It's Summer, and our local market is still trying to get its sea legs.
The part of town that appears to be seeing a real estate recovery fastest is the area furthest from the water.
In the first half of July, a remarkable 7 of the 9 home sales closed in East Manhattan came in above asking.
We decided to widen our scope a bit. It turns out this has been going on for a full month in East Manhattan closings, so it's really a trend going back to around May, when buyers were writing these purchase contracts.
Fully 10 of 14 sales in East Manhattan since June 15 have been over asking. And it's actually a bit more dramatic than that: 2 of the closed sales were off-market sales (one a land deal). That means 10 out of 12 sales of publicly marketed property over one month came in over asking.
As our chart above shows, the story is practically the opposite west of the highway. There, 14 out of 18 sales sold under asking during this period.
We've already noted that East Manhattan is buzzing along with a pace of home sales that's not nearly as far below average as the rest of town. (See "Don't Blame East Manhattan for Slow Sales.")
Now we're seeing not just the sales pace, but sale prices jumping east of Sepulveda.
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?
Let's take a look at the East Manhattan closings from July that went over asking, first in list form. (Closed prices in bold text are over asking.)
| ADDRESS | BD/BA | SQFT | LOT | CLOSED PRICE | $PSF | DOM | START $ | SOLD |
|---|
| 19 Fairway Drive 1 |
2/2 |
1,350 |
3,611 |
$1,753,500 |
$1,259 |
8 |
$1,699,000 |
07/11/24 |
| 1710 5th Street |
4/2 |
1,526 |
7,502 |
$2,301,000 |
$1,441 |
7 |
$2,199,000 |
07/11/24 |
| 1531 Curtis Avenue |
4/3 |
2,161 |
6,745 |
$2,875,000 |
$1,156 |
8 |
$2,499,000 |
07/08/24 |
| 1315 6th Street |
4/3 |
1,500 |
7,220 |
$2,350,000 |
$1,567 |
12 |
$2,500,000 |
07/05/24 |
| 1130 20th Street |
3/3 |
1,486 |
5,967 |
$2,185,000 |
$1,546 |
12 |
$2,298,000 |
07/03/24 |
| 1421 19th Street |
2/1 |
1,500 |
7,501 |
$2,445,000 |
$1,533 |
8 |
$2,299,000 |
07/03/24 |
| 1736 1st Street |
3/2 |
2,060 |
7,505 |
$2,500,000 |
$1,213 |
9 |
$2,499,000 |
07/02/24 |
| 1524 Voorhees Avenue |
4/3 |
1,850 |
7,500 |
$2,400,000 |
$1,081 |
11 |
$1,999,000 |
07/02/24 |
| 1457 Manhattan Beach Boulevard C |
2/3 |
1,276 |
5,504 |
$1,212,000 |
$921 |
7 |
$1,175,000 |
07/01/24 |
Now, it's true, one of those sales was only $1K over asking, but one was $376K over, and one – which most people would have marked as a lot sale at 1524 Voorhees – went $401K over asking.
Another land-value proposition at 1421 19th came out asking $2.299M and sold for $2.445M.
Hey, remember when East Manhattan lot values got up to $2.400M, then quickly retreated? Yeah, us too. Are values back after only a one-year dip? Discuss.
The beauty that went $376K over was 1531 Curtis, a single-level remodel (4br/3ba, 2161 sqft.) with a fun backyard and bonus space that just had "fun fun fun" and "must have" written all over it.
It got bid up from $2.499M to $2.875M.
Click on any of the other property addresses in the list above to see more detail on any property.
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Here's the rest of our local real estate market update report for the period ending 7/15/24:
> 88 active listings as of 7/15/24 (-4 from 6/30/24)
> 63 SFRs (-3)
> 25 THs (-1)
See the Inventory list as of 7/15/24 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 14 actives (-4)
> Sand Section: 42 actives (-3)
> Hill Section: 9 actives (flat)
> East MB: 23 actives (+3)
We're also providing a report on closed sales by region of MB.
Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 7/15/24".
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
