Manhattan Beach Real Estate Market Shows Brisk Sales Pace
Apr 15, 2018 08:25AM
By Jeanne Fratello
"It is not at all uncommon to see attractive homes sell within one to two weeks," said Dave Fratello, a real estate broker and author of Manhattan Beach Confidential. "And multiple offers are breaking out when the price is right."
Comparing data from Jan. 1-March 31 of each year, there were 108 new escrows opened in 2017, and 101 opened in 2018.
This similar pace of sales came even as there were fewer homes available for sale for most of the first part of the year, according to Fratello's data.
Meanwhile, slightly more sales closed in Q1 2018 than in Q1 2017: 78 sales this year, versus 73 last year. However, as Fratello notes, closed sales are a slightly lagging indicator, because some sales closing during this 3-month period opened escrow back in 2017 - and properties that went into escrow during this quarter have not all closed yet.
Additionally, for the one-year period ending March 31 (4/1/17-3/31/18), there were 427 closed sales in Manhattan Beach, versus 394 for the equivalent prior year period (4/1/16-3/31/17).
Looking at specific neighborhoods, the Sand Section has been the star of the show, with the most sales in this quarter, fully 67% more than
in the same period last year.
On the supply side, inventory has surged late this week to 103 homes, a number putting 2018 inventory higher than 2017 inventory for the first time.
Most of the year, Fratello notes, buyers had 10-20% fewer choices on the market than they saw last year. Twenty-four new listings have come to market in Manhattan Beach in just seven days. Of those, 18 came out in the last three days, and nine on Thursday/Friday.
If demand remains strong amid growing inventory, Manhattan Beach real estate could see another banner year. "These are all good indications for now that local real estate has held steady, despite eight years of rising prices and potential headwinds that might have raised questions for buyers," said Fratello.