Maybe East Manhattan is going to lead us out of the woods.
We have just finished the first "normal" 2-week period in local real estate in a while, with an average or above-average number of new escrows. Most of the new deals were in East Manhattan Beach.
With 21 new deals inked between May 16-31, the market…
Maybe East Manhattan is going to lead us out of the woods.
We have just finished the first "normal" 2-week period in local real estate in a while, with an average or above-average number of new escrows. Most of the new deals were in East Manhattan Beach.
With 21 new deals inked between May 16-31, the market was as busy or busier than comparable periods in 4 of the prior 5 years. (See our chart.)
It's a promising sign that buyers are back, exactly as sellers had been betting by bringing properties to market in large numbers.
Of the 21 new deals, 13 were in East Manhattan, with just 4 each in the Trees and Sand. (No sales in the Hill Section this time.)
A bounceback in buyer demand comes at a welcome time. There's more to buy.
Inventory jumped up again to 127 listings, rising 19 from mid-May. We were at about the same level, 129 active listings, at the end of May 2019.
That 127 figure means inventory was up by 38 listings from May 1 to June 1. At this moment, only 14 listings are still in a "hold" status, accounting for about 10% of total inventory, a recent low.
We will take a separate look at both the sales pace and inventory in another post this week.
Let's take a quick look at the listings that have found deals recently in East Manhattan (email subscribers will need to view this post in a browser):
ADDRESS |
BD/BA |
SQFT |
LOT |
PRICE |
$PSF |
DOM |
START $ |
START |
1631 19th Street |
5/4 |
3563 |
4983 |
$2,999,000 |
$842 |
31 |
$2,999,000 |
04/30/20 |
1712 Gates Avenue |
4/3 |
2736 |
7499 |
$1,985,000 |
$726 |
9 |
$1,985,000 |
05/14/20 |
1131 8th Street |
5/6 |
4388 |
8002 |
$3,750,000 |
$855 |
72 |
$3,475,000 |
09/13/19 |
1140 Manhattan Beach Boulevard E |
2/3 |
1197 |
9562 |
$849,000 |
$709 |
6 |
$849,000 |
05/22/20 |
1437 6th Street |
4/4 |
3204 |
7506 |
$2,599,000 |
$811 |
9 |
$2,599,000 |
05/22/20 |
424 S Meadows Avenue |
3/2 |
1529 |
6164 |
$1,699,000 |
$1,111 |
69 |
$1,799,000 |
02/25/20 |
1151 Lynngrove Drive |
5/3 |
2543 |
5677 |
$2,000,000 |
$786 |
22 |
$2,000,000 |
05/09/20 |
1157 6th Street |
5/4 |
4292 |
7502 |
$3,375,000 |
$786 |
12 |
$3,375,000 |
05/19/20 |
1525 Artesia Boulevard B |
3/3 |
1422 |
13465 |
$969,000 |
$681 |
24 |
$969,000 |
04/18/20 |
1200 Magnolia Avenue |
2/2 |
1271 |
4899 |
$1,499,000 |
$1,179 |
18 |
$1,499,000 |
05/13/20 |
1520 Manhattan Beach Boulevard B |
2/2 |
1095 |
9894 |
$799,000 |
$730 |
58 |
$850,000 |
04/03/20 |
1550 5th Street |
5/6 |
5964 |
7505 |
$3,899,000 |
$654 |
36 |
$3,899,000 |
04/25/20 |
8 Fairway Drive |
2/2 |
1449 |
3415 |
$1,495,000 |
$1,032 |
16 |
$1,495,000 |
05/13/20 |
(Click any address to see full details.)
Now break those down a bit:
> 3 under $1M
> 5 from $1.0M to $2.0M
> 5 over $2M
A few of those that seem notable:
1550 5th (5br/6ba, 5965 sqft.) is the biggest of the crop, in size and price.
It's a 2012 custom build with big everything, including basement and a sizable yard.
The midblock location is on a quiet, flat stretch that's convenient to the local elementary and high school.
Asking $3.899M, it found a buyer in less than 3 weeks.
1712 Gates (4br/3ba, 2735 sqft.) is more of a midsized home toward the outer edges of town.
Officially sporting a 1980 build date, it has the look of homes in the area that are typically from the 1960s, but in this case with an upstairs master that's not common in the original, one-level homes.
Asking $1.985M on May 14, it had a deal by May 30.
And someone must have been thinking ahead to Summer when they got a look at 1157 6th (5br/4ba, 4300 sqft.).
It's a late-90s Mediterranean with a glamorous pool and outdoor living spaces. It would be a terrific place to "stay at home" at almost any time of year.
Inside, it's dressed up super formally, with custom paint, heavy furniture, luxurious draperies – all the kinds of things you would typically see reduced and simplified with neutral, "coastal" appointments in a lot of Manhattan Beach listings.
No problem, though. Listed at $3.375M, this one drew an offer within a week.
Here's the rest of our local real estate market update report for the period ending 5/31/20:
> 127 active listings as of 5/31/20 (+19 from 5/15/20)
> 99 SFRs (+17)
> 28 THs (+2)
See the Inventory list as of 5/31/20 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 30 actives (+4)
> Sand Section: 59 actives (+10)
> Hill Section: 10 actives (+3)
> East MB: 28 (+2)
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 5/31/20".
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.