Dollar Volume Dropped 2nd Straight Year

By Dave Fratello | February 13th, 2020

We are looking at good news, all news from MB real estate. And we see that 2019 delivered a mixed bag, though mostly good.

Just the other day we showed you that Q4 2019 saw the most closed sales in 5 years, and set a record for Q4 dollar volume (value of all closed sales).

That's great, but what about the whole year?

Let's see how much money was paid for property in Manhattan Beach last year and in several recent years.

There was an impressive $2.158 billion spent on Manhattan Beach real estate in 2019.

That's almost exactly twice the amount plunked down for properties in town in 2008.

(It's OK, you can say "wow.")

But 2019 was also the second year in a row that dollar volume dropped in Manhattan Beach.

That means less money went into local real estate.

After an astonishing peak in that go-go year of 2017, up at $2.458 billion, we saw $200M less spent in 2018, and another drop of almost $100M to year-end 2019.

There were actually 2 more sales in our market in 2019 than in 2018, so the $100M drop is notable.

Back to the brighter side, all these past 3 years are head-and-shoulders above prior years, the only ones with $2 billion or more in sales volume.

Still, it could be a while before we hit 2017 levels again.

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Nerdy note: We are focused on data from MLS-reported sales. Each year a small number of sales occur off-MLS and stay private.

* All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2020 ShowingTime.

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