Manhattan Beach is the Center of the South Bay Real Estate Universe

By Keith Kyle

From just about every perspective, Manhattan Beach is the epicenter of real estate in the South Bay. The combination of great schools, small town charm, proximity to the airport and downtown (but not too close) and the hard to ignore reality that it’s become a very high “status” area make it the most sought after city in the area.

What this means is that home prices in Manhattan Beach impact the surrounding communities. As more buyers are priced out of Manhattan they often start searching in nearby Hermosa Beach…when that becomes too expensive they start looking in El Segundo, Redondo Beach real estate and the surrounding cities.  This is pretty clearly indicated by the median home prices in each of the areas.  Manhattan Beach saw a median home price of $2,075,000, with the median in Hermosa at $1,570,000, El Segundo at $1,151,000 and Redondo Beach near (exact numbers not available) $1,032,000.  Each of the neighboring cities can offer fantastic neighborhoods and are great communities, but it’s clear that Manhattan Beach real estate is the driving force that impacts prices in the nearby communities and cities.

 

Median Home Prices in Manhattan Beach Decline Y-O-Y in February 2015

By Keith Kyle912-Duncan

February saw a continuing decline in the homes for sale and the number of homes sold in Manhattan Beach and much of the South Bay with housing inventory remaining well below the average.  Manhattan Beach saw 25 homes sell in February at a median price of $1,750,000.  Although it was a 16% drop from the median price a year earlier, that had been a record setting month with median home prices well over $2,000,000.

City Homes Sold February 2015 Median February 2014 Median Year over Year % Change
Carson 39 $395,000 $362,500 9.0%
El Segundo 14 $818,250 $952,000 -14.0%
Gardena 23 $334,000 $372,500 -10.3%
Harbor City 11 $393,000 $317,500 23.8%
Hawthorne 29 $410,000 $460,000 -10.9%
Hermosa Beach 14 $1,512,500 $1,265,000 19.6%
Lawndale 9 $415,000 $412,250 0.7%
Lomita 5 $326,000 $515,000 -36.7%
Long Beach 203 $405,000 $385,000 5.2%
Manhattan Beach 19 $1,750,000 $2,083,500 -16.0%
Marina Del Rey 16 $1,335,000 $769,000 73.6%
Palos Verdes Estates 31 $1,300,000 $1,392,500 -6.6%
Playa Del Rey 11 $891,500 $517,500 72.3%
Rancho Palos Verdes 32 $1,038,750 $708,500 46.6%
Redondo Beach 46 $812,000 $767,500 5.8%
San Pedro 52 $405,500 $450,000 -9.9%
Torrance 86 $542,000 $511,500 6.0%
Westchester 20 $820,000 $797,000 2.9%

South Bay Home Inventory Continues to Rise

By Keith Kyle

What may be the beginning of a slight shift in the South Bay real estate market, inventory has continued to rise for the 5th straight month as both pending and sold homes remained relatively flat. Active homes for sale in July of 2014 were up 40% from the same month in 2013, while sold homes declined 11.7% and pending home sales only increased by 3.5%. This buildup of inventory may finally slow the market and lead to a market not so heavily favoring sellers.  The local Manhattan Beach real estate trends are slightly different with numbers being somewhat similar to a year ago in terms of active, pending and closed home sales although prices continue to rise, especially in the higher end of the market.  To see the most recent home sales visit our recent sales information site.

Manhattan Beach and Surrounding Communities

By Keith Kyle

The South Bay has something to offer everyone in just about every price range.  In general prices are at the highest in Manhattan Beach and tend to decrease the further away you get.  Click on any of the city links below to see more information on these communities, what they have to offer in terms of homes and real estate, and the latest listings.