Half of Manhattan Beach Real Estate Listings Have Cuts
Jul 30, 2019 11:24PM
● By Jeanne Fratello
Source: MB Confidential
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.
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."