The way things are going right now, they ought to rebrand the local real estate market as the Manhattan Beach Grand Prix. (Oh, that name's taken.)
Homes are selling fast at all price points, sometimes before the listing agents can even try to impose a little order or process by setting an offer deadline.
What does that mean for you as a buyer?
Be ready:
- Locked and loaded with a loan (if needed).
- Flexible to go see properties as they come out.
- Prepared to decide quickly if a home is worth pursuing.
- Girded for potential multiple offers, and all that entails.
And what does it mean for a seller?
- Go ahead and overprice.
- Have your agent jam everyone who visits for an offer.
- Set an offer deadline of Sunday at the close of the open house.
- Start planning to buy that yacht you've always wanted.
- Call a mover. Now.
Haha, no, sellers, please don't do those things.
In pricing, read the market, but don't make too many assumptions. It's true, early this year, listing agents all over have found that their careful pricing has resulted in major overbids.
Does that mean the listing agents were dumb, lazy and just playing games by under-pricing? Not usually. It means that the demand side was hard to read – at least at first – as this market broke out.
You still should not assume your house is worth 10% more than it was at your first meeting in January. Let the market take your price up, if that's going to happen.
Process? Oh, we like process.
As a frequent buyer's representative, we like to see a little order, not "offers processed as they come" or a Sunday deadline – Tuesday is optimal. Give every buyer out there a chance to come to open houses and talk to a lender and make decisions on Monday, then come in with their offer. That's better for the seller, as you know the property was as fully exposed as possible. Those "early" offers are tempting, but not always the best you'll see.
Why are we talking about this right now like it's urgent?
For one thing, we have buyers who have been forced to adapt rapidly to this market, and a listing that just got multiple offers – bid up further than we might have imagined. We're in the soup here, and it's pretty hot. (Metaphor check on Aisle 9...)
Here are just a few of the most recent quick sales (new escrows) in MB:
1801 Pine (5br/8ba, 4347 sqft.) - a hugely ambitious, tricked-out Tree Section new construction home asking $6.800M (!), under contract in just over 10 days
2215 Alma (3br/3ba, 2431 sqft.) - asking $4.200M, under contract in 6 days
11 Cordoba Ct. (3br/3ba, 1916 sqft.) - a Village TH asking $2.198M and under contract in 4 days; also, proof that you can sometimes sell fast even with just a few vertical iPhone photos for your listing (let's not make this common, folks)
229 7th (land value) - a walkstreet lot sale lasted only 4 days, asking $5.795M
628 13th (3br/2ba, 1752 sqft.) - a very dated home near downtown with good views (possibly a lot sale), asking $3.250M, under contract in 13 days
844 14th (5br/6ba, 3472 sqft.) - newer construction next to Pacific elementary, asking $4.999M, under contract in 10 days
1450 6th (6br/6ba, 4537 sqft.) - gorgeous traditional East MB home asking $5.300M, sold in 10 days
We could go on and on, but you'd just get annoyed.
Last year, when our market exploded early, there were two obvious factors: (1) momentum from the "recovery year" of 2024, and (2) the tragic LA County wildfires and resulting relocation surge.
Right now, we're still listening for a compelling explanation of why the market is now a race, but even the smartest-sounding answers haven't seemed correct.
It just is.
There's your zen for the day.
Now, be ready.
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1801 Pine Avenue is listed by Amir Amiri, Merit Real Estate.
2215 Alma is listed by Brett Zebrowski, eXp Realty of California Inc.
11 Cordoba Court is listed by Damira Bacic, Damira Bacic.
229 7th Street is listed by Bryn Stroyke, Bayside.
628 13th is listed by Donald McVicar, DOMO Real Estate.
844 14th is listed by Holly Messer, eXp Realty of California, Inc.
1450 6th Street is listed by Lynne Lear Pacifica Properties Group, Inc.
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.
