Manhattan Beach, a city located in the southwest portion of the greater Los Angeles County, is a place that you see in movies:
Sandy beaches within walking distance to local shops and eateries, residential areas where neighbors know each other, and beautiful views of the ocean all in one place.
Whether you want to experience single or family life, Manhattan Beach has what you are looking for, and also offers great outlooks if you are choosing to invest in property or homes in the area soon. Or does it?
If this is you, it would be good to stop for a second and look at the Manhattan Beach home market trends for the last few years. Luckily, we have you covered.
Here are some numbers and breakdowns to look at to help you make the best decision about Manhattan Beach, the city of “Sun, Sand, and Sea”.
Locations in Manhattan Beach
Before the numbers, we have to know the dynamic of the Manhattan Beach area. The city is broken into six different ‘neighborhoods’:
Mira Costa – A quiet residential area known for its rolling hills that make for great views, Mira Costa is home to rather large residential lots compared to the other neighborhoods.
This lends to good outdoor activities for families, and its location is within minutes of both the beach and downtown.
Manhattan Village – Like Mira Costa, Manhattan Village is for those who look for a quiet residential area, but this place gives you the benefits of a gated community feel as well.
It also gives the freedom of choice in regards to the type of home/property you are looking for, whether it be townhouses or standard homes.
Liberty Village – Also including the Manhattan Heights area, this part of the city is great for people who like to be near urban activity centers for shopping, exercising, and others. If you are a person who likes this kind of environment, this is for you.
Sand Section – As the name suggests, this part of Manhattan Beach covers its beautiful beachfront areas. Every day for these residents feels like they are on vacation.
It is home to many surfers and lovers of the beach. But also look to spend some money here, houses in this area can cost at least $1 million.
Tree Section – This area is another residential zone, known for its small-town feel despite being so close to LA. They call it the Tree Section because its streets are named after trees (ex. Oak, Elm, etc.)
That’s not to say that they don’t have trees there. In fact, the local government has passed laws and ordinances against their removal. If you like a small-town feel, this is where you want to be.
Hill Section – South of the Tree Section, this is yet another high residential zone. It boasts large, spacious lots and more than accomodating estates.
The Hill Section also has an easy commute to both the beaches and the urban sights like the mall. You can’t go wrong in the Hills!
Manhattan Beach Home Market Trends
Each section of Manhattan Beach carries its own aesthetic. But if you are looking to purchase a property in the area there are some numbers you need to know:
In 2017, half of the 421 homes sold in Manhattan Beach went for no less than $2.3 million. The national real estate trend at that time showed the median national value of a home was $206,000.
So houses in the area went for about ten times more than the national median.
However, the increase in the value of the homes slowed between 2017 and 2019.
In May of last year, it was reported that the median price of a house in Manhattan Beach only increased by 1.8% from $2.237 to $2.277 million, which was only a little over half of the percentage for the rest of Los Angeles County in the same span.
Despite this small slump, the median price for houses in the area was still more than three times the median for the rest of the county at about $600,000.
As of the beginning of 2020 like the rest of the country, the Manhattan Beach real estate market prices were shocked by the epidemic. Coming into the year the trend seemed to be moving upward.
January 2020 saw the median price up to almost $3.6 million, which was the highest the area had seen since May of 2018. But they plummeted in February to about $3.1 million, a significant fall.
However, the trend is looking to rebound and stay fairly constant. As of May, the median is about $3.4 million, up 2% from one month ago. So if you are planning to invest in the area, now would be an ideal time to do so, while the median value is on the steady incline.
Manhattan Beach has not seen a lot of turnover in residents since the market has fluctuated. Due to the spread of COVID-19, the market in Manhattan Beach has reflected the downturn in the activity that we have seen in national real estate trends as a whole.
Manhattan Beach real estate has shown resiliency to maintain its value over time and has consistently stood head and shoulders above neighboring cities. For example, Hermosa Beach only surpassed the median value in Manhattan Beach one time in the past four years.
“Sun, Sand, Sea”
Manhattan Beach is a vacationer’s dream, a family’s solace, and a bachelor’s excitement. Living here offers different vibes to all who have varying tastes and preferences.
Purchasing property is good in any part of Manhattan Beach and it is certainly a place that you can look to garner value for the properties that you may choose to invest in.
Whether it be for owning a home or for renting opportunities, this area of the greater LA county is ripe with prospects for investment.
The Manhattan Beach home market trends show that this area is also well worth the investment; from location to entertainment, to the gorgeous views of the coast, Manhattan Beach is a place you want to be. So come to the town of “Sun, Sand, Sea” and enjoy what this sprawling city has to offer.