Winners and losers in the Manhattan Beach residential real estate market in 2019.
South Bay Real Estate News
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A softening national housing market suddenly finds some stability as fear of an impending recession abates with the latest employment numbers. Local markets, however, continue to show significant pockets of weakness and even the stalwart Manhattan Beach single family home segment, while still appreciating, is doing so at a reduced rate of appreciation that seems to reflect a multi-year plateau that is likely to continue into the first part of 2020.
One of our recent sales in the Manhattan Beach Tree section - 1812 Elm Avenue - sold for full price before even hitting the market.
Our other recent Tree section sale - 2400 John Street, pictured here - just achieved one of the highest sale prices ever in terms of price per square foot for new construction in the Trees on a standard lot.
Nationally, home sale prices have been moderating over the past year. Not necessarily declining but the rate of increase has definitely slowed to the low single digits nationally and in Los Angeles as well. In the beach cities, median sale prices for both single family homes and townhomes/condos have, in fact, slipped into negative territory on a year-over-year basis, with a few pockets of strength. We've compiled the relevant data both nationally and locally.
Still, there are small victories here and there. For example, pictured is our listing at 1812 Elm Avenue in the Manhattan Beach Tree section which sold for full price prior to hitting the market. Sometimes, the real estate gods smile upon you.
The past year was a good year in general for residential real estate in Hermosa Beach. However, in every market, there are winners and there are losers. Here are our picks for each category.
Our view of the biggest winners and losers in the Manhattan Beach residential real estate market for 2018.