Pinched Before Spring - Manhattan Beach Market Update for 2/15/22

By Dave Fratello | February 18th, 2022

Things are tough all over. You don't need us to tell you that.

But specifically, for home buyers looking in Manhattan Beach, things are tough.

Historically tough.

There's nothing out there, or not for long. Inventory is horribly pinched.

On Feb. 15, there were only 26 listings active in Manhattan Beach. (On Friday morning, it was slightly better at 29.)

That's 70% fewer listings than last year at this time, and less than one-third of the total listings on market for most of the prior 6 years.

That total is also way below the Feb. 15 inventory in the early boom years of 2013-15. Inventory then was in the 40s.

We're drawing all of this inventory data from our hand-crafted twice-monthly MB Market Updates that we've published here at MBC continuously for years.

We checked one more MLS data source, with figures going back to 2008, and they confirm that 2013-15 were the lowest-inventory years in the last 15, until now.

So if you're a buyer, locked and loaded, but mostly frustrated, there's a reason. Inventory is unreasonably low.

Why look at Feb. 15?

We are now in the traditional launch period for the Spring market, our busiest time of year locally. If the low-inventory phenomenon plagues the whole season, we could see price inflation that seems almost impossible, given the 25% increase in prices over just 20 months recently.

In this environment, the typical number of days on market to sell will remain low, multiple offers will be common and buyers are well-advised to be ready to pounce. If you need a house, do not go to Mammoth.

We checked pending sales, and the number of new escrows from Feb. 1-15 this year was typical at 15 new deals. The average over 10 years is 14.3, and the totals for the past 3 years were 13, 14 and 14.

Here's the rest of our local real estate market update report for the period ending 2/15/22:

> 26 active listings as of 2/15/22 (-4 from 1/31/22) 

> 22 SFRs (-4)

THs (flat)

See the Inventory list as of 2/15/22 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: actives (-2)

> Sand Section: 16 actives (+2)

> Hill Section: actives (-3)

> East MB: (-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 2/15/22".

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