2020 Saw Most Money Ever Spent on Manhattan Beach Homes

By Dave Fratello | January 14th, 2021

Just because we saw this record coming, it's no less amazing.

The year 2020 set a new record for dollar volume for real estate transactions within Manhattan Beach.

A total of $2.563 billion was spent on homes in the city during the calendar year - a calendar year which, it must be noted, was "missing" a couple of months when real estate activity was frozen due to COVID-19 shutdowns.

This figure beats the previous annual high, 2017's figure of $2.458 billion, by $105M.

And this reverses two years of modest declines.

The year-over-year jump from 2019's respectable $2.158 billion transacted was nearly 19%.

So, in a year where we saw the number of sales jump 10% and saw the median price jump 10%, the actual amount of money involved was up by even more, close to 20%. (See "Median Price Jump, 10% More Sales in 2020 - Manhattan Beach Market Update for 12/31/20.")

We'll recall the point we made recently about why 2020's surge is so amazing: "[E]arlier parts of 2020 also saw huge drops in annualized sales volume. Sales volume dipped to 'only' $1.862 billion in June 2020, a range more typical of 4-5 years ago."

Here's a quick look at historical figures going back to 2008.

Ah, yes, Dave, history and data are interesting, but what's happening now?

With the caveat that small samples of data can be misleading, the year has begun with several big closings, almost all over $3M, and one near $8M.

In just 2 weeks of January, more than $30M in home sales have closed in Manhattan Beach. Last year: $8.9M in the same period. But blistering 2017? $46.5M in the same first two weeks. (Yikes!)

Right now, it feels a little like the calm before the storm, as we prepare for the traditional Spring market, typically launching in February.

Yes, COVID-19 is more of a problem than ever, the economy's challenged, and there are a few things going on in the political world. But then, you can almost picture all of those factors getting better. We'll see, no predictions here.



Nerdy note: All data is from the local/regional MLS system, CRMLS, Inc., initially compiled by InfoSparks © 2020 ShowingTime.

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