Closings Fell in Q1 with Weak March

By Dave Fratello | April 7th, 2020

Knowing how the last two weeks of March went in the financial markets and with pandemic-related "safer at home" orders, how would you think home sales went?

Right. So you won't be surprised when we get to the stats.

It was a challenging environment. Escrows failed. Homes came back to market. Listed homes went off market. Open houses were banned. Plans to list homes for sale went on ice.

Still, there were 25 closings in Manhattan Beach within March.

But that was a dropoff from 39 in March the year before, and down from an average of 35.5 March sales across 6 prior years.

This slow March helped make Q1 the weakest for closed sales since 2008-09.

When you look back at the numbers for 2014-2019, Q1 was remarkably consistent across all 6 years, always with sales totals somewhere in the 70s. 

Before that, 2011-2013 were even better years, with Q1 sales totals in the 80s.

But the 59 closings in Manhattan Beach in this year's first quarter marked a low point.

Not since 11 years ago, in Q1 2009, did our market see a sales total in the 50s. Similarly, 2008 had also seen a low total.

And let's be honest, this sort of trend is probably just beginning.

It remains true, as we posted the other day, that the MB median price has just hit a record high.

And we'll take you back to a post from earlier in March ("Lots of Homes Sell in MB, Regardless"), where we made two important points:

1) MB saw an impressive number of annual sales even in the immediate aftermath of the '08-'09 market crash and recession, and

2) Sales bounced back soon after the ship was righted, with Q4 2009 sales nearly double those in Q4 2008.

So, yes, we're down now. The real estate market is unsteady and uncertain.

We won't see typical sales levels for a while. But we'll get to the other side of this, and plenty will happen in between.

Stay safe. And take a moment to appreciate some of the sales that did close in Q1 2020. They're displayed below. (Email subscribers will need to view this post online to see the sales.)

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 216 39th Street BD/BA 2br/2ba SQFT 1528 sqft LOT 1348 PRICE $1,550,000 $PSF $1,014 DOM 95 DOM SOLD SOLD 03/31/20 START $ $1,699,000 START 03/31/20
Address 1401 12th Street D BD/BA 3br/2ba SQFT 1364 sqft LOT 7481 PRICE $925,000 $PSF $678 DOM 0 DOM SOLD SOLD 03/31/20 START $ $925,000 START 03/31/20
Address 1619 Artesia Boulevard E BD/BA 3br/3ba SQFT 2180 sqft LOT 20217 PRICE $1,360,000 $PSF $624 DOM 7 DOM SOLD SOLD 03/30/20 START $ $1,350,000 START 03/30/20
Address 441 1st Street BD/BA 5br/4ba SQFT 4676 sqft LOT 2799 PRICE $3,245,265 $PSF $694 DOM 114 DOM SOLD SOLD 03/25/20 START $ $3,699,999 START 03/25/20
Address 116 Seaview Street BD/BA 3br/2ba SQFT 1320 sqft LOT 1357 PRICE $2,075,000 $PSF $1,572 DOM 141 DOM SOLD SOLD 03/23/20 START $ $2,150,000 START 03/23/20
Address 2101 Chestnut Avenue BD/BA 3br/2ba SQFT 1744 sqft LOT 4996 PRICE $1,860,000 $PSF $1,067 DOM 6 DOM SOLD SOLD 03/23/20 START $ $1,799,000 START 03/23/20
Address 4108 Highland Avenue BD/BA 3br/4ba SQFT 3682 sqft LOT 2242 PRICE $2,500,000 $PSF $679 DOM 98 DOM SOLD SOLD 03/19/20 START $ $2,900,000 START 03/19/20
Address 591 26th Street BD/BA 5br/5ba SQFT 3640 sqft LOT 5120 PRICE $3,200,000 $PSF $879 DOM 7 DOM SOLD SOLD 03/18/20 START $ $3,100,000 START 03/18/20
Address 2301 Grandview Avenue BD/BA 3br/4ba SQFT 1823 sqft LOT 2725 PRICE $2,399,000 $PSF $1,316 DOM 3 DOM SOLD SOLD 03/18/20 START $ $2,399,000 START 03/18/20
Address 1500 Lynngrove Drive BD/BA 3br/2ba SQFT 1775 sqft LOT 6021 PRICE $1,790,000 $PSF $1,008 DOM 4 DOM SOLD SOLD 03/18/20 START $ $1,795,000 START 03/18/20
Address 707 S Redondo Ave BD/BA 4br/4ba SQFT 2465 sqft LOT 7500 PRICE $2,180,000 $PSF $884 DOM 11 DOM SOLD SOLD 03/16/20 START $ $2,175,000 START 03/16/20
Address 2112 Magnolia Avenue BD/BA 4br/3ba SQFT 2567 sqft LOT 5005 PRICE $2,300,000 $PSF $896 DOM 6 DOM SOLD SOLD 03/13/20 START $ $2,199,000 START 03/13/20
Address 908 Rosecrans Avenue BD/BA 2br/1ba SQFT 832 sqft LOT 5964 PRICE $1,250,000 $PSF $1,502 DOM 127 DOM SOLD SOLD 03/13/20 START $ $1,499,000 START 03/13/20
Address 216 Marine Avenue BD/BA 3br/4ba SQFT 1951 sqft LOT 2710 PRICE $3,750,000 $PSF $1,922 DOM 64 DOM SOLD SOLD 03/12/20 START $ $3,975,000 START 03/12/20
Address 852 8th Street BD/BA 5br/6ba SQFT 4705 sqft LOT 5691 PRICE $6,200,000 $PSF $1,318 DOM 1 DOM SOLD SOLD 03/10/20 START $ $6,195,000 START 03/10/20
Address 1756 11th Street BD/BA 3br/2ba SQFT 1515 sqft LOT 5010 PRICE $1,399,000 $PSF $923 DOM 21 DOM SOLD SOLD 03/10/20 START $ $1,399,000 START 03/10/20
Address 1315 21st Street BD/BA 3br/3ba SQFT 2596 sqft LOT 7496 PRICE $2,583,499 $PSF $995 DOM 5 DOM SOLD SOLD 03/09/20 START $ $2,499,000 START 03/09/20
Address 720 33rd Street BD/BA 5br/4ba SQFT 4000 sqft LOT 5026 PRICE $3,625,000 $PSF $906 DOM 70 DOM SOLD SOLD 03/06/20 START $ $3,875,000 START 03/06/20
Address 598 36th Street BD/BA 5br/3ba SQFT 3044 sqft LOT 5202 PRICE $2,500,000 $PSF $821 DOM 9 DOM SOLD SOLD 03/06/20 START $ $2,499,000 START 03/06/20
Address 2304 The Strand BD/BA 3br/3ba SQFT 2360 sqft LOT 3497 PRICE $7,400,000 $PSF $3,136 DOM 335 DOM SOLD SOLD 03/03/20 START $ $9,950,000 START 03/03/20
Address 2416 Elm Avenue BD/BA 4br/3ba SQFT 2054 sqft LOT 5229 PRICE $1,995,000 $PSF $971 DOM 40 DOM SOLD SOLD 03/03/20 START $ $1,999,000 START 03/03/20
Address 822 6th Street BD/BA 3br/3ba SQFT 1902 sqft LOT 4988 PRICE $3,575,000 $PSF $1,880 DOM 7 DOM SOLD SOLD 03/03/20 START $ $2,999,000 START 03/03/20
Address 663 18th Street BD/BA 5br/6ba SQFT 4900 sqft LOT 6230 PRICE $5,900,000 $PSF $1,204 DOM 14 DOM SOLD SOLD 03/03/20 START $ $5,975,000 START 03/03/20
Address 314 32nd Street BD/BA 3br/3ba SQFT 3310 sqft LOT 3504 PRICE $3,850,000 $PSF $1,163 DOM 0 DOM SOLD SOLD 03/03/20 START $ $3,850,000 START 03/03/20
Address 13 Lafayette Court BD/BA 3br/3ba SQFT 1916 sqft LOT 0 PRICE $1,450,000 $PSF $757 DOM 99 DOM SOLD SOLD 03/01/20 START $ $1,499,000 START 03/01/20
Address 732 13th Street BD/BA 3br/2ba SQFT 1912 sqft LOT 3006 PRICE $2,150,000 $PSF $1,124 DOM 245 DOM SOLD SOLD 02/28/20 START $ $2,327,000 START 02/28/20
Address 861 12th Court BD/BA 3br/2ba SQFT 1187 sqft LOT 5015 PRICE $2,300,000 $PSF $1,938 DOM 7 DOM SOLD SOLD 02/26/20 START $ $2,150,000 START 02/26/20
Address 628 35th Street BD/BA 4br/2ba SQFT 1912 sqft LOT 5403 PRICE $2,100,000 $PSF $1,098 DOM 81 DOM SOLD SOLD 02/26/20 START $ $2,399,000 START 02/26/20
Address 1520 Manhattan Beach B BD/BA 2br/2ba SQFT 1095 sqft LOT 9894 PRICE $625,000 $PSF $571 DOM 43 DOM SOLD SOLD 02/26/20 START $ $699,000 START 02/26/20
Address 1437 23rd Street BD/BA 3br/4ba SQFT 2300 sqft LOT 7019 PRICE $2,500,000 $PSF $1,087 DOM 118 DOM SOLD SOLD 02/21/20 START $ $2,850,000 START 02/21/20
Address 405 Bayview Drive BD/BA 3br/3ba SQFT 2159 sqft LOT 1826 PRICE $4,250,000 $PSF $1,969 DOM 0 DOM SOLD SOLD 02/20/20 START $ $4,250,000 START 02/20/20
Address 2704 Oak Avenue BD/BA 3br/3ba SQFT 2177 sqft LOT 4481 PRICE $2,230,000 $PSF $1,024 DOM 92 DOM SOLD SOLD 02/20/20 START $ $2,398,000 START 02/20/20
Address 1512 Harkness Street BD/BA 3br/2ba SQFT 1607 sqft LOT 5098 PRICE $1,675,000 $PSF $1,042 DOM 0 DOM SOLD SOLD 02/19/20 START $ $1,600,000 START 02/19/20
Address 417 31st Street BD/BA 1br/1ba SQFT 590 sqft LOT 1351 PRICE $1,460,000 $PSF $2,475 DOM 11 DOM SOLD SOLD 02/18/20 START $ $1,500,000 START 02/18/20
Address 3408 Maple Avenue BD/BA 2br/1ba SQFT 1029 sqft LOT 4640 PRICE $1,530,000 $PSF $1,487 DOM 37 DOM SOLD SOLD 02/14/20 START $ $1,750,000 START 02/14/20
Address 2404 Manhattan Avenue A BD/BA 3br/3ba SQFT 2035 sqft LOT 7004 PRICE $2,300,000 $PSF $1,130 DOM 27 DOM SOLD SOLD 02/14/20 START $ $2,400,000 START 02/14/20
Address 1800 11th Street BD/BA 3br/3ba SQFT 2056 sqft LOT 7458 PRICE $1,799,000 $PSF $875 DOM 34 DOM SOLD SOLD 02/13/20 START $ $1,799,000 START 02/13/20
Address 1226 3rd Street BD/BA 6br/5ba SQFT 4000 sqft LOT 6269 PRICE $3,550,000 $PSF $888 DOM 11 DOM SOLD SOLD 02/13/20 START $ $3,590,000 START 02/13/20
Address 1909 Harkness Street BD/BA 4br/2ba SQFT 2413 sqft LOT 5418 PRICE $1,415,000 $PSF $586 DOM 74 DOM SOLD SOLD 02/12/20 START $ $1,560,000 START 02/12/20
Address 2600 Flournoy Road BD/BA 4br/3ba SQFT 1625 sqft LOT 5120 PRICE $2,275,000 $PSF $1,400 DOM 0 DOM SOLD SOLD 02/10/20 START $ $2,295,000 START 02/10/20
Address 1607 Nelson Avenue BD/BA 5br/7ba SQFT 4400 sqft LOT 7497 PRICE $3,725,000 $PSF $847 DOM 39 DOM SOLD SOLD 02/07/20 START $ $3,950,000 START 02/07/20
Address 2909 Maple Avenue BD/BA 5br/5ba SQFT 3137 sqft LOT 4646 PRICE $2,600,000 $PSF $829 DOM 24 DOM SOLD SOLD 02/07/20 START $ $2,699,000 START 02/07/20
Address 1300 Curtis Avenue BD/BA 3br/2ba SQFT 1393 sqft LOT 5172 PRICE $1,370,000 $PSF $983 DOM 52 DOM SOLD SOLD 02/07/20 START $ $1,498,000 START 02/07/20
Address 5 Lafayette Court BD/BA 2br/2ba SQFT 1474 sqft LOT 1734 PRICE $1,085,000 $PSF $736 DOM 83 DOM SOLD SOLD 02/06/20 START $ $1,115,000 START 02/06/20
Address 2204 Agnes Road BD/BA 4br/4ba SQFT 3468 sqft LOT 4770 PRICE $3,000,000 $PSF $865 DOM 59 DOM SOLD SOLD 02/04/20 START $ $3,125,000 START 02/04/20
Address 221 19th Street BD/BA 6br/7ba SQFT 5650 sqft LOT 2707 PRICE $9,700,000 $PSF $1,717 DOM 42 DOM SOLD SOLD 02/03/20 START $ $10,000,000 START 02/03/20

ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 1805 23rd Street BD/BA 3br/3ba SQFT 1500 sqft LOT 5634 PRICE $1,856,500 $PSF $1,238 DOM 12 DOM SOLD SOLD 01/31/20 START $ $1,849,000 START 01/31/20
Address 3517 Bayview Drive BD/BA 3br/4ba SQFT 3000 sqft LOT 3465 PRICE $5,650,000 $PSF $1,883 DOM 0 DOM SOLD SOLD 01/30/20 START $ $5,650,000 START 01/30/20
Address 128 18th Street BD/BA 5br/6ba SQFT 3991 sqft LOT 2697 PRICE $6,650,000 $PSF $1,666 DOM 151 DOM SOLD SOLD 01/23/20 START $ $7,395,000 START 01/23/20
Address 1408 Oak Avenue BD/BA 5br/3ba SQFT 2905 sqft LOT 4210 PRICE $2,256,250 $PSF $777 DOM 37 DOM SOLD SOLD 01/22/20 START $ $2,400,000 START 01/22/20
Address 2204 Alma Avenue BD/BA 4br/4ba SQFT 2600 sqft LOT 3520 PRICE $3,778,125 $PSF $1,453 DOM 22 DOM SOLD SOLD 01/21/20 START $ $4,099,000 START 01/21/20
Address 1726 Gates Avenue BD/BA 2br/2ba SQFT 1625 sqft LOT 7509 PRICE $1,640,000 $PSF $1,009 DOM 42 DOM SOLD SOLD 01/17/20 START $ $1,499,000 START 01/17/20
Address 1709 23rd Street BD/BA 2br/1ba SQFT 857 sqft LOT 5723 PRICE $1,675,000 $PSF $1,954 DOM 2 DOM SOLD SOLD 01/17/20 START $ $1,699,000 START 01/17/20
Address 1751 8th Street BD/BA 6br/6ba SQFT 5826 sqft LOT 7500 PRICE $4,855,000 $PSF $833 DOM 83 DOM SOLD SOLD 01/15/20 START $ $5,400,000 START 01/15/20
Address 704 Manhattan Avenue BD/BA 3br/4ba SQFT 2450 sqft LOT 3567 PRICE $4,450,000 $PSF $1,816 DOM 129 DOM SOLD SOLD 01/15/20 START $ $4,890,000 START 01/15/20
Address 4216 Highland Avenue H BD/BA 3br/3ba SQFT 1473 sqft LOT 10790 PRICE $1,575,000 $PSF $1,069 DOM 8 DOM SOLD SOLD 01/13/20 START $ $1,425,000 START 01/13/20
Address 3004 Pacific BD/BA 5br/4ba SQFT 3589 sqft LOT 4482 PRICE $3,100,000 $PSF $864 DOM 20 DOM SOLD SOLD 01/10/20 START $ $3,195,000 START 01/10/20
Address 1012 Rosecrans Avenue BD/BA 3br/1ba SQFT 1319 sqft LOT 4879 PRICE $1,154,500 $PSF $875 DOM 96 DOM SOLD SOLD 01/09/20 START $ $1,350,000 START 01/09/20
Address 206 N Dianthus Street BD/BA 3br/4ba SQFT 4404 sqft LOT 6878 PRICE $3,130,000 $PSF $711 DOM 155 DOM SOLD SOLD 01/03/20 START $ $3,788,000 START 01/03/20

 

 

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