Manhattan Village is the only gated community in Manhattan Beach and, as such, offers unique opportunities for its residents. This area includes the Marriott Hotel and the Manhattan Beach Country Club. Over the last several years there have been four times the number of townhome sales than single family sales here. In fact, in a busy year there may only be eight single family home sales. The sales trends of the townhomes have matched a pattern that we have seen for the South Bay in general. The trends for the single family homes have also followed this pattern to some degree, but with a less consistent sales volume.
Back in 2001, a townhome here sold for $538 K on average while a single family home sold for $958 K. The price for the townhomes rose every year through 2005, hitting an initial peak of $1.072 M. Prices dropped in 2006 and 2007, but reached a new peak in 2008 of $1.2 M. This quite possibly may be the only niche of the South Bay market that had a significant increase in 2008. I should note that it was on a very low relative sales volume for the area. This year-to-date, the average sales price has dropped to $877 K. For single family homes, the average sales price rose consistently from 2001 through 2007. The peak value hit $2 M in 2007, but dropped sharply to $1.5 M in 2008. This can be attributed to a very low number of sales in 2008 and thus should not be used for decision making.
The peak number of sales of townhomes was in 2002 (no surprise there as this has been the case for virtually all of the South Bay). There were 37 sales that year, but the number has dropped every year since and stands at only seven this year-to-date. There have only been a total of 46 single family home sales since the beginning of 2001. The current inventory of single family homes is two while for townhomes it is four and yet this still represents months worth of inventory in both cases given recent sales trends.
The average days on markets have oscillated for both types of homes in this area over the years. From 2002 through 2005, both had homes on the market for less than three weeks before selling. The number has gone up and down since. This year-to-date, days on market was 85 days for single family homes and 100 days for townhomes.
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Tony Cordi is the owner of Beachtime Realty, serving the South Bay since 2007. He specializes in beach properties across the South Bay and Palos Verdes. Tony has helped several clients identify properties where they can add value by remodeling or developing the property.
