Dollar Volume Rockets Amid Jump in New Deals

By Dave Fratello | October 7th, 2020

Our local housing market continues its incredible bounceback during the COVID-19 pandemic.

With the depression of showings and sales activity during the springtime shutdown, the total amount spent on homes closing this Spring and early Summer drooped.

But that was just priming for a big jump.

As our new chart here shows, the recovery was swift.

We're looking at a rolling 12-month dataset for the total value of homes sold in Manhattan Beach.

Sales volume dipped to "only" $1.862 billion in June 2020, a range more typical of 4-5 years ago. That was $120M below the lowest 12-month figure of 2018-2019, and lower than every 12-month figure for 2017.

But look at that "hockey stick" recovery after June 2020.

We ended September 2020 at $2.255B, competitive with Spring 2019's $2.363B.

With lots of properties now in escrow and the sales pace still running hot, watch this space. That dollar volume figure could near or exceed records later in the year. 

Speaking of the sales pace, September was just... wow.

The number of properties going into escrow within the month destroyed records for recent Septembers, more than doubling the figures for the prior 4 years at 62 new escrows.

The second half of the month saw an incredible 35 new escrows, after 3 prior 2-week periods reported here at MB Confidential had all seen 27 new escrows.

That's right, the pace accelerated in late September.

There's plenty of demand still out there, fueled by families' needs for new & different spaces in the COVID era, ultra-low mortgage rates and widespread availability of loans to those who have been able to maintain employment and income steadily throughout the pandemic.

The depths of the hit to local real estate were somewhat predictable when we were all quarantined in our homes.

The rapid recovery, at this scale, was not so predictable, but here it is, continuing.

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Nerdy notes: Data on new escrows come from MBC's hand-crafted twice-monthly MB Market Update spreadsheets, which are built from MLS data. For dollar volume of sales, all data is from the California Regional Multiple Listing Service, Inc.; InfoSparks © 2020 ShowingTime.

 

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