Manhattan Beach Home Sales, Prices Are Up
Aug 03, 2017 09:22AM
● By Jeanne Fratello
The first half of the year yielded 223 sales, which represents a 21% increase over 2016's first 6 months, and 27% over 2015.
Additionally, there were more closed sales (429) for the full 1-year period ending June 30 than in any comparable period over the last 3 years. This total marks a notable reversal in what had appeared to be a modest downward trend in sales, with only in the span from July 1, 2012 to June 30, 2013 reflecting a higher number of sales.
"The year-over-year rise in sales was 17%, with the '16-'17 span of July 1-June 30 eclipsing the '15-'16 period by 62 sales," added Dave Fratello, Realtor and author of the Manhattan Beach Confidential blog.
Meantime, the median price for all Manhattan Beach residential properties was up a modest 5% to $2.200M, reflecting a simple rise of exactly $100,000 from the '15-'16 period to '16-'17.
"It's the culmination of a 49% rise in the Manhattan Beach median price from the '12-'13 period. You almost can't believe that the median was $1.472M only 5 years ago," said Fratello.
Readers are cautioned to remember that the median represents the middle number out of a complete set of all the sold prices in the 1-year period under study. Half the homes in this most recent period sold for more than $2,200,000, and half sold for less.
For minute-to-minute updates on the Manhattan Beach real estate market, visit Manhattan Beach Confidential and bookmark the Manhattan Beach Confidential real estate dashboard.