manhattan sold above asking price – sometimes by hundreds of thousands of dollars. In the same period, most homes sold west of Sepulveda closed below the asking price.
Median price data also show East Manhattan somewhat better off than the city as a whole.
The median price for East Manhattan homes was $2.022M as of June 30, 2024, down just $27K from a year earlier (-1.3%).
The citywide median price over the same period was $2.835M, down $165K (-5.5%) from June 2023.
In some ways, perhaps the stability of real estate activity on the east side should not be too big of a surprise.
Fratello wrote recently, "[D]ata seem to show East Manhattan being the most consistent producer in town, regardless of trends in other areas, almost never getting too high or too low compared to the trend for all of Manhattan Beach."
Now this year, according to local real estate broker Dave Fratello, the number of sales is up slightly. Prices are beginning to tick up as well.
The engine for this recovery? Perhaps surprisingly, it's not the famed beach areas or tony neighborhoods west of Sepulveda. It's East Manhattan Beach, according to Fratello, who writes about local real estate on Manhattan Beach Confidential, MB News's sister publication, and who is the founding broker of Edge Real Estate Agency.
While the whole city is still seeing home sales well below average, East Manhattan's sales pace is only 16% below average for the region, for sales in the first half of the year (Jan. 1-June 30). The Sand Section and Tree Section are both 32% below normal in sales totals. Overall, Manhattan Beach is 27% below the average number of home sales. (See "Don't Blame East Manhattan for Slow Sales" on the MB Confidential blog.)
Meanwhile, over the past month, almost all home sales closing in East Manhattan sold above asking price – sometimes by hundreds of thousands of dollars. In the same period, most homes sold west of Sepulveda closed below the asking price.
Fratello observed in a comment about these sales data, "Surely this is in part a price issue. Only one of these East MB over-asking sales in the past month came in over $3M. The more affordable homes are moving faster! Who'd have thought?"
(You can see the full analysis in MB Confidential's July 15, 2024, market update.)Median price data also show East Manhattan somewhat better off than the city as a whole.
The median price for East Manhattan homes was $2.022M as of June 30, 2024, down just $27K from a year earlier (-1.3%).
The citywide median price over the same period was $2.835M, down $165K (-5.5%) from June 2023.
In some ways, perhaps the stability of real estate activity on the east side should not be too big of a surprise.
Fratello wrote recently, "[D]ata seem to show East Manhattan being the most consistent producer in town, regardless of trends in other areas, almost never getting too high or too low compared to the trend for all of Manhattan Beach."
Manhattan Beach's Most Complete Real Estate Resource
MBConfidential 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.
