Manhattan Beach Market Update for 6/15/20

The Manhattan Beach real estate market has turned around, dramatically by some measures.

The past two weeks (June 1-15) saw 30 new escrows, double the number for the same period in 2019, and the highest of the past 8 years.

It's quite a turnabout from all the recent biweekly periods with historic lows for sales activity.

Maybe this leap in activity was foreshadowed by late-May sales, our first "normal" period since the COVID-19 pandemic began impacting local real estate.

As we noted then, 21 new deals for late May was "as busy or busier" than 4 of the prior 5 years.

But June 1-15, 2020, smashed the pace common for this time of year.

That's because the delayed Spring market is taking off now as Summer dawns.

You see the impact in inventory also. It's down.

We have 15 fewer listings as of June 15 compared to May 31. And this is despite a steady flow of new listings coming out to try to meet the newly active demand from buyers.

In just 7 days prior to this update, there were 12 new listings, and 18 new escrows. (We're not counting a few COVID-DOM reset re-listings.)

The 18 new deals include 3 homes that sold with less than a week on market. That's how you see inventory going backward - more sales than new listings. (Pictured is 861 11th St., a Hill Section remodel that lasted just 2 weeks at $3.860M.)

All those sluggish weeks during the stay-at-home orders, we were watching a historically low sales pace, anticipating what it would look like when things turned around. We're in that moment now.

Here's the rest of our local real estate market update report for the period ending 6/15/20:

> 112 active listings as of 6/15/20 (-15 from 5/31/20) 

> 88 SFRs (-11)

> 24 THs (-4)

See the Inventory list as of 6/15/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 25 actives (-5)

> Sand Section: 50 actives (-9)

> Hill Section: 8 actives (-2)

> East MB: 29 (+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 6/15/20".