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For the first time, the median price for homes in Manhattan Beach, California, has hit $3,000,000.
This landmark finding was reported by local real estate broker Dave Fratello of Edge Real Estate Agency, based in Manhattan Beach, on his MB Confidential blog.
“Sharp increases in local home prices are part of the remarkable bounceback of our real estate market after pandemic shutdowns,” Fratello says.
“Early 2020 was a scary time,” Fratello added. “No one expected to see a wild, white-hot real estate market like this in Manhattan Beach.”
Fratello reports that, in just 12 months, the Manhattan Beach median price is up 15%. It had been at $2.600M in November 2020
The median price for Manhattan Beach is up a full 20% in the 18 months since “reopening” of the local market, Fratello notes. More than 800 homes have sold in that time, at a pace much faster than normal for the seaside market.
“Before COVID, our market in Manhattan Beach had begun to slow down,” Fratello said. “The median home price actually dipped a bit at the end of 2019. That’s what makes this frenzy so amazing.”
From 2017-2019, the local median home price had been stable, between $2.3 million and $2.4 million, Fratello’s data show.
Why is Manhattan Beach real estate rocketing like this? Fratello offered some explanations.
“We know real estate prices are rising in lots of markets, partly due to low interest rates and tight inventory. Those have an impact here, but a few things are different in Manhattan Beach,” Fratello said.
“Our buyer clientele is doing well, even during a pandemic economy. And our market attracts a number of second-home buyers,” Fratello said. “Some of our extra demand now is for vacation homes, and from people who can take advantage of remote working. If you can work anywhere, why not work from your house in Manhattan Beach?”
Manhattan Beach, a community of about 30,000 residents in Los Angeles County, is safe, has a thriving, quaint downtown, lots of quality restaurants, good weather and famous beaches. The popular Sand Section features homes along the city’s 2-mile coastline, while the Tree Section is a suburban district nearby. Great public schools are another attraction.
Contact: Dave Fratello @ (310) 386-2952
