It has been a dizzying last year or two in Manhattan Beach real estate. Multiple offers are common and overbids seem to carry the day. Now we have data to show the impact on local prices.
Median prices for homes in Manhattan Beach are up 14% just since last year. This is all the more remarkable because when we closed out 2012, the median price was largely flat against 2011 – the price increases we all thought were happening were not reflected in the data yet. Now: Boom.
I've run the data for single-family home sales from Jan. 1-Sept. 30, citywide and west of Sepulveda only. (The chart shows the citywide numbers.) Dating back 5 years, you see this year's median price spike up quickly.
This year's year-to-date median price is $1.725M citywide, and $1.875M for homes west of Sepulveda.
Both figures are very near historic highs. Citywide, the high figure (for Q1-Q3 combined) was hit in 2006 at $1.795M. West of the highway, the high was $1.930M, hit in 2007 just before the downturn.
I know a lot of people worry that these increases are not sustainable. But I am pretty sure we'll exceed those historic highs before there is any calming in the market or "correction" down the road.
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For more charts and links to past data, see this post on the MB Confidential blog.
