Manhattan Beach Real Estate Inventory Spikes as Sales Increase
Jul 11, 2020 01:04PM
By DigMB Staff
Source: Manhattan Beach Confidential
Sellers are rushing properties to market amid signs that Manhattan Beach real estate is rolling hard and fast.
Whereas demand was outstripping supply for most of June, now supply is building up rapidly, according to Manhattan Beach Confidential.
The 134 listings active now is a figure higher than any other mid-July point in the last four years. (See accompanying chart - focus on the gold, which represents 2020.)The 2020 numbers had shot up through April and May to nearly match last year's high-inventory pace by May 31.
June's incredible outburst of sales activity (most new contracts for any June of the past 8 years) cleared out lots of inventory and absorbed much of what came to market as it appeared.
Now, almost as quickly, an imbalance is opening up, with more listings than sales.
In the past 7 days, there have been 25 new listings, 3 failed escrows returning properties to market, 1 property going to active from "hold" status, plus 4 listings added and now sitting as "coming soon." (These "coming soon" listings do not count in inventory yet.)
Over the same period, 10 properties have newly gone into escrow. (That does not count one property that fell out and went back into escrow.)
"Our guess is that the imbalance is temporary, as buyers remain very
active, rates are attractive and there remains months' worth of pent-up
demand to be worked out," said Dave Fratello, broker with Edge Real Estate Agency and the author of Manhattan Beach Confidential.
For real-time updates on new listings, new escrows, new price cuts, and new closed sales, visit MB Confidential's famous Manhattan Beach Dashboard.