2021 Lags 2020? - Manhattan Beach Market Update for 6/15/21

By Dave Fratello | June 16th, 2021

It's somewhat hard to say or believe, but for the first time, the sales pace this year is now slightly slower than it was in the same period in 2020.

For the full month from May 16-June 15, there were 42 new escrows in Manhattan Beach this year, lagging behind the blistering pace of 51 new escrows in 2020. (Although it is true, as our chart shows, that this year's number is very consistent with several other recent years.)

Last year at this time was like a rocket launch, as the world began to emerge ever-so-carefully from lockdown as Memorial Day approached. In real estate, it was the late re-start to the traditional Spring market. Pent-up demand definitely made its presence known.

It was basically a year ago that this amazing, busy, inflationary phase in the Manhattan Beach real estate market was created.

And today, it's just a bit slower. (It was only 2 weeks ago that we showed you how May 2021 was still outpacing May 2020, so this is a quick reversal.)

One fairly obvious problem today is limited inventory.

As our full report details below, there were just 63 listings for sale in Manhattan Beach on 6/15/21.

There were 78% more options, 112 total listings, on 6/15/20. And even more in 2019!

Indeed, we haven't seen mid-June inventory this low since the boom years of 2013-15.

Inventory this year is less than half last year's levels in the Tree Section (11 now vs. 25 last year) and East Manhattan (13 vs. 29).

Scarcity in both those suburban areas has pummeled buyers and sent prices rocketing. You just can't find anything, and there's a line at the door when a property comes out. (We're not even sure people are socially distancing in these lines anymore.)

No one is going to panic about our sales pace drooping while inventory is incredibly tight. Low sales with lots of inventory - now that would be a reason to worry. That is also not a world we can easily imagine today.

Summer, bring us some listings! We have hungry buyers in all market tiers... as does everyone, it would appear.

Here's the rest of our local real estate market update report for the period ending 6/15/21:

> 63 active listings as of 6/15/21 (-8 from 5/31/21) 

> 43 SFRs (-7)

> 20 THs (-1)

See the Inventory list as of 6/15/21 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 11 actives (-6)

> Sand Section: 32 actives (-6)

> Hill Section: actives (Flat)

> East MB: 13 (+4)

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 6/15/21".

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