HOME SALES: Local real estate market continued an historical drop in 2023
by Mark McDermott Manhattan Beach home sales sharply declined in 2023, dropping from 322 sales in 2022 to 253 last year, while median sale price also dropped from $3.1 to $2.8 million. The decrease in sales, based on sales data reported to the Multiple Listing Service database, continues a precipitous two-year drop from 518 sales in 2022 and represented a 37 percent decline from the average of 393 sales per year since the beginning of the Great Recession in 2008. Last year’s sales were lower than the lowest year of the recession, 2008, in which 316 homes sold. These numbers come from the annual data crunch conducted by Realtor Dave Fratello for his MB Confidential blog, in which he described 2023 as “one of the oddest years in two decades” in local real estate. It was a year that also included a record $12.8 million sale in the Tree Section and Strand Home unofficially hitting the market, via The Wall Street Journal, for $150 million. Graph by Dave Fratello/MBConfidential.com Fratello, in an interview, said the reason for drop in overall sales is not hard to decipher. “The simple answer is that changes in interest rates impacted both buyers and sellers, mainly by reducing the…
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