Manhattan Beach Market Update for 10/15/20

By Dave Fratello | October 20th, 2020

Recently, maybe you've noticed, we're excited at the close of each 2-week period.

What's so exciting, Dave?

We know there is going to be more data. Data on this real estate market continues to impress and amaze.

So along with this mid-month look at all the data, we'll take a look at a new angle.

The overall pace of closed sales in Manhattan Beach has righted itself.

If you start with the idea that there are usually right around 400 homes sales in Manhattan Beach in a typical calendar year, then you can look at any variations from that to deem a year hotter or cooler.

Well, right now, Oct. 1, 2019-Sept. 30, 2020 looks positively normal.

With 393 sales, this most recent Q4-Q3 slice of data is notably better than last year's, pretty much the same as the period ending Sept. 2018, and roughly equal to or better than 3 of the 4 years before that.

Really, just two years going back to 2007-08 were really remarkably better than this most recent 12-month period. They were the boom-boom years of 2013 and (unexpectedly) 2017, a year that was like a sugar high.

What's so exciting about "normal" data, Dave?

Simply put, you'd have been a fool to predict this is where we'd be back in late Spring or early Summer.

For obvious reasons, local home sales cratered in March, April and May. Look at how poorly annualized sales were looking just a few months ago, at the end of June.

With a 327-sale pace, the July 1-June 30 slice of the data was the worst of the past 13 years except one, dreary June 2009.

Think back to all that was going on between July 2008 and June 2009. Major firms and banks that existed at the beginning of that period did not in the end. Money was not flowing. People lost jobs or had much less income. Some call it the Great Recession.

This year, would the housing market keep sliding? Were we headed to another Great (COVID) Recession? What could bring about a recovery?

In local housing, at least, the recovery came quickly, through a combination of cheap rates, pent-up demand and people needing to change (or suddenly being able to change) their living situations due to down-the-line impacts from the COVID-19 pandemic.

From nearly worst to nearly normal was quite a quick climb.

All that during the Summer, which may have often been cool and cloudy, but was never a bummer.

Here's the rest of our local real estate market update report for the period ending 10/15/20:

> 111 active listings as of 10/15/20 (-6 from 9/30/20) 

> 81 SFRs (-5)

> 30 THs (-1)

See the Inventory list as of 10/15/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 20 actives (+1)

> Sand Section: 59 actives (-6)

> Hill Section: 9 actives (flat)

> East MB: 23 (-1)

We're also providing a report on closed sales by region of MB.

Sales data, including PPSF for all properties, are organized by sub-region of Manhattan Beach.

Here's a link to the spreadsheet: "MB Pending/Sold as of 10/15/20".

Please see our blog disclaimer.

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