Manhattan Beach Real Estate Continues at a 'Blistering' PaceSep 09, 2020 09:28AM ● By Dig Mb Staff
Manhattan Beach real estate deals are running at a "blistering" pace, capping off the busiest three-month period in recent history, according to local real estate blog Manhattan Beach Confidential.
The number of new escrows opened in June 2020 through August 2020 smashed the record for summer months, with 160 escrows. That's more than just a summer record; that's more new escrows than any 3-month period in the last 8 years.
August was an exceptionally busy month, with 54 new escrows. That's more new escrows opened than during any of the last 8 Augusts.
By comparison, March 2020 through May 2020, with stay-at-home orders observed locally, marked the lowest three-month period in the last 8 years.
"It's a remarkable transition from 'worst to first,' right here in the same year," said Dave Fratello, author of Manhattan Beach Confidential and broker at Edge Real Estate Agency.
Fratello continued: "Clearly, the past few months have involved a lot of 'making up for lost time.' Our local real estate market tends to see about 400 closed sales per year, but we had fallen way off that pace during the stay-at-home period. Pent-up demand has been working its way out since the real estate market essentially re-opened in late May."
How much longer will the "rush" last?
"There's a lot left to go here," said Fratello. "And somehow, remarkably, there's little indication of a headwind, despite a global pandemic, massive unemployment and hundreds of millions of disrupted lives in our 'new normal.'"
The data on new escrows by 2-week periods come from MB Confidential's regularly published Manhattan Beach Market Updates, which are snapshots taken at the middle point and end of each month.
For more detail on transactions, statistics, and market dynamics, visit Manhattan Beach Confidential.
For an up-to-the-minute scorecard on new listings, new escrows, new closed deals, and new price cuts, visit the Manhattan Beach Confidential Dashboard.
For additional insights into the market, to inquire about buying or selling properties, or to learn more about off-market inventory, contact Dave Fratello by email, or call (310) 243-6299.