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Manhattan Beach Real Estate Sets New Dollar Volume Record

Dec 01, 2020 03:33PM ● By Dig Mb Staff
Leave it to Manhattan Beach real estate to defy all expectations during a pandemic: Manhattan Beach has just set a new 12-month record for dollar volume of real estate sales at $2.486 billion.

That new record total eclipses the prior record by $113 million, according to Dave Fratello, author of Manhattan Beach Confidential and broker at Edge Real Estate Agency. That $113 million is the value of about 43 median-priced houses in Manhattan Beach.

"What is absolutely remarkable about this year's huge upswing is that earlier parts of 2020 also saw huge drops in annualized sales volume," said Fratello. "Sales volume dipped to 'only' $1.862 billion in June 2020, a range more typical of 4 or 5 years ago. The June 2020 figure was $120 million below the lowest 12-month figure of 2018-2019, and lower than every 12-month figure for 2017." 

Given the depths of the March/April shutdown, it was hard to imagine that a record high might be possible, added Fratello. "In order to set this record, Manhattan Beach real estate had to make a remarkable, hockey-stick bounceback to bring us to this new record today."

The prior high point for dollar volume was back in Feb. 2018, when a peak of $2.473 billion was hit.

MB Confidential predicted this possible "hockey stick bounceback" in September in the blog post Dollar Volume Rockets Amid Jump in New Deals.

To see more detail on this new 12-month record, visit MB Confidential's newest blog post.

For the latest pending/sold report and ridiculous amounts of additional local real estate data, visit MB Confidential's data page. 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.

Additionally, for more 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.

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