Remember how Manhattan Beach has been performing better than most other real estate markets recently?
Now we can say... we understand what everyone else is going through.
July saw a precipitous drop in new purchase contracts for Manhattan Beach homes.
A month that is often quite consistently near 40 new…
Remember how Manhattan Beach has been performing better than most other real estate markets recently?
Now we can say... we understand what everyone else is going through.
July saw a precipitous drop in new purchase contracts for Manhattan Beach homes.
A month that is often quite consistently near 40 new deals per month instead saw only 20.
It's supposed to be Summer. But there's a chill in the air.
It's all the usual factors you're hearing about in the news. Higher interest rates have paused some buyers' searches. Inventory remains quite low compared to average for the time of year. And we always note that Summer in Manhattan Beach is a somewhat slower time of year for home listings and purchases.
But if we're going to compare apples to apples, there's a "normal" number of July apples (around 40), there's 2020's bumper crop of 51 apples, and then there's this year's drought-ridden 20 apples.
Just last week, we were discussing how the Tree Section is avoiding this fate. The 8 new escrows we referenced there all began in July. The Sand Section, with greater inventory, also had 8. This left just 1 in the Hill Section and 3 in East Manhattan to round out the 20.
Worth noting: Inventory as of 7/31 was 63 listings, just 2 behind last year.
In 2020: 133!!!
Here's the rest of our local real estate market update report for the period ending 7/31/22:
> 63 active listings as of 7/31/22 (+3 from 7/15/22)
> 55 SFRs (+6)
> 8 THs (-3)
See the Inventory list as of 7/31/22 here, or see the MB Dashboard for up-to-the-minute data.
Active listings by region of Manhattan Beach in this report:
> Tree Section: 14 actives (+2)
> Sand Section: 23 actives (flat)
> Hill Section: 14 actives (+2)
> East MB: 12 (-1)
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 7/31/22".
Please see our blog disclaimer.
Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of July 16th, 2024 at 12:35pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
