The boost in sales was +9 for Manhattan Beach as a whole and when you look at the micro market West of Sepulveda. Though sales increased, the median price of sales West of Sepulveda dropped 7% from $1.607M in the first quarter of last year to $1.50M this year.
Overall, the whole city of Manhattan Beach saw an increase in sale price from $1.430M in the 1st quarter of 2010 to $1.5M this year. Though prices declined West of Sepulveda, the increase in overall price is directly related in the increase in sales in the higher priced area.
Please note that tracking sales on a quarterly basis can skew the numbers especially when sales volume is relatively low. For example, the 4th quarter of 2010 median price was $1.362M west of Sepulveda, and $1.252M for all of MB. If you were to compare the most recent quarters to quarters, you would think Manhattan Beach prices went up 20% at the snap of a finger. Obviously that is not the case.
Another interesting and important thing to look at is how the % of Single Family Residences selling above $1M has changed dramatically since 2008 when the bubble started to officially burst.
In the first quarter of 2006, just 6% of all homes sold in Manhattan Beach sold for less than $1M. This year 27% of homes sold for less than $1M, statistically, that is a 450% increase in homes selling below $1M.
In terms of sales above $2M, during the late-boom year of 2006, almost half the homes sold in Q1 went for $2M oe more (44%). The median price that quarter was $1,972,500.
This year 83% of the homes sold in Manhattan Beach in Q1 sold for less than $2M.
Manhattan Beach West of Sepulveda fared about the same over this 6-year period. Sales above $2M were 22% of the sales in the first part of 2011, down from 48% in 2006. Sales above $2M are at a six year low.
(*Source: Manhattan Beach Confidential – article and graph)