inventory

Here's hoping you had a bit of time away to refresh and recharge this Summer.

Maybe you checked in only occasionally on events in Manhattan Beach real estate in the meantime. Worry not! We've got you covered in this summary of posts from the past couple of months:

Inventory Trends

It was up, higher than we've seen in years, then inventory was down. 

High point: 141 in mid-July.

Low point: Now. 110 on the last day of August.

See: "Wow, 141" and "Absorption – In Summer? (Big Time)"

Where the Sales Were – and Weren't

Summer began as one normally might expect, with a languid pace of sales, and more listings than the market could handle. But as evidenced by the sharp drop in inventory over Summer, the pace picked up quite a bit. 

So what was selling?…

Typically, the only things you have to worry about absorbing in Summer are the sun's rays and (perhaps hefty) bills for camps and travel.

In Manhattan Beach real estate, though, Summer is not typically a period with a lot of absorption – of housing inventory. Listings come out less frequently, and sell more slowly. Summer has a lazier pace, befitting the season.

Now, with quick sales on listings like this one, 2509 Walnut (asking $2.799M), Summer 2016 is breaking from tradition. [UPDATE: 2509 Walnut has come back to market after a brief escrow.]

This year – well, these last 2 weeks or so – there's a lot of absorption. Inventory is dropping drastically because sales are happening fast – all of a sudden.

It's like someone shouted, "Everyone in the pool!"…

Relief.

That can only be the feeling for the seller at 201 Larsson. And for neighbors.

This corner-lot property has been listed for sale on and off in parts of 7 years (2004, '09, '10, '11, '12, '15 and now '16). Only this year did they finally consummate a sale.

List price in November 2015: $3.399M. 

Sold price in June 2016: $2.400M.

It took a long time to hear what the market was saying, but there it was, finally. (FYI, the sale occurred in June, but only posted to the MLS in late July, which is why we are mentioning it now.)

There is so much going on in the market now worth a comment, it's almost beyond the scope of one market update.

But we have to mention this: That growing-inventory problem? That epic high peak hit less than two weeks ago?

Twice on Friday, we've seen inventory hit 141 homes for sale in Manhattan Beach.

There were 11 new listings within 24 hours, or 7 if you don't count the re-lists. (You don't, do you?)

A spacious Hill Section Cape Cod with some views at 205 Anderson (5br/6ba, 6300 sqft., $8.300M) was the first to push MB to 141.

After one listing went into escrow, it took another Hill Section listing to push us back to this new high: 1033 8th (4br/4ba, 3600 sqft., $3.599M). That one had been out for a couple of weeks in May, but paused for a while then re-listed.

All of this is going on in July, not really a time when people would typically plan to start a listing.

How much is being held back for Labor Day? Stay tuned.