A Time for Cuts Before Labor Day

By Dave Fratello | August 29th, 2017

The experience this Summer in the Manhattan Beach real estate market wasn't exactly the "Summer doldrums" like we're accustomed to seeing.

233 S Meadows Avenue Manhattan Beach CAThere was plenty of sales activity and a steady stream of new listings. Still, there's more around the corner.

After Labor Day, expect a small rush of new listings as sellers make a play for the somewhat busy Fall months.

It seemed that for the past few days, we had seen more examples of existing listings re-positioning themselves with price cuts than other market activity.

Then we verified with data.

For the 7 days leading up to Tuesday afternoon:

• There were 7 new listings:

ADDRESSBD/BASQFTLOTPRICE$PSFDOMSTART $START
301 15th Place 4/4 1864 2986 $2,850,000 $1,529 4 $2,850,000 08/25/17
117 21st Place 2/3 1318 1347 $2,349,000 $1,782 4 $2,349,000 08/25/17
2204 N Ardmore Avenue 3/2 1415 4390 $2,099,000 $1,483 5 $2,099,000 08/24/17
1230 11th Street 4/4 2555 7503 $2,389,000 $935 5 $2,389,000 08/24/17
3619 N Poinsettia Avenue 3/3 1329 5297 $1,495,000 $1,125 5 $1,495,000 08/24/17
711 N Herrin Street 2/1 828 3746 $1,289,000 $1,557 5 $1,289,000 08/24/17
1311 19th Street 2/1 1092 7497 $1,499,000 $1,373 6 $1,499,000 08/23/17

• There were 11 price cuts (233 S. Meadows is shown above):

ADDRESSBD/BASQFTLOTPRICE$PSFDOMSTART $START
1912 The Strand 5/5 3482 3327 $11,500,000 $3,303 202 $13,995,000 02/08/17
624 30th Street 5/3 2601 4803 $2,795,000 $1,075 25 $2,825,000 08/04/17
2211 Bayview Drive 4/4 2660 3494 $3,433,000 $1,291 124 $3,549,000 04/27/17
233 S Meadows Avenue 4/6 5581 14037 $6,900,000 $1,236 187 $8,399,000 02/23/17
919 1st Street 3/2 1941 8600 $4,950,000 $2,550 35 $5,299,000 07/25/17
656 26th Street 4/5 3466 5121 $3,299,000 $952 42 $3,319,000 07/18/17
32 Dover Place 2/2 1450 3392 $1,299,000 $896 40 $1,319,000 07/20/17
3605 Oak Avenue 5/4 3250 4647 $2,895,000 $891 74 $2,995,000 06/16/17
3000 Palm Avenue 5/5 3588 4634 $3,695,000 $1,030 116 $4,149,000 04/28/17
1241 8th Street 4/4 3116 6751 $2,649,000 $850 36 $2,675,000 07/24/17
138 15th Place 3/4 2236 1355 $2,855,000 $1,277 71 $2,999,000 06/19/17

Of these, note that 1912 The Strand is now down almost $2.5M from start. 

2211 Bayview is doing something odd, cutting $1,000 daily each day since Aug. 14. (Just even mentioning this makes you feel they're winning with this oddball strategy, doesn't it?)

• There were 5 listings newly going into escrow:

ADDRESSBD/BASQFTLOTPRICE$PSFDOMSTART $START
232 30th Place 4/4 2100 1378 $3,299,000 $1,571 251 $3,495,000 12/16/16
11 Marin Court 3/3 1916 0 $1,225,000 $639 39 $1,225,000 07/21/17
201 Highland Avenue 2/2 1456 1354 $2,499,000 $1,716 55 $2,499,000 06/21/17
1200 5th Street 5/5 5072 8501 $3,250,000 $641 111 $3,795,000 05/10/17
756 Center Place 3/3 2182 77711 $2,275,000 $1,043 22 $2,275,000 08/07/17

 

The next week may look a lot like that, but come Labor Day, a lot could change.

 

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