How Fast Do New Homes Sell?

By Dave Fratello | November 29th, 2018

513 Longfellow Avenue Manhattan Beach CAWe've expressed a few times the feeling that new construction in Manhattan Beach seems to be its own market. It's a market segment one where demand is so strong, everything seems to sell quickly at big numbers.

Of course, for each rule, there are exceptions.

When the South End new construction home at 513 Longfellow (5br/6ba, 5125 sqft.) went into escrow Wednesday, it had logged 9 months on market - and had a broken deal in its past.

So we decided to run some numbers to answer: How fast do new homes typically sell?

There have been 54 closed sales of new construction in Manhattan Beach within the first 11 months of 2018. (Data reported on the MLS; there will be some that weren't reported.)

You can see from our chart that the most common result is a sale within the first 30 days on market - almost half of the sales found a buyer that soon.

Indeed, 10 of the 24 sales showing fewer than 30 DOM were actually pre-sold before coming to market, then reported so that the sales would go into the database.

Meantime 40 of the 54 sales took less than 3 months to find a buyer.

So, a longtime lingerer like 513 Longfellow was an unusual phenomenon.

Nerdy data note: We're using "combined" days on market (CDOM) rather than regular old DOM for this analysis. If a home was re-listed or rebooted to clear DOM, we don't want to use "artificially low" DOM figures. We want to know how long it really took to sell.

Nerdy data caveat: Sometimes new homes are listed before they're ready, just to troll for buyers. This can lead to "artificially high" DOM counts because no one can buy an unfinished house. When we looked at the actual sales in this mix, however, long market times for incomplete homes were very rare.

A few new construction listings that hung around this year before making that big deal:

3605 Oak Avenue Manhattan Beach CA3605 Oak - modern new SFR in a challenged location near a hotel and Rosecrans; sold for $2.575M with 335 combined DOM across a few listings (the start was $2.995M).

320 35th St. / 319 34th Place - new modern townhomes in the North End; they needed a bit more than 6 months on market. Both sold reasonably close to their start prices, however ($2.960M and $2.500M, respectively).

81 Morningside - spectacular "brownstone"-inspired home across from Robinson school, sold for $5.650M, later came back to market upgraded, but did not re-sell.

The DOM champ for 2018 was a 2016 new build at 2600 Grandview (6br/8ba, 4400 sqft.), which compiled 508 DOM across a couple of listings while falling from $6.975M to $5.300M.

(DATA BONUS: Click the following link to see all new construction homes sold in Manhattan Beach, most recent first. The display shows all homes with a build date of 2018 and 2017, and will actually show sales going back to last year.)

We also took a look at pending and active new homes.

There are 3 new homes in escrow now, including 513 Longfellow.

One was between 30-90 DOM, one between 90-180, and Longfellow was at 180-360.

Among active/for-sale new construction, half (8) of the 16 listings are between 30-90 DOM.

Below, we're providing a full list of all the new construction homes on the market today, with the newest listings (by DOM) showing first.

Email subscribers will want to click the following link to see the listings on our site, or this other link to read this blog post online with the listings within it.

New Construction Homes for Sale in Manhattan Beach

Sophisticated, Luxurious, Elegant, Opulent, Ext...

RECENT PRICE CUT
Photo of Listing #SB18259276

468 30th Street

Manhattan Beach, CA

  • 5 BR
  • 6 BA
  • 4,273 SqFt.
  • 2,707 Lot

$4,599,000

Active

DOM: 47

Price:
$4,599,000
BR/BA:
5br / 6ba
Sq. ft.:
4,273
Area:
Sand Section
City:
Manhattan Beach
DOM:
47

Stunning New Construction Contemporary Home In ...

OPEN HOUSE
Photo of Listing #SB18253050

3208 Pacific Avenue

Manhattan Beach, CA

  • 4 BR
  • 3 BA
  • 3,180 SqFt.
  • 4,484 Lot

$2,599,000

Active

DOM: 57

Price:
$2,599,000
BR/BA:
4br / 3ba
Sq. ft.:
3,180
Area:
Tree Section
City:
Manhattan Beach
DOM:
57

Introducing The Latest New Development By Roc V...

OPEN HOUSE
Photo of Listing #SB18101651

217 1st Street

Manhattan Beach, CA

  • 3 BR
  • 4 BA
  • 2,000 SqFt.
  • N/A Lot

$4,250,000

Active

DOM: 227

Price:
$4,250,000
BR/BA:
3br / 4ba
Sq. ft.:
2,000
Area:
Sand Section
City:
Manhattan Beach
DOM:
227
ADDRESS BD/BA SQFT LOT PRICE $PSF DOM START $ START
Address 212 16th Street BD/BA 4br/5ba SQFT 4100 sqft LOT 2700 PRICE $8,795,000 $PSF $2,145 DOM 8 DOM START $ $8,795,000 START 12/04/18
Address 1755 8th Street BD/BA 5br/8ba SQFT 4836 sqft LOT 7502 PRICE $4,950,000 $PSF $1,024 DOM 16 DOM START $ $4,950,000 START 11/27/18
Address 468 30th Street BD/BA 5br/6ba SQFT 4273 sqft LOT 2707 PRICE $4,599,000 $PSF $1,076 DOM 47 DOM START $ $4,695,000 START 10/25/18
Address 300 25th Street BD/BA 4br/4ba SQFT 2300 sqft LOT 3500 PRICE $4,999,999 $PSF $2,174 DOM 54 DOM START $ $4,999,999 START 10/18/18
Address 2921 Laurel Avenue BD/BA 6br/8ba SQFT 5910 sqft LOT 6489 PRICE $5,995,000 $PSF $1,014 DOM 54 DOM START $ $6,495,000 START 10/18/18
Address 3208 Pacific Avenue BD/BA 4br/3ba SQFT 3180 sqft LOT 4484 PRICE $2,599,000 $PSF $817 DOM 57 DOM START $ $2,650,000 START 10/17/18
Address 2101 Agnes Road BD/BA 4br/5ba SQFT 4298 sqft LOT 4981 PRICE $4,249,000 $PSF $989 DOM 83 DOM START $ $4,249,000 START 09/19/18
Address 3604 Walnut Avenue BD/BA 5br/5ba SQFT 3249 sqft LOT 4645 PRICE $2,995,000 $PSF $922 DOM 84 DOM START $ $3,250,000 START 09/18/18
Address 717 35th Street BD/BA 4br/6ba SQFT 3558 sqft LOT 5404 PRICE $3,795,000 $PSF $1,067 DOM 90 DOM START $ $3,795,000 START 09/12/18
Address 1026 Pacific Avenue BD/BA 6br/8ba SQFT 7161 sqft LOT 6006 PRICE $8,395,000 $PSF $1,172 DOM 97 DOM START $ $8,800,000 START 09/05/18
Address 304 N Ardmore Avenue BD/BA 5br/6ba SQFT 6342 sqft LOT 7095 PRICE $7,199,000 $PSF $1,135 DOM 132 DOM START $ $7,199,000 START 08/01/18
Address 3401 Maple Avenue BD/BA 5br/4ba SQFT 3237 sqft LOT 4646 PRICE $3,400,000 $PSF $1,050 DOM 147 DOM START $ $3,400,000 START 07/17/18
Address 915 Duncan Avenue BD/BA 5br/7ba SQFT 4637 sqft LOT 4998 PRICE $5,650,000 $PSF $1,218 DOM 208 DOM START $ $5,850,000 START 04/09/18
Address 218 1st Place BD/BA 3br/4ba SQFT 2000 sqft LOT 2703 PRICE $3,999,999 $PSF $2,000 DOM 224 DOM START $ $3,999,999 START 05/01/18
Address 217 1st Street BD/BA 3br/4ba SQFT 2000 sqft LOT 2703 PRICE $4,250,000 $PSF $2,125 DOM 227 DOM START $ $4,250,000 START 05/01/18

 

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