The weather here this week has been fantastic. Spring has arrived for sure as the first quarter of the year fades away. Manhattan Beach home sales started the year with a bang, but appear to have retreated a bit. There have been 75 closings over the past three months for all home types here. Last year the number was 60, though it was one of the worst years for sales in at least a decade. The median sales price came in at $1.38 million compared to $1.34 million a year ago. On the other, these closings may belie a more encouraging trend. The number of homes in escrow stands at 71 and the median list price for them exceeds $1.5 million (the actual sale price will no doubt come in lower). It’s as though the year started off strong, pulled back, but then powered up again. Another positive sign is that there is inventory on hand to replenish the sales, even if it is only just over five month’s worth. There are currently 134 homes of all types for sale in Manhattan Beach.
There are seven so-called sub-areas in Manhattan Beach and all but one of them had an increase in sales volume from a year ago. The Mira Costa area experienced a drop in the number of sales from 16 to 13. However, the median price for the sales did manage to increase from $1.1 million to $1.3 million. The highest priced sale for the quarter was just over $2 million for a five bedroom home with 4,336 sq. ft. of living space. The least expensive sale came in at $640, 000 for a 1,600 or so sq. ft. townhome on Aviation.
The sand section had a jump from 15 sales last year to 24 this year during the first quarter. The median price also increased, going from $1.4 million up to just under $1.6 million. A 4,300 sq. ft. home that sold on 2nd Street for $3.3 million was the most expensive closed sale for the three month period. A much smaller three bedroom home on Moonstone, with about 1,300 sq. ft. of living space, takes title to the lowest price closed sale in the sand section. It sold for $1.125 million.
The tree section has also seen a significant gain in the number of homes sold. While there were only 11 closings or the first quarter last year, the number hit 18 this year. However, unlike the sand section, the median sales price actually declined, going from $1.3 million down to $1.2 million. An older four bedroom home on Agnes Road with just over 3,400 sq. ft. was the most expensive sale for the period, closing for $2.15 million. The lowest priced sale came in at $875,000 for an 1,164 sq. ft. home on Pacific Avenue.
The hill section takes claim to both the most expensive closed sale and the least expensive sale. A new 9,000 sq. ft. home on 10th Street went for $6.3 million. On the other hand, a two bedroom condo on Manhattan Beach Blvd. was sold for $619,000. This sets the threshold for the cost of entry into a Manhattan Beach home. There were nine closings this year compared to only four last year. The median price for this past few month’s sales was just under $2.2 million.
The only gated part of the city is in the Manhattan Village. There was only one sale the entire first quarter last year, but this year the number blazed up to four with a median price of $880,000. The cost of getting into the Village was $690,000 for a three bedroom townhome on Monterey Ct. A single family home on Village Circle was at the high end with a final price of $1.5 million. The last area in Manhattan Beach is Manhattan Heights/Liberty Village. Sales increased from four last year to seven this year. The recent median price was $999,000. A townhome with 1,179 sq. ft. on 12th Street sold for $647,500 and set the bar for getting in here. The highest price home was on Magnolia with a closing price of $1.5 million. It has five bedrooms in over 4,300 sq. ft.
We’ll see if the homes currently in escrow portend a strengthening real estate market in Manhattan Beach or not. More homes are selling, but the pricing hasn’t really pulled ahead very much in general within the city.
- Increase Investment Opportunities With Buyers Agents
- Things You Should Be Aware of in Commercial Property Purchases