Manhattan Beach tops list for $1, 000,000 home sales…
Manhattan Beach once again heads the list of cities in California with the most homes sold over $1,000,000. An article in the Daily Breeze notes that 146 homes sold for more than a million dollars in Manhattan Beach as of the second quarter of 2014. This is the second year Manhattan Beach beat out other California luxury home cities for million dollar plus home sales. In 2013 Manhattan Beach led the list of California cities with sales over $1,000,000 with 439 million dollar plus sales.
As of August 2014 only 7 homes have sold under the one million dollar figure. And it’s not just single family homes that are seeing high prices. Townhomes near the beach and in Manhattan Village are seeing record prices. Lot sales west and east of Sepulveda in Manhattan Beach have risen dramatically in the last two years.
While Manhattan Beach has always been pricey compared to the other South Bay-Beach Cities, home prices have risen dramatically in recent years as folks with large financial resources discovered our little town. The good schools, small community life style and serene ocean views have all contributed to an increase in demand for a Manhattan Beach address. Low inventory, along with an influx of all cash buyers for homes over the million dollar range moved prices upward with multiple offers that were often well over the listed price.
In 2011 there were 80 homes that sold in Manhattan Beach under $1,000,000. In 2012 that number fell to 77. 2013 saw 29 homes close escrow under $1,000,000. As of August 1, 2014 there have only been 7 homes sell under $1,000,000 and those were mostly in the $900,000 price range. I expect that next year, while there will be some townhomes and condos in Manhattan Beach under one million dollars, there will be few if any homes available in that price range.
**The numbers above reflect MLS data.
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