DOM Champ Has a Deal

By Dave Fratello | December 14th, 2021

You might think that in a real estate market that's humming like Manhattan Beach's these days, everything sells.

Or, as they crudely say in the used car business, "There's a butt for every seat."

Not fully true.

It is certainly the case that, with inventory down to 32 listings (really!), any active listing is going to get a look.

But until Tuesday, there were 2 downtown listings soooooooo long in the tooth, it kinda looked like nothing was ever gonna happen.

POW!

201 15th Street Manhattan Beach CAAfter 571 Days on Market, the 1950s triplex at 201 15th (6br/3ba, 2100 sqft.) now has a deal.

It began at $4.550M way, way back in April 2020. (Who started a listing during the COVID lockdown?)

It had come down $951K and was lingering at $3.599M for the past 10 weeks.

Here's what's extraordinary for that triplex against all comps.

Making a deal with the 571 DOM it had, as of Tuesday, was without recent precedent.

Never has there been a listing in the past 5 years that crested past 500 DOM and then sold.

We found 5 listings in the past 5 years that exceeded 500 DOM in a listing but didn't sell. They expired or canceled. (This is relatively easy to remember, isn't it? 5/5/500 = failure!)

Well, this champ has bucked the trend.

200 15th Street Manhattan Beach CA201 15th was a co-champion for DOM among longtime local listings, along with nearby 200 15th.

Both were not selling. (200 15th is also a triplex, was also at 571 DOM, and has same owner & agent.)

Now, 200 15th will just need to carry on, alone.

This year, of course this year!, there was one listing that did sell that compiled some truly epic MLS time, though not exactly at the level of these two 15th Street listings.

But it was nearby.

224 16th Street Manhattan Beach CAThat's 224 16th (5br/5ba, 4225 sqft.), a walkstreet early-90s house also near downtown.

There, they logged 495 DOM on a listing that officially began in Aug. 2019, and never paused during COVID shutdowns.

The sale closed for $6.275M in April this year, quite a climb down from the $7.295M start, but there's more.

The listing actually dated back to June 2018, but had canceled and re-listed in Aug. 2019. That's why the official DOM was <500.

This was not your typical "stuck on market" listing, however, as it was almost continuously rented throughout that time. (As are, presumably, both triplexes noted at the beginning of this post.) If the home is occupied and paying for itself, you're less sensitive to godawful DOM counts.

Today, among local inventory, you see 7 listings boasting 6-8 months on market, with the other slower listings more like 2-4 months. That's "a long time" today, but not forever.

As of now, there's one less listing, and one less that seems almost hopeless over 500 DOM.

Carry on, now, 200 15th. You can do it.

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