Two 2br condos built 40 years ago or longer were the only homes to sell in 2021 for less than $1M.
They helped show the trend: You almost can't find anything anymore in the city of Manhattan Beach for less than $1M.
Last year, 2020, there were 9 sales under $1M. (See "Lowest Priced Home Sales of 2020 in…
Two 2br condos built 40 years ago or longer were the only homes to sell in 2021 for less than $1M.
They helped show the trend: You almost can't find anything anymore in the city of Manhattan Beach for less than $1M.
Last year, 2020, there were 9 sales under $1M. (See "Lowest Priced Home Sales of 2020 in Manhattan Beach.")
This year's only 2 sub-$1M sales were:
1320 12th St. #2 (2br/2ba, 1257 sqft.) at $889K.
This unit is part of a 1974-built 6-unit complex. It had some nice remodeling.
The listing first emerged in Sept. 2020 at $950K, but hung around as the calendar flipped to 2021, selling lower after 4 months on market.
Not at all far away was the first runner-up for lowest-priced sale of the year, and the only other sale under $1M.
It was 1334 12th Unit A (2br/2ba, 1621 sqft.).
They tried the opposite strategy with a listing that began in early February. Instead of pricing high to draw offers, they priced low.
$899K became $990K with just 4 DOM.
The truth is, the sub-$1M sale has been trying to go extinct for most of the last 5 years, but it just hasn't happened yet.
This year's 2 sales under $1M (there are none pending) falls below the 5-6 such sales seen in 2017-18.
As we look back further, from 2014-16 these under-$1M sales happened a couple times a month, instead of a couple times within a year.
But go back to 2013, it's 61 sales, and in 2012, 112 sales under $1M. (And in 2012, that was 26% of all the sales in the city of Manhattan Beach posting below $1M... not some freakish, tiny sub-sample of the market.)
The last time sub-$1M sales made up a big part of the market?
In 2003, 292 sales posted under $1M, making up 47% of all sales.
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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.
Based on information from California Regional Multiple Listing Service, Inc. as of July 16th, 2024 at 5:20pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.