When the stats and the outlook change, we'll tell you.
About two weeks ago, we posted statistics about the Manhattan Beach real estate market showing that the properties in escrow were mostly higher-end properties, those priced above the median price of $2.500M. (See "Pending Sales in Manhattan Beach Skew…
When the stats and the outlook change, we'll tell you.
About two weeks ago, we posted statistics about the Manhattan Beach real estate market showing that the properties in escrow were mostly higher-end properties, those priced above the median price of $2.500M. (See "Pending Sales in Manhattan Beach Skew Pricier.")
In fact, 73% of homes in escrow at the time were above the median, a big imbalance compared to prior years.
Now, it's just 53% of homes in escrow above $2.500M.
The story behind the numbers is that buyers at "lower" price points (it's all relative!) have been the ones inking deals in Manhattan Beach over the past two weeks. (Pictured here is 668 36th, a 3br/3ba, 2150 sqft. remodel on a corner in the Tree Section, listed at $2.199M, which just made a fairly quick deal.)
Take a quick look at the deals posted just since our mid-May blog, newest deal first (email subscribers, please view this post online):
ADDRESS |
BD/BA |
SQFT |
LOT |
PRICE |
$PSF |
DOM |
START $ |
START |
424 S Meadows Avenue |
3/2 |
1529 |
6164 |
$1,699,000 |
$1,111 |
69 |
$1,799,000 |
02/25/20 |
668 36th Street |
3/3 |
2150 |
4550 |
$2,199,000 |
$1,023 |
15 |
$2,199,000 |
05/11/20 |
1151 Lynngrove Drive |
5/3 |
2543 |
5677 |
$2,000,000 |
$786 |
17 |
$2,000,000 |
05/09/20 |
1157 6th Street |
5/4 |
4292 |
7502 |
$3,375,000 |
$786 |
7 |
$3,375,000 |
05/19/20 |
1525 Artesia Boulevard B |
3/3 |
1422 |
13465 |
$969,000 |
$681 |
24 |
$969,000 |
04/18/20 |
1200 Magnolia Avenue |
2/2 |
1271 |
4899 |
$1,499,000 |
$1,179 |
13 |
$1,499,000 |
05/13/20 |
3004 The Strand |
4/4 |
3348 |
3489 |
$9,495,000 |
$2,836 |
0 |
$9,495,000 |
04/13/20 |
129 Moonstone Street |
3/4 |
2143 |
1349 |
$2,485,000 |
$1,160 |
61 |
$2,485,000 |
03/06/20 |
1520 Manhattan Beach Boulevard B |
2/2 |
1095 |
9894 |
$799,000 |
$730 |
53 |
$850,000 |
04/03/20 |
3617 Elm Avenue |
3/2 |
1200 |
5097 |
$1,699,000 |
$1,416 |
20 |
$1,699,000 |
05/06/20 |
1550 5th Street |
5/6 |
5964 |
7505 |
$3,899,000 |
$654 |
31 |
$3,899,000 |
04/25/20 |
8 Fairway Drive |
2/2 |
1449 |
3415 |
$1,495,000 |
$1,032 |
11 |
$1,495,000 |
05/13/20 |
794 27th Street |
5/4 |
3077 |
4436 |
$2,649,000 |
$861 |
66 |
$2,689,500 |
02/14/20 |
(You can click any address above to see property details.)
You'll quickly see that out of these 13 new deals, only 4 are on properties priced above the median.
It is as if the market quickly began re-balancing, filling in as more "affordable" properties found buyers (heck, two are under $1M!).
Our chart here shows the recent change in the proportions of recent sales (new escrows) by price.
Mainly, we'd focus your eyes on the bottom of the chart.
The bottom half is properties priced under $2.5M. There weren't many of those pending in the May 13 sample on the right.
Today (left pie chart), it's almost half under $2.5M.
Properties priced $3.5M+ still make up 27% of the pending sales. It's somewhat more than you would expect based on typical rates for closed sales. For instance, 20% of all 2019 sales were over $3.5M. But that 27% now is lower than the really odd 34% just 2 weeks ago.
You should never make judgments about a market based on any 2 weeks' worth of data, but. But.
But, it was possible to craft a hypothesis two weeks ago that "only" or "mostly" higher-priced properties were attracting buyers here, as the COVID situation prevailed but real estate seemed to be opening up, while, at the same time, perhaps the more typically busy $1.5-$2.5M range was suffering.
The last two weeks or so have pushed away any such hypothesis. Buyers are making deals at all price points.
---------------------------------
Nerdy note: Soon after this post was first published, an alert reader asked if these 13 new deals in 2 weeks represent a substantial quickening of the pace of new escrows. New deals have been sputtering along at a record-low pace for weeks, including 8 per 2-week period in April and 10 in the first half of May.
The answer: feels like it, but the 2-week period of May 13-27 doesn't align perfectly with the first half/second half data captures that we normally do for our market updates. Watch this space in the first couple of days of June for our May 31 update.
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.