You wouldn't know from how mild our Summer has been so far, but Manhattan Beach real estate has remained hot.
Following a June with the most new escrows in 8 years, we've now just seen a July with the most new escrows in 8 years.
That means, going back to 2013, no June/July combination has seen more new purchase contracts for local homes than this pandemic-impacted 2-month period.
Did we say "pandemic-impacted"? Almost seems like "pandemic-powered."
We continue to see demand displaced from March and April rolling into Summer.
Our first chart makes this clear. With 106 new escrows opened in June/July, we're 15 over the previous high (2018), about 40% higher than a typical year, and 56% higher than 2019's total.
Amazingly, 106 new deals in these two months is also more new deals than in any March/April combination going back to 2013. Those are typically the first two full months of the Spring market, among the busiest months of the year. To best those periods now, not only past Summer periods, underscores how fast the pace really is now.
Looking inside the data for the full month, action was spread out pretty evenly around town. East Manhattan drew the most bids (20), while the Trees (13) and Sand (12) were close to one another. The Hill Section, which has lower inventory and typically a slower pace, saw 6 new deals during July.
So how is all the action impacting inventory?
Well, not everything is selling. There's still a lot for buyers to choose from.
At July's end, we were down 4 listings from mid-month at 133 actives. However, this is the highest inventory level as of July 31 of any of the past 8 years, cresting by one listing over July 2019's high inventory. This is more than twice the level of busy, busy 2013-14, for instance.
It seems like it would be unusual to pair a blistering sales pace with record-high inventory, but this is a volatile season with unusual dynamics.
Looking at closed sales, it's funny, we don't see the same kind of spikes yet in 2020 data that we see in new escrows. Closed sales are a lagging indicator, as it takes some time to wrap them up.
Among the notable sales in this period:
2301 Laurel (5br/5ba, 3400 sqft.), a corner-lot Cape Cod in the Martyrs neighborhood. Just too pretty to last, it sold quickly and $55K over asking at $4.250M.
Also in the Trees, a nicely located new construction with Spanish inspiration at 1720 Walnut (5br/5ba, 3550 sqft.) closed very near asking at $3.820M.
They hit a big number on a resale of a major remodel at 1609 6th (5br/4ba, 4950 sqft.). Did we say "major remodel?" The listing describes it thusly: "Over $1.4 million was infused into the redesign of this modern day fortress."
This was also a period where some builders were able to close the books on some properties once priced much too ambitiously.
There was a corner-lot new home at 1801 6th (4br/5ba, 3200 sqft.) in East Manhattan that launched near $3.3M in March 2019, very high for a home on a 5000 sqft. lot. It's now closed for $2.620M (-20% from start).
And ocean-view modern 3203 Vista (5br/5ba, 3200 sqft.) began at the skyward number of $5.250M one year ago, but made its way down to $3.900M to make a sale.
Curiously, the $3.900M sale price for Vista was a $100K increase over the list price as of March 17. Fully 10 weeks later, it was bid up by $100K. That was in late May, right as our market began to rise.
Here's the rest of our local real estate market update report for the period ending 7/31/20:
> 133active listings as of 7/31/20 (-4 from 7/15/20)
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.
Based on information from California Regional Multiple Listing Service, Inc. as of March 21st, 2023 at 3:00am PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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