This may sound familiar.
Once again, the most recently closed 2-week period saw more new escrows than in any comparable 2-week period going back several years.
A busy August?
Unheard of, right?
With 27 new deals, 2020's first half of August was far busier than any of the past 3 years, with more than…
This may sound familiar.
Once again, the most recently closed 2-week period saw more new escrows than in any comparable 2-week period going back several years.
A busy August?
Unheard of, right?
With 27 new deals, 2020's first half of August was far busier than any of the past 3 years, with more than twice the number of new deals seen since 2017, and 8 new deals more than the prior high (19 in 2016).
This is simply the continuation of a trend. We reported just recently that June & July 2020 were not only the busiest June & July of this cycle, those two months were busier than any March & April combined during this cycle.
There's still momentum.
Notable in this period, two prime Tree Section streets saw action:
1804 Palm (5br/4ba, 3150 sqft.), asking $3.695M after purchase in June '18 for $3.300M;
1801 Palm (5br/5ba, 3900 sqft.), asking $3.500M;
604 31st (5br/5ba, 3625 sqft.), last at $3.999M; and
717 31st (5br/4ba, 3500 sqft.), last at $3.995M.
Nearby those 31st St. listings, there were also two big sales:
648 30th (5br/6ba, 4750 sqft.), new construction that began at $4.999M, and
660 33rd (5br/6ba, 4750 sqft.), asking $4.170M.
That's $24 million in Tree Section sales alone... and that's just 6 of the 11 Tree Section deals from this period.
You can look at our pending/sold list to see all the pending deals in town; scroll down to East Manhattan and you'll see 21 pendings, 9 of which started between Aug. 1-15.
Last observation for the moment: Inventory at 134 listings is the highest for any Aug. 15 of this cycle.
The mixed environment we saw last month continues: Higher absorption is combining with higher inventory, making it impossible to declare whether buyers or sellers hold the advantage in these market conditions. At many tiers, however, it's clearly still a seller's market.
Here's the rest of our local real estate market update report for the period ending 8/15/20:
> 134 active listings as of 8/15/20 (+1 from 7/31/20)
> 101 SFRs (-9)
> 33 THs (+5)
See the Inventory list as of 8/15/20 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 22 actives (-3)
> Sand Section: 76 actives (+4)
> Hill Section: 12 actives (+4)
> East MB: 24 (+4)
We're also providing a report on closed sales by region of MB.
Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.
Here's a link to the spreadsheet: "MB Pending/Sold as of 8/15/20".
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.