The year 2020 was a remarkable, record-setting year for Manhattan Beach real estate.
After
smashing so many
monthly records throughout the year, 2020 ended with
two new highs: a 10 percent jump in home sales and a 10 percent jump in the median home sale price.
The median home price in Manhattan Beach now stands at its highest point ever, $2.600 million, according to local real estate blog
Manhattan Beach Confidential.
Although the COVID-19 pandemic has had a devastating effect on many families and businesses, Manhattan Beach real estate somehow pulled ahead despite those challenges, said Dave Fratello, broker at Edge Real Estate Agency and author of Manhattan Beach Confidential.
"These increases can be due to a variety of factors," said Fratello. "There were utra-low mortgage rates resulting from the economic stimulus package. We also saw many second home and vacation home buyers this year, as well as families whose home-schooling or home office needs inspired changes. And there is the inherent and enduring appeal of Manhattan Beach as a place to live - that's something that never seems to go out of style."
Interesting note: There was actually a decrease in the median home price in 2019. The 2019 median price of $2.351 million represented
the first (modest) downturn in the local median price since 2009. Fratello noted that some observers thought the price decrease meant Manhattan Beach's years-long growth streak had finally ended. ("It hadn't," he added.)
At the end of the year, 2020 concluded with 430 total home sales, the highest number of sales since 2012. Although there was a slowdown in the spring, the
post-spring rebound in sales
more than made up for "missing" months, crowning 2020 as the
second-highest-volume year for local home sales.
For more information and data on 2020 highlights, see the Median Price Jump story.
For the latest pending/sold report and massive amounts of additional local real estate data, visit MB Confidential's data page. For an up-to-the-minute scorecard on new listings, new escrows, new closed deals, and new price cuts, visit the Manhattan Beach Confidential Dashboard.
Additionally, for more insights into the market, to inquire about buying or selling
properties, or to learn more about off-market inventory, contact Dave
Fratello by email, or call (310) 243-6299.
