What's Hot in MB Real Estate: Summer TrendsAug 19, 2016 08:13AM ● By Jeanne Fratello
But where are those sales happening? Surprisingly, according to a new analysis by MB Confidential author and Realtor Dave Fratello, those sales were not at the beach. The greatest number of sales by category was in East Manhattan, with 21 new escrows from July 15-Aug. 15. (Data are for homes that went into escrow during this period, not closed sales.)
On July 15th, East MB inventory was just 30% of all inventory citywide. But East Manhattan accounted for 40% of the sales over the ensuing month.
Looking at it another way, as of July 15th, there were 44 homes for
sale in the Sand Section, and 42 for sale in all of East MB. Yet over
the next month, there were 75% more sales in East Manhattan than at the
beach, says MB Confidential.
Additionally, the prices of these homes sold are worth noting. Over this past month, 60% of all sales in Manhattan Beach were on homes priced at $2M or less.
Though there is plenty of higher-priced inventory all over the city, only 7 sales in the month were at $3M or more.How does that relate to inventory? As of July 15th, only 26% of inventory was priced at $2.000M or less. Yet 60% of buyers were actively making deals in that "lower" price tier. It was much quieter at the top.
So, if you're wondering how inventory has been eaten away so effectively over the past month, you have three easy takeaways, according to MB Confidential:
- A bunch of the sales were east of Sepulveda
- Most of the sales were under $2M
- Almost all of the sales were under $3M