New High Hit for Dollar Volume in Manhattan Beach Real Estate

By Dave Fratello | December 1st, 2020

This year, this "2020," this weird and anguishing annum, has now set a big-time record for local real estate sales.

In the 12 months ending Nov. 30, more money was spent on Manhattan Beach real estate than ever before.

That new record total, $2.486 billion, eclipses the prior record by $13M.

What is absolutely remarkable about this year's huge upswing - which we did predict might be coming in this post about September's data - is that earlier parts of 2020 also saw huge drops in annualized sales volume.

Sales volume dipped to "only" $1.862 billion in June 2020, a range more typical of 4-5 years ago. The June 2020 figure was $120M below the lowest 12-month figure of 2018-2019, and lower than every 12-month figure for 2017.

In the depths of the March/April shutdown, and even later as real estate came roaring back this Summer, it was still hard to imagine that a record high might be in the offing. This 12-month period has actually hit this new peak despite seeing a few months of a near-depression in real estate. The data has a hole in it. A remarkable, hockey-stick bounceback was needed to bring Manhattan Beach to this new record today.

The prior high point for dollar volume was back in Feb. 2018, when a peak of $2.473B was hit.

That earlier period encompassed most of the go-go year of 2017, a surge that at the time also seemed somewhat unexpected. As 2017 dawned, the concern was that the second half of 2016 had been sluggish, buyers were feeding back that they considered the cycle "over" and were anticipating price declines, and there had been a presidential election, which supposedly calms real estate sales.

But no, 2017 shot like a rocket. Early 2018 data benefited from that big year.

While sales totals and median prices kept up at a good pace ever since, there has been a slow degradation of total dollar volume. The trend was almost all negative from May 2019 onward, through that low point in June 2020.

And then!!

Worth noting: The highest single month for dollar volume in Manhattan Beach was Sept. 2020 at $373M. It was the second of 3 months of $300M or more. Before 2020, only a single month had ever seen $300M or more: June 2017 at $366M.

Also, it's now clear that calendar year 2020 will far exceed the sales volume total for 2019, which was $2.158B, probably by nearly 15%. The high for a calendar year was seen in 2017 at $2.458B.

We're not sure what everyone else has in store, but the Edge office has a few closings lined up already for early-to-mid December. It could be another big month citywide.


Nerdy note: All data is from the local/regional MLS system, CRMLS, Inc., initially compiled by InfoSparks © 2020 ShowingTime.

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