Let's be honest. The market was starting to feel a little groovy over the Summer, as the Fall selling season approached.
The winds were blowing a little better. Rates were dropping. Moods were improving.
We were seeing more inventory than in any of the prior 3 years. You can't have sales activity without inventory.
Then, we had the sales activity!
As we noted just 2 weeks ago, the first month and a half of the Fall season (essential starting near Labor Day) was as busy as most pre-pandemic years, and clearly "bustling" more than the two prior years. (This chart on pendings first appeared in that post.)
So what happens when you have a bunch of inventory getting absorbed?
If you're not replacing it at the same pace, inventory gets depleted.
And that's where we ended up at the end of October, with inventory at 70 listings in all of Manhattan Beach, essentially tied with the 69 listings seen in each of the prior two years.
Having 70 listings right now looks "normal" due to the time window seen on this chart (2021-24), but it's actually quite low. For much of Summer 2019 and 2020, there were 125+ listings on the market.
At the end of October, throughout the 5 years prior to the time on this chart (meaning from 2016-2020), inventory ranged from 90 to 110 listings. So we're back to looking at inventory levels today as uncommonly low, after that Summer surge.
During the latter half of October, it was the Tree Section serving up the greatest number of new deals, seven in total:
| ADDRESS | BD/BA | SQFT | LOT | PRICE | $PSF | DOM | START $ | START |
|---|
| 1808 Laurel Avenue |
3/2 |
1,399 |
4,800 |
$2,800,000 |
$2,001 |
N/A |
$2,800,000 |
10/31/24 |
| 3400 Pine Avenue |
4/3 |
3,572 |
4,643 |
$2,795,000 |
$782 |
19 |
$2,795,000 |
10/14/24 |
| 3608 Laurel |
5/5 |
3,300 |
4,640 |
$4,199,000 |
$1,272 |
137 |
$4,199,000 |
06/13/24 |
| 721 27th Street |
4/3 |
3,446 |
4,800 |
$4,175,000 |
$1,212 |
44 |
$4,249,000 |
09/19/24 |
| 633 35th Street |
4/5 |
2,428 |
5,404 |
$3,499,000 |
$1,441 |
17 |
$3,499,000 |
10/16/24 |
| 1901 Laurel Avenue |
4/3 |
2,512 |
6,167 |
$3,500,000 |
$1,393 |
30 |
$3,500,000 |
10/03/24 |
| 3521 Walnut Ave |
5/4 |
3,248 |
4,645 |
$3,299,999 |
$1,016 |
29 |
$3,299,999 |
10/03/24 |
Now we've got a limited number of weeks left in the selling season, before minds turn to turkey, travel and gift-giving, but there's enough out there for buyers to make the most of some opportunities before the year closes out.
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Here's the rest of our local real estate market update report for the period ending 10/31/24:
> 70 active listings as of 10/31/24 (-2 from 10/15/24)
> 56 SFRs (-1)
> 14 THs (-1)
See the Inventory list as of 10/31/24 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 12 actives (-2)
> Sand Section: 31 actives (-3)
> Hill Section: 9 actives (flat)
> East MB: 18 actives (+3)
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 10/31/24".
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
