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Half of Manhattan Beach Real Estate Listings Have Cuts

Jul 30, 2019 11:24PM ● By Jeanne Fratello

Source: MB Confidential

How is the real estate market in Manhattan Beach doing right now? We might just be in a summertime lull, according to local real estate blog Manhattan Beach Confidential, which reports that half of all Manhattan Beach residential real estate listings have had cuts.

According to MB Confidential, there were 128 active listings early Tuesday afternoon. Of those listings, 53 show a price cut on the current listing, and 10 more have re-listed at lower list prices.

That's 63 out of 128, meaning 49 percent (OK, just shy of half - but so close!) of current Manhattan Beach listings have taken a price cut.

"Chances are, if you're looking at a Manhattan Beach listing right now, it is likely to have cut its price at some point," said local broker Dave Fratello, author of Manhattan Beach Confidential.

Incidentally, MB Confidential recently reported that the median price for Manhattan Beach homes has dipped slightly year-over-year since this time last year. 

The median price for Manhattan Beach homes in June 2019 was $2,350,000 - or $20K below the June 2018 median price of $2,370,000. It's also $50K lower than the December 2018 median of $2,400,000.

This means the median is down 1 percent year-over-year, and down 2 percent from January 1 this year. The last time there was a decline from year to year in June 30 data was in 2013, reported Fratello.

However, that's not to say that certain segments of the market haven't been performing. Recently, for example, three new construction homes in Manhattan Beach sold for more than $4 million - a new high for a typically sized lot - in East Manhattan.

"It's a mixed bag as we look at the data for local real estate right now," said Fratello. "There are strong segments and hints of a wobbly market. This is all setting up the autumn selling season to be a most interesting time for buyers and sellers."

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