The Good Ones Don’t Last Long

The real estate market in Manhattan Beach continues to be on fire with and abundance of homes quickly going in to escrow and some never120-5th-Manhattan-Beach making it to the market.  “Prices have soared in the past 2 years, and anything that’s either in a prime location, or priced aggressively doesn’t last long” according to South Bay Brokers realtor Keith Kyle.

What’s fueling this heated market?

The pent up demand due to almost 18 months of near record low housing inventory in Manhattan Beach has made for a market incredibly favorable to sellers.  The combination of home buyers looking for turn key homes, investors looking for homes to flip, and builders buying anything older than about 20 years means that inventory remains low and the homes that come on the market simply don’t last.

Here are a few of the latest homes to go into escrow.

  1. 4 beds, 5 baths
    Home size: 4,300 sq ft
    Lot size: 2,698 sqft
    Year built: 2012
    Days on market: 2
  2. 5 beds, 5 baths
    Home size: 4,336 sq ft
    Lot size: 3,511 sqft
    Year built: 2018
    Days on market: 2
  3. 2 beds, 2 baths
    Home size: 1,409 sq ft
    Lot size: 1,046 sqft
    Year built: 1961
    Days on market: 2
  4. 5 beds, 7 baths
    Home size: 5,002 sq ft
    Lot size: 5,218 sqft
    Year built: 2018
    Days on market: 2
  5. 3 beds, 3 baths
    Home size: 2,436 sq ft
    Lot size: 2,691 sqft
    Year built: 1948
    Days on market: 2
  6. 5 beds, 6 baths
    Home size: 3,451 sq ft
    Lot size: 5,010 sqft
    Year built: 2016
    Days on market: 3
  7. 5 beds, 5 baths
    Home size: 4,000 sq ft
    Lot size: 6,249 sqft
    Year built: 2002
    Days on market: 3
  8. 4 beds, 3 baths
    Home size: 2,972 sq ft
    Lot size: 8,092 sqft
    Year built: 1983
    Days on market: 4
  9. 3 beds, 2 baths
    Home size: 1,224 sq ft
    Lot size: 1,349 sqft
    Year built: 1964
    Days on market: 8
  10. 2 beds, 2 baths
    Home size: 1,446 sq ft
    Lot size: 5,406 sqft
    Year built: 1950
    Days on market: 8

See all Real estate in the city of Manhattan Beach.
(all data current as of 3/23/2018)

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

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.

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

Is the Real Estate Market in Manhattan Beach Slowing Down?….It Depends

By Keith Kyle

We have definitely seen signs of the market slowing down over the past 2 months in the South Bay, but that doesn’t mean that slow down has been shared equally.  In fact in situations where the home is special, or location is great, or just happens to be in an area in which inventory is still dramatically low, we’re still seeing an absolute frenzy with multiple offers, appraisal contingencies waived, and prices over the already high list prices.  So what’s leading this somewhat confused market?

There are many factors that have led to some houses being a hotbed of activity while others seem to sit.  Price is always a factor.  As I often advise my sellers, we have one chance to be a “new listing” and take advantage of all of the excitement and momentum that comes along with that.  Price too high and that momentum can quickly be lost.  Once a home is no longer a new listing, interest dies quickly.  With the incredible pace of the market in 2013 homes don’t stay “new” for long and if a home is still on the market after 10 days or so,  buyers start to lose interest or think that there is something wrong with the home.  Lesson to sellers…..price the home appropriately from the onset.

Chart showing decreasing number of active, pending and sold homes

Chart showing decreasing number of active, pending and sold homes in Manhattan Beach

The second factor is the constant in real estate…location, location, location, but add to that condition, condition, condition.  While this market is still incredibly active and favorable to sellers, it has certainly remained much stronger for “special” houses….whether that be the A+ location, the perfect remodel,  or the bungalow oozing with charm.   A few months ago it seemed any home was quickly snatched up regardless of condition or location.  With prices at near peak levels, however, buyers are often not willing to take on situations that are less than ideal.  Homes needing work, busy streets, less than ideal locations, are now sitting unsold for longer periods of time.

On the other hand there have been numerous recent sales in Manhattan Beach that were an absolute flurry of activity and interest from the moment they hit the market.  Buyers are still willing to chase homes, pay a premium, and even waive some of their inspection and appraisal contingencies if the new listing if it is special in some way and appeals to buyers in a price range with low inventory.

We should expect some typical slow down during the holiday period but sellers should take note that if their home isn’t ideally located, move in ready, or happens to be in that range in which demand is high, but inventory is low, they need to heed the advice of their real estate professional and be right on target with pricing.