A January report showcases real estate in a variety of areas in the US & groups Manhattan Beach, Venice Beach, Hermosa Beach, Redondo Beach.
By Nicole Charky
MANHATTAN BEACH, CA — Home values in Manhattan Beach and the Los Angeles coast skyrocketed during the pandemic and are expected to climb higher in 2021, according to a new real estate report.
The demand to live near the ocean, in retreat-style homes, increased in 2020, according to The Red Paper 2020 Press. The report was published by luxury, global real estate company The Agency and found that homebuyers began focusing on creating private getaways while sheltering at home. The benefits of living in a beach community can be a considerable draw for new homeowners with access to the ocean, bars, shops, restaurants and cafes.
In 2020, single-family home sales were highest in Malibu, Pacific Palisades, Santa Monica, along with the grouped-together markets of Beach Cities, which include Venice Beach, Manhattan Beach, Hermosa Beach and Redondo Beach.
“The Beach Cities are expecting a busy 2021 as demand grows and inventory dwindles,” the report said. “While new inventory will be arriving to the market in the way of new construction and remodeled older homes, expect price points to trend slightly upward as the market remains highly competitive especially at entry-level prices in these marketplaces.”
The median price in 2020 for single-family homes in Hermosa Beach, Manhattan Beach, Redondo Beach and Venice Beach is $1.94M. That’s a 9% increase from 2019, according to the report. The median price for a condo was $1.1M.
The median price per square foot in Santa Monica in 2020 was $1,206, according to the report. The median price for a Santa Monica home was $2,752,100. The median price for a Santa Monica condominium was $1.05M.
Venice, Mar Vista, Marina del Rey and Playa del Rey have seen an influx of buyers who want to live near Silicon Beach, a tech center for major global media companies and innovators, including nearby Facebook, Google, Postmates, Hulu, Snap and Headspace.
“The summer saw heightened sales activity, with homes from $2.5+ million selling within two to three weeks,” according to the report.