Just like you, we get all kinds of email property updates from searches that we've set up in the past.
Manhattan Beach, of course. But also Redondo, Palos Verdes, even some inland areas (perish the thought!).
It seems like this week, they're chock full of price cuts.
Cut, cut, cut, cut, new listing, cut, cut, cut, new, cut, cut.
But we're not really tracking Yorba Linda or PV here. This is a Manhattan Beach blog.
We checked, and the current 23 listings in Manhattan Beach with a price cut make up 36% of the inventory (63 listings).
In late July 2019, in a market that was clearly cooling, 49% of inventory had cuts.
In late July 2021, roughly one year ago, 34% of inventory had cuts. (See our "Tale of Two Markets" post from last year.)
So if we're at 36% of inventory with cuts today, that's not shocking, and not even at the level of a recently slow market.
In fact, the phenomenon of more cuts is pretty typical for Summer. While homes do sell during Summer, everything is often slower.
People are out doing other stuff, putting more sellers in a position of feeling that they need to mark down to attract buyers. (How are you going to get this woman to put down her book?)
The 36% figure, however, is a step up in price cuts from where the Manhattan Beach market stood, relatively speaking, in mid-June this year.
As we noted in our post, "More Price Cuts Now?," the media were reporting generally that LA County and Orange County sellers were increasingly cutting prices, but we found that the year-over-year trend in Manhattan Beach was the opposite. We had fewer listings with cuts.
Now, we don't have a direct August 9th-to-August 9th comparison, but it looks like we're basically even year-over-year. We'll check in again on this topic at mid-month or end-of-month, when we can more readily make comparisons using our past MB Market Update spreadsheets.
You can keep up to date with all the latest from the Manhattan Beach market, including new listings, sales and price cuts, on the MB Dashboard (click "NOW" at the top of the page any time).
Just below, reading this post online, you'll see a constantly updated, MLS list of all homes in Manhattan Beach with price cuts, newest cuts listed first.
Please Note: The properties below are listed and brokered by a variety of agents and firms, not Dave Fratello or Edge, unless noted. Click on any image for full details. The name of the listing broker and agent for each property, along with any contact information supplied through the MLS, is displayed with each property.
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.