Cure for COVID DOM? Re-Listing

By Dave Fratello | June 10th, 2020

Over the past week, 3 listings in Manhattan Beach have quickly re-listed to restart the Days on Market clock.

It's another sign of the times, as local real estate attempts to restart with a vigorous Spring market... here in Summer.

1944 N Ardmore Avenue Manhattan Beach CAToday's reboot is 1944 Ardmore (3br/2ba, 2200 sqft.), a mid-century modern remodel.

The listing debuted on the market in early March, and was featured in one of MBC's last Weekend Opens posts.

The sellers appeared to make a strategic decision to remain on market throughout much of the COVID-19 shutdown, taking off only the last 2 weeks of March.

Staying on the market meant the DOM count kept tolling forward, even if fewer buyers were touring or buying.

This week, they've re-launched after a week off market, with an $80K price cut and a new and improved set of photos. To celebrate the revival, they reset the DOM clock, too, pushing the first 74 DOM into the background by canceling one listing and starting a new one with the the same agent.

The need or desire to re-list, it should be noted, ties back to a decision made by the MLS authorities when the pandemic helped shut down real estate.

While some regional MLS systems stopped counting DOM, allowing properties to stay on market with no DOM "penalty," our local system, CRMLS, didn't pause. They reasoned that any property advertising through the system should have each day counted because that's more honest and transparent for the public.

Agreed, but it sets up a situation where now sellers are more inclined to use time-tested methods to try to hide the listing history.

Two other MB listings did much the same recently.

1467 3rd Street Manhattan Beach CA1467 3rd (5br/5ba, 4475 sqft.) ran a full 89 days through the thick of the COVID shutdown, with an unfortunate start date of March 16. That was just after gyms and bars were closed in L.A. and just a few days before the county's "safer at home" order.

The price was cut in mid-May to $3.150M, and the listing canceled on Monday.

But Tuesday, there it was, back, same price, same agent, with 0 DOM.

927 8th Street Manhattan Beach CAAnd much the same was the case at 927 8th (4br/4ba, 3225 sqft.), a Hill Section remodel.

The listing debuted not long after stay-at-home orders, in early April. (That was a challenging time.)

Asking $3.750M to begin, the listing took a cut to $3.495M in mid-May, then quit before Memorial Day.

It came back last week at that same price, $3.495M.

These 3 recent re-listers are among only 12 with rebooted DOM clocks that are on the market today.

There are 56 listings with current DOM counts of 21-110 currently, many of them having a significant amount of COVID DOM in their current totals.

We'll see from what happens with those if there's more of a trend toward sellers trying to stash away their marketing history to meet the "new" market that's taking off now.

Meantime, it's worth noting that there remain 15 listings on a "hold" status, not yet rejoining the market after some earlier marketing time this year.

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