Days on Market On the Rise in the Tree Section of Manhattan Beach

By Keith KyleManhattan Beach homes

In this ultra hot market any sign that things are slowing down is big news.  While the market is still very favorable for sellers we are noticing that many homes in the tree section of Manhattan Beach seem to be sitting on the market for a little longer.  The current average for “active” listings (those not sold or in escrow) is 56.  The number can be a bit misleading due to the fact the local MLS days on market continue to accrue if a home that is in escrow posts as “backup” status.  The number of days on market has risen every month since August of 2014 with a slightly higher number in January.  As inventory slowly rises the days on market will likely follow.  See all of the latest Manhattan Beach real estate market trends at our updated statistic pages.

Manhattan Beach Real Estate Market Snapshot – May 2014

By Keith Kyle

Manhattan Beach real estate….by the numbers

May marks the 5th straight month with an increase in available homes for sale in Manhattan Beach with 65 current MLS listings as of May 5th, 2014.  See information below on the current market trends including current MLS listings, recent sales, pending home sales and home prices in this luxury coastal community in Southern California.

Active Homes for Sale:  Current Median Home Price $2,050,000

Active Homes for Sale – 65 homes
List Price DOM BR BA Year Built SqFt Lot SqFt
Min 557,000 3 2 1.00 1921 812 1,350
Max 7,999,900 370 7 7.00 2014 10,001 15,001
Avg 2,618,445 37 4 3.80 1984 2,990 5,227

Pending and Backup

Homes Currently in Escrow with Pending or Backup Status – 48 Homes
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 905,000 1 1.00 1935 765 1,351
Max 12,875,000 355 6 7.00 2014 7,900 13,506
Avg 2,167,730 49 4 3.44 1980 2,799 5,025

Closed Home Sales in Past 30 Days (April 5th to May 4th)

47 Homes Sold/Closed Escrow 4/5 – 5/4
Single Family Residence – 44 total SFRs sold
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 990,000 950,000 1 1.00 1925 699 1,286
Max 8,950,000 204 8,100,000 6 10.00 2014 8,500 14,368
Avg 2,235,316 38 2,166,045 4 3.20 1972 2,653 4,993
 Townhomes and Condos – 3 Total Sales
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 1,299,000 8 1,450,000 2 3.00 1982 1,608 2,698
Max 2,299,000 33 2,100,000 3 4.00 2007 2,050 3,359
Avg 1,692,333 18 1,701,667 3 3.33 1992 1,878 2,921
All Home Sales – 47 Sold Homes
List Price ADOM Selling Price BR BA Year Built SqFt Lot SqFt
Min 990,000 950,000 1 1.00 1925 699 1,286
Max 8,950,000 204 8,100,000 6 10.00 2014 8,500 14,368
Avg 2,200,657 37 2,136,404 3 3.21 1974 2,604 4,860

Home Inventory On the Rise in Manhattan Beach

By Keith Kyle

We may be finally seeing some relief from record low inventory in the luxury market of Manhattan Beach CA.  Other than the peak summer months of 2013 we have seen record and near record lows for active homes for sale. As of May 5th there are currently 65 properties for sale in this coastal community which is a dramatic improvement over the record low 25 homes for sale in December. Although we’ve now seen 4 straight months of increases in the available homes on the market, inventory is still nowhere near recent year highs which saw over 300 homes for sale in 2009.  Due to the duration of this low inventory, pent up demand has driven prices to peak levels and in some premier locations well beyond peak prices prior to the bubble years.

  1. 3 beds, 4 baths
    Home size: 3,213 sq ft
    Lot size: 20,473 sqft
    Year built: 1956
    Days on market: 2
  2. 5 beds, 6 baths
    Home size: 4,261 sq ft
    Lot size: 2,613 sqft
    Year built: 2017
    Days on market: 4
  3. 5 beds, 5 baths
    Home size: 3,118 sq ft
    Lot size: 2,613 sqft
    Year built: 1992
    Days on market: 6
  4. 3 beds, 2 baths
    Home size: 1,278 sq ft
    Lot size: 3,920 sqft
    Year built: 1965
    Days on market: 6
  5. 4 beds, 3 baths
    Home size: 2,782 sq ft
    Lot size: 5,227 sqft
    Year built: 1957
    Days on market: 6
  6. 3 beds, 2 baths
    Home size: 1,142 sq ft
    Lot size: 7,405 sqft
    Year built: 1952
    Days on market: 7
  7. 4 beds, 4 baths
    Home size: 3,842 sq ft
    Lot size: 4,791 sqft
    Year built: 1999
    Days on market: 7
  8. 5 beds, 4 baths
    Home size: 3,529 sq ft
    Lot size: 7,405 sqft
    Year built: 1991
    Days on market: 7
  9. 5 beds, 7 baths
    Home size: 4,637 sq ft
    Lot size: 4,791 sqft
    Year built: 2017
    Days on market: 7
  10. 3 beds, 3 baths
    Home size: 2,177 sq ft
    Lot size: 4,356 sqft
    Year built: 1947
    Days on market: 8

See all Real estate in the city of Manhattan Beach.
(all data current as of 9/19/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

The Reason You Can’t Find Your Home in Manhattan Beach

By Keith KyleManhattan Beach sand section homes

As most home buyers read about the market they have,  inevitably heard that inventory is down and that it is a “seller’s market” which is certainly the case but both may be a drastic understatement at the moment.  Inventory is at historic lows with both active homes for sale and sold homes being dramatically below the norm.  The chart below shows the past 5 years with monthly numbers indicating the number of homes active on the MLS (light green), the number of pending homes sales or homes in escrow (red line), and the number of homes sold or escrows closed (dark green) that month.

Manhattan Beach 5 Year Real Estate
The numbers are pretty staggering with February 2014 having only 26 closed sales and 36 current homes active on the market. Contrast that with February 2009 with only 25 closed escrows and 284 homes available for buyers and you’ll understand why buyers are willing to do just about anything and pay any price to get a home in this luxury coastal community. Due to low interest rates, and Manhattan Beach schools surpassing even their own record test scores, the demand for homes is as strong as ever.

Just Like This Crazy Weather….The Manhattan Beach Real Estate Market is Hot!

By Keith KyleInteriors

The only thing hotter than the 80 degree days we’ve seen so often in January is the real estate market along the coast.  The market seemed to slow just a bit and appeared to finally be calming down, but recent listings and sales indicate that we’re quickly back in frenzy mode.  Of my last two sales, both buyers were willing and happy to pay a premium if it meant the difference in getting an accepted offer.  Many recent home sales have been at, or over list price, even with the inflated list prices and as another realtor recently said “price was not an issue for her buyer” which makes for a challenging market for buyers trying to stay within a budget.  The information below is a brief overview of real estate in Manhattan Beach in the past 30 days.  The key information is to not that there are far more homes in escrow then active on the MLS with an almost equal number of closed sales to current listings.

Status: Active (18 Listings) See current homes for sale in Manhattan Beach
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $1,752,778 15 4 3.06 2,346 5,924
Sum 31,550,000
Status: Pending Sale (8  Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $1,444,125 33 3 2.75 1,851 4,330
Sum 11,553,000
Status: Backup Offer (16  Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $3,030,375 66 4 3.69 2,976 5,474
Sum 48,486,000
Status: Closed Sale (17  Listings) View recent Manhattan Beach home sales
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $2,107,588 39 2,097,926 4 3.76 2,829 4,664
Sum 35,829,000 35,664,750
Status: All (59 Total Listings)
List Price ADOM Selling Price BR BA SqFt Lot SqFt
Avg $2,159,627 38 2,097,926 4 3.39 2,589 5,223

Days on Market Misleading with CRMLS Data

I recently had two listings quickly go into escrow but confused a few agents with the homes status and showing instructions.  Both homes were Sale Pendingput into “Pending” instead of “Backup” status but both showed agent notes indicating we were looking for backup offers and that the homes could still be shown.  Why you might ask? (same question several agents had).  The reason is that the CRMLS days on market continue to accrue in backup status and not pending status which leads, in my opinion, to very misleading information and data.

As an example I just sent information on a sold home to a client to use for refi comp purposes.  It showed 51 days on market, which is a very good indication that it may have been priced too high and took a while to sell (in this current sellers market). Upon a deeper look the home sold after 7 days and the rest of the time was in escrow. A home selling in 7 days paints a very different picture of current market conditions. If home buyers see an average days on market of 45-60 but the reality is that homes are going into escrow generally within the first 10 days, homebuyers will not have the accurate information they need to make informed decisions.

It impacts listing agents as well as many potential sellers want to know how quickly we, as the listing agent, sell homes and what the days on market is. They do not want to see that we sold something after 51 days on market and this lack of correct information may eventually cost us a listing in the end.

Days on market is a critical tool in terms of market and agent perception and, in my opinion, only represent the days that a home is in “active” status.