Record Sales & Prices - Manhattan Beach Market Update for 9/30/20

By Dave Fratello | October 1st, 2020

We've talked a lot since real estate reopened about the hot market we've seen ever since.

Now we have evidence of prices rising, too.

As Q3 came to an end, Manhattan Beach saw its highest-ever median home price at $2.550M. (Calculated using a 12-month rolling dataset.)

This is after a few months-plus of above-average purchase activity, with the pace of new escrows beating even our busy Spring seasons of recent years.

This new high is also the second time MB's median price hit a new high this year.

Oddly, the first time it hit a record ($2.500M), we were in the depths of the stay-at-home/shutdown. That was as of April 30. (In the months since, the median price has been flat or wobbled down slightly.)

So now we have 2 new peaks, one hit during record-low closings, and one in a month of record-high closings.

Did we say "record-high closings?" Why, yes.

As our new chart shows, no single month going back to 2008 has seen more sales close in one month than September 2020.

Last month is competing with that boom time of early 2017, one of the hottest recent years that announced itself with a brisk Spring season and a bunch of closings (59) in June.

The 60 sales closing last month beat that record.

There are only 5 months going back 13 years that even had 50 sales. September 2020 was the first to hit 60 sales over the past 153 months.

Take one more look at our chart. There are 3 bars in dark green. Each is a month in 2020.

That's right. This year, really the past few months, have produced 3 of the top 10 months for closed sales in 13 years.

We've given you every reason to expect this outcome.

One month ago, in wrapping the August data, we noted that June-Aug. 2020 had been the busiest 3-month period combined for new escrows going back to at least 2013. Instead of a sleepy Summer, we had a Summer that beat every Spring selling season of the past several years. (See "A Blistering 3 Months - Manhattan Beach Market Update for 8/31/20.")

Now many of those sales have closed.

There will be more to say based on other data, but for now we'll leave you with those two huge bits of news.

Here's the rest of our local real estate market update report for the period ending 9/30/20:

> 117 active listings as of 9/30/20 (-9 from 9/15/20) 

> 86 SFRs (-4)

> 31 THs (-5)

See the Inventory list as of 9/30/20 here, or see the MB Dashboard for up-to-the-minute data.

Active listings by region of Manhattan Beach in this report:

> Tree Section: 19 actives (-6)

> Sand Section: 65 actives (flat)

> Hill Section: 9 actives (flat)

> East MB: 24 (-3)

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 9/30/20".

Please see our blog disclaimer.

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