What You Missed This Summer in Local R/E

By Dave Fratello | August 31st, 2016

Here's hoping you had a bit of time away to refresh and recharge this Summer.

Maybe you checked in only occasionally on events in Manhattan Beach real estate in the meantime. Worry not! We've got you covered in this summary of posts from the past couple of months:

Inventory Trends

It was up, higher than we've seen in years, then inventory was down. 

High point: 141 in mid-July.

Low point: Now. 110 on the last day of August.

See: "Wow, 141" and "Absorption – In Summer? (Big Time)"

Where the Sales Were – and Weren't

Summer began as one normally might expect, with a languid pace of sales, and more listings than the market could handle. But as evidenced by the sharp drop in inventory over Summer, the pace picked up quite a bit. 

So what was selling? Look East, young man.

Disproportionate shares of Summer sales were east of Sepulveda, and, perhaps more importantly: Under $2M.

As if to underscore the point (with data): We recently noted that a new deal made on a Sand Section property at 3220 Alma was only the second new escrow to open up on a property priced over $4M.

See our mid-August MB Market Update for much more analysis, and also the very recent post: "(Little) Action at the Higher End."

Before the trend was clear, with the "lower end" being cleared out, we also applauded the pricing strategies behind several very quick Summer sales in "You Actually Can Sell Quickly Today." It's worth a look at how those sellers got their deals.

Re-Listing

Not everyone was selling this Summer – not by a longshot.

Some sellers thought it best to simply reboot their DOM count. We called out several listings that didn't do much other than restart the clock in "Who's Re-Listed Recently?"

At the time (late July), 15% of active inventory had pulled a re-list to, er, enhance their marketing prospects.

Multiple Offers, But Sales Not Over Asking

Dave's clients have been involved in multiple-offer situations 3 times in recent months in which the ultimate sale price was not over asking.

Is it a bidding war if the seller can't get anyone to even hit the list price? Not even a reduced list price?

One sale came in $150K under list (1708 Elm, pictured), one $175K under start; just one came in right at the asking price, and that was like pulling teeth.

See more in our MB Market Update for 7/1/16.

933 9th Street Manhattan Beach CAPrice Cuts of the Season

We began the Summer break with "Summer of Cuts Begins," featuring 19 separate Manhattan Beach listings (all over town) that had recently chopped prices in order to try to entice buyers.

As we review that post today, 10 of those 19 have made a deal or have actually closed their sales. One to make a deal was 933 9th in the Hill Section, pictured here, which had cut 11% to $3.195M.

By the end of the Summer, it was clear that many successful sellers had needed to adjust to market realities to make their deals.

We ran through the details on 10 separate sales – some were, and some weren't, featured in our June post – in which the listings had cut from 8% to 32% in our post, "Cuts That Made the Sales."

Speaking of sales, we'll take a look at some of the most interesting closed sales of the Summer months in a post soon.

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