Manhattan Beach Market Update for 6/30/20

By Dave Fratello | July 3rd, 2020

The promise of a warming real estate market in May and June now shows up in the stats.

With 55 new deals, the month of June 2020 saw the most new escrows opening in Manhattan Beach for any June of the past 8 years.

A close second is, oddly, June 2018, which was a calm year overall.

Plus 2020's 55 new deals in June blasts away the anemic 30 new escrows in June 2019, and handily tops hot-hot-hot 2017's total of 40 for June as well.

Each year has had its own dynamics. June is often a transitional month that's at the tail end of the Spring market, before a quiet Summer.

No year was ever like 2020, though. After several weeks of shutdown, we're cramming the whole Spring market into a brief period of time.

Late May was the first "normal" 2-week period in the market, as both the pace of deals and inventory began to recover. (See this post for the data.)

The first half of June leaped out ahead of all other comparable periods back to 2013, doubling last year's pace for new escrows. (See this post for more.)

So, you could say that we could all see this coming. June's momentum picked up and stayed strong.

Inventory Dropping

Inventory at the end of June stood at 111, more than 20 below this time last year.

That is an intriguing finding, in that end-of-May inventory this year was equal to the 2019 level.

The current gap of 20+ reflects pretty well the higher sales pace in this year's June.

Closed Sales Still Lagging

The market needs this pace to try to normalize.

Because of COVID-19 impacts on actual closed sales, the 12-month period just closed up is well behind recent years.

As a general rule, you can expect about 400 homes to be sold in Manhattan Beach in a typical calendar year.

When we check mid-year data this year against past years... yikes.

The 326 closings since July 1 last year puts us 16% behind the numbers for 2018-19, and is lowest on record for 2013-2020.

Again, not a huge surprise, but we will need a few solid months of over-performance to climb out of that particular hole.

Here's the rest of our local real estate market update report for the period ending 6/30/20:

> 111 active listings as of 6/30/20 (-1 from 6/15/20) 

> 87 SFRs (-1)

> 24 THs (Flat)

See the Inventory list as of 6/30/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 24 actives (-1)

> Sand Section: 53 actives (+3)

> Hill Section: 7 actives (-1)

> East MB: 27 (-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 6/30/20".

Please see our blog disclaimer.

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