We just might get that "Summer market" we were talking about recently.
In just a 2-week period, we've seen inventory jump by 50%.
Fifty percent, folks!
It's almost like buyers at all price ranges have options, all of a sudden.
Oh yeah yeah, in our report below, it's only a jump from 36 listings in mid-May to 54 at month's end (and 58 as of Friday morning), but you gotta count your blessings sometimes.
Heck, there are 22 new listings within just the past 7 days. You can't fail to notice that.
Also, at the Edge office right now, we have another option for buyers that isn't even on the MLS, an SFR around $2.5M that shows Fri. & Sat. only. (If you haven't seen other promotions for it, contact Dave directly.)
We looked at pending sales for May, also. There were 35 new deals made within the month, better than 2019 and 2020, and on par with several prior years.
Of course, blazing 2021 had more pending sales in May: 49.
We like to look at a few notable closed sales for each period. Here we go:
750 29th (6br/8ba, 4835 sqft.) is new construction.
Very nicely done on a great block.
It stands to confirm the proposition that $6M is the new $4M in the Tree Section.
Asking: $5.995M.
Closed: $5.985M.
Meanwhile, over in East Manhattan...
On the same street, just a few hundred yards from each other, two 1990s homes that would like some upgrades sold within days of each other.
1550 Gates (5br/5ba, 4335 sqft.) (pictured) sought $3.450M, but sold higher at $3.625M.
Something similar happened at 1756 Gates (5br/5ba, 4342 sqft.), which was asking $3.299M but sold for $3.550M in a flash.
Both of these sales hearkened back to last Summer in East Manhattan, where 1622 5th (4br/4ba, 4200 sqft.) sold for $3.525M despite very similar, largely original condition to both of these newer sales.
Indeed, there was a cluster of 1990s East Manhattan sales that we wrote about, analyzing the importance of remodeling, style and prep/staging. (See "Wrapping Up 3 East MB 1990s Homes.")
The pricing and trends coming out of that post last year seem unchanged here today.
One of the biggies in the Sand Section also sold very quickly. 3601 Bayview has, well, big bay views, and that's worth something.
Specifically, the 3br/3090 sqft. house sold for asking price: $6.499M.
Lastly, a land-value sale at 465 33rd has closed (lot-and-a-half, in this case), for $3.150M.
This is the listing that at one time had featured multiple renderings of a fabulous new house, even though it was only the lot for sale. We made light of that marketing in "You Can Have This New House If You Build It," after which the listing soon dropped the renderings and went with a straighter description of the offering as being a lot only.
The property was originally acquired in Dec. 2019 for $2.560M.
Here's the rest of our local real estate market update report for the period ending 5/31/22:
> 54 active listings as of 5/31/22 (+18 from 5/15/22)
> 41 SFRs (+15)
> 13 THs (+3)
See the Inventory list as of 5/31/22 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 7 actives (-1)
> Sand Section: 30 actives (+11)
> Hill Section: 6 actives (+1)
> East MB: 11 (+7)
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 5/31/22".
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.
