As the year 2024 winds down, the local real estate market is having a "bounce back" year.

"Compared to 2023, there was almost only one direction to go this year: up," says local real estate broker Dave Fratello. 

By almost every measure, the Manhattan Beach real estate market has been busier this year. Here's a sneak peek at a fuller year-in-review that Fratello promises for MB Confidential, the sister site of MB News.

Inventory Up

Nothing much happens in the real estate market without sellers. And the past couple of years have seen a dearth of sellers throughout the country. Low, low mortgage rates obtained while the covid pandemic drove interest rates to historic ebbs have proved to be "golden handcuffs" for many would-be sellers. They just can't face the idea of doubling their mortgage rate by selling and moving.

Throughout most of 2024, however, Manhattan Beach home inventory was equal to or higher than all of 2023. The gap was greatest this summer, when inventory neared 100. A wave of sales took off then.

Only in late November did this year's inventory start to fall under 2023's levels, in part due to strong sales activity this year.
 

Sales Totals Up

With more options for buyers, the number of homes sold has increased year-over-year. 

Whereas 2023 ended with only 254 sales – a total far below even the crash years of 2008-09 – this year has seen 15% more sales already, just as of December 15, with 293 total.

Median Price Up

Unlike many SoCal real estate markets, Manhattan Beach actually saw a steep decline in its median home price in 2023. (See more about how MB compared in this MB Confidential post.)

This year, the median price has bounced back, sitting at $3.000M at the end of November.

Dollar Volume Up

Fewer home sales has also meant less money being spent on homes in Manhattan Beach, as a gross total of all sales prices.

In July 2023, the dollar volume for a year's worth of sales hit a low of $1.72 billion, a low not seen since early 2016. By comparison, at the market's recent peak, dollar volume exceeded $3.5 billion.

We're not back to those heights yet, but sales have come up by more than $500 million over the Summer 2023 low, hitting $2.25 billion by the end of November.