East Manhattan Beach
As Manhattan Beach Sand Section home sales have begun to slow due to high prices, a nearby beneficiary has emerged over the last few years – East Manhattan Beach homes. Buyers have come to realize that East MB offers a suburban feel, sprawling backyards, much more parking, and generally a lot more bang for your buck.
Over the last few years, Buyers priced out of the market west of Sepulveda have started to migrate to East MB. These buyers seem to have come out in droves this year and it has created a resounding uptick in prices and sales to the area.
East Manhattan Beach Sales
Our readers have come to know that new construction drives the general market, so I wanted to dive into some past data to see how it compares to this year’s performance.
2014
New Construction Sales: 10
High Price: $4,000,000 (111 S Meadows Avenue)
Low Price: $2,195,000 (1605 N Meadows Avenue)
Median Price: $2,775,000 (401 N Peck & 1421 18th Street)
2015
New Construction Sales: 10
High Price: $3,600,000 (1131 6th Street)
Low Price: $2,350,000 (1159 Magnolia Ave)
Median Price: $2,825,000 (1321 Vorhees Avenue & 1135 18th Street)
2016
New Construction Sales: 10
High Price: $3,700,000 (1400 23rd Street)
Low Price: $2,575,000 (1138 20th Street)
Median Price: $2,950,000 (1741 9th Street & 11130 5th Street)
2017
New Construction Sales: 14 (to date)
High Price: $3,650,000 (1315 9th Street)
Low Price: $2,550,000 (1621 23rd Street)
Median Price: $3,112,500 (1541 Nelson Avenue & 1657 Nelson Avenue)
Conclusion
The above information demonstrates why real estate professionals use median sales price over average sales price. An interesting thing to note is that the highest sales price of all the year occurred in 2014 (an over-sized lot) and the highest sales price in 2017 was not all that impressive. That said, not only has East MB shown steady and consistent growth according to the information above, but the data shows a surging market in 2017.
Not only has 2017 had the largest jump year over year in median price but sales are up 40%. To further the bullish case, there are currently three pending escrows that would raise the median price even higher. If they closed before the end of the year, East MB would close out with 70% sales growth on new construction.
The consistent rise of prices since 2014 and the STRONG demand supporting the jump in prices this year supports a very bullish case for East MB. This may be a sign that buyers are less and less afraid to go east of Sepulveda with the outrageously expensive prices to the west.