MANHATTAN BEACH, Calif., Jan. 4, 2022 /PRNewswire/ — Home buyers in Manhattan Beach, California, spent nearly $1 billion more on homes in 2021 than in the previous year, according to new data.
Dollar volume for Manhattan Beach home sales hit a record total of $3.554 billion, reports local real estate broker Dave Fratello on his MB Confidential blog. The 2020 total of $2.563 billion was the previous high.
"Home sales activity was so strong in Manhattan Beach last year that we blew away our own new record by almost 40 percent," said Fratello, founder of Edge Real Estate Agency, based in Manhattan Beach.
"It seemed that 2020 was a home-buying frenzy that could not be repeated," Fratello added. "In fact, the momentum only increased. Manhattan Beach just had a real estate sales year for the ages."
Generally, almost 400 homes sell each year in Manhattan Beach, a pricey seaside community in Los Angeles County. In 2020, that total hit 430 homes sold, the highest in 8 years. Yet the total leaped to 518 sales in 2021, a rise of 20% in total sales.
While home sales totals rose, prices were also increasing, with the Manhattan Beach median home price reaching $3.000 million for the first time in November.
"When you have more sales at higher prices, that’s part of the story for how you get to $3.5 billion," Fratello said.
Fratello reported that the very highest-end real estate in Manhattan Beach also set records.
Waterfront homes on The Strand sold at a record pace, with 16 total sales and $161.45 million in total dollar volume. The number of sales exceeded the three prior years combined and was a record total for the past 20 years, Fratello reported. One Strand sale posted at $19.2 million, also a record.
"Low interest rates and pandemic-related factors have helped fuel interest in Manhattan Beach real estate," Fratello said. "We saw competition for many listings, with buyers driving up prices in bidding wars. All year in 2021, inventory remained low, adding to the sense of urgency for home buyers."
FAST FACTS – MANHATTAN BEACH HOME SALES DATA
- 518 homes sold in 2021
- Median price: $3.045 million
- Dollar volume: $3.554 billion
- Increase over 2020: $991 million, 39%
Contact: Dave Fratello @ (310) 386-2952
SOURCE Edge Real Estate Agency
