Tale of Two Markets: Fewer Listings & Cuts

By Dave Fratello | July 30th, 2021

Not sure if you remember way back to 2019. It was the "before times," after all.

Luckily, we post pretty consistently about Manhattan Beach real estate here, so we can find historical references, even if memories are fuzzy.

At this time in 2019, we took note of the listings on the market, and found that half had been around long enough to make a price cut. (See "Half of MB Listings Have Price Cuts.")

Those observations helped fill out an impression, prevalent in the market then, that perhaps we had finally peaked, and an exhausted market would slow and begin to dial back.

Indeed, by year's end, the Manhattan Beach median home price declined for the first time since 2009. (See "Median Price Down 2% in 2019," from Jan. 2020.)

Now?

Comparing today's stats to those from a time of an incipient downtrend (however modest), well, there's no comparison.

Inventory

On July 30, 2019, inventory was at 128 listings.

Today, 64 listings, exactly half.

Price Cuts

On July 30, 2019, 49% of listings either had a price cut on the existing listing, or had re-listed lower than their initial price.

Today, 22 of 64 listings have a cut or have re-listed lower. That means just 34% of the inventory has seen a price cut. (This link will show you the 21 active listings with cuts from the start; re-lists don't show the same way.)

Rough it out, we had half of inventory with cuts 2 years ago, but one-third with cuts today.

And most of those with price cuts now were at the higher end: 14 of the 22 had begun at $3.999M or above.

While there are plenty of buyers up there, it's not a big surprise that most of the inventory lingering is at the upper-upper end like that.

Sales Totals

By early July 30, 2019, there had been 227 home sales year to date in Manhattan Beach.

As of early July 30, 2021, there have been 287 home sales year to date.

That's 60 more sales, 26% more overall.

What a difference a couple years, and a pandemic-fueled real estate market, can make.

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