Manhattan Beach Market Update for 8/15/20

By Dave Fratello | August 18th, 2020

This may sound familiar.

Once again, the most recently closed 2-week period saw more new escrows than in any comparable 2-week period going back several years.

A busy August?

Unheard of, right?

With 27 new deals, 2020's first half of August was far busier than any of the past 3 years, with more than twice the number of new deals seen since 2017, and 8 new deals more than the prior high (19 in 2016).

This is simply the continuation of a trend. We reported just recently that June & July 2020 were not only the busiest June & July of this cycle, those two months were busier than any March & April combined during this cycle.

There's still momentum.

Notable in this period, two prime Tree Section streets saw action:

1804 Palm Avenue Manhattan Beach CA1804 Palm (5br/4ba, 3150 sqft.), asking $3.695M after purchase in June '18 for $3.300M;

1801 Palm (5br/5ba, 3900 sqft.), asking $3.500M;

604 31st (5br/5ba, 3625 sqft.), last at $3.999M; and

717 31st (5br/4ba, 3500 sqft.), last at $3.995M.

Nearby those 31st St. listings, there were also two big sales:

648 30th Street Manhattan Beach CA648 30th (5br/6ba, 4750 sqft.), new construction that began at $4.999M, and

660 33rd (5br/6ba, 4750 sqft.), asking $4.170M.

That's $24 million in Tree Section sales alone... and that's just 6 of the 11 Tree Section deals from this period.

You can look at our pending/sold list to see all the pending deals in town; scroll down to East Manhattan and you'll see 21 pendings, 9 of which started between Aug. 1-15.

Last observation for the moment: Inventory at 134 listings is the highest for any Aug. 15 of this cycle.

The mixed environment we saw last month continues: Higher absorption is combining with higher inventory, making it impossible to declare whether buyers or sellers hold the advantage in these market conditions. At many tiers, however, it's clearly still a seller's market.

Here's the rest of our local real estate market update report for the period ending 8/15/20:

> 134 active listings as of 8/15/20 (+1 from 7/31/20) 

> 101 SFRs (-9)

> 33 THs (+5)

See the Inventory list as of 8/15/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 22 actives (-3)

> Sand Section: 76 actives (+4)

> Hill Section: 12 actives (+4)

> East MB: 24 (+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 8/15/20".

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