The Trendline – Manhattan Beach – July 2022
The MLS just dropped its June listings data today and I'm seeing a continuation of the same real estate trends we've seen for most of the year in Manhattan Beach CA residential real estate - drastically low inventory and another drop in new listings. How's the market in Manhattan Beach? Trendline says → definitely a sellers' market.
New listings down dramatically from 40 to 30 month over month. The graph at the left tells the bigger story on a 12 month rolling average and things just suck for buyers in Manhattan Beach. Lots of buyers and nothing to buy. My buyer clients continue to be frustrated.
4-6 months of inventory is considered a "neutral" market where neither sellers nor buyers hold an advantage. Even though inventory is up month over month, Manhattan Beach's inventory is holding steady in the bigger picture at about 1.6 months. Manhattan Beach continues to be a "super sellers' market." With luck, Manhattan Beach will continue its three month trend of increasing inventory and buyers will see some relief.
Month over month, the median price in Manhattan Beach is up dramatically from $2.7M to $3.7M, but with so few sales to measure, one or two price aberrations could skew the whole story. The graph to the left shows the rolling 12 month average with prices continuing to hold relatively steady at $3.1M-$3.2M.
Manhattan Beach continues to hold steady at 9 days on market. This means properties are under contract in 9 days after hitting the MLS. If you're shopping in Manhattan Beach for a home, you absolutely have to have all your i's dotted and t's crossed before "the one" hits the market.
So what is going on with real estate in Manhattan Beach? Manhattan Beach owners are listing in higher numbers, but supply continues to be constrained. It's a good time to be a seller right now in Manhattan Beach!
Manhattan Beach Home Sellers
What does this trendline mean for Manhattan Beach home sellers? It means we are in a situation where your home will likely be snapped up in a New York minute for a pretty penny if listed right now.
Think you will make more money if you undertake costly renovations first? Maybe not. I’m still seeing crazy prices paid for fixers. The other reason not to renovate is the time it will take. Right this minute, with fewer other sellers on the market, is your time to get the highest price for your property. I mean, did you look at that price graph? 💰 Don't undertake time-consuming repairs right now. Just list.
Manhattan Beach Home Buyers
If you're a Manhattan Beach home buyer, it will be tricky for you. You need an extra experienced local agent who has a local network for scouting off-market or coming soon listings, so you can get in early and hopefully scoop up a great property without getting into a bidding war.
More importantly, you need to get off the sidelines pronto if you want to buy. Rising prices, interest rates and inflation are increasing threats to your purchasing power.
Pro-tip #1 for Manhattan Beach home buyers: don’t use the listing agent to submit your offer. That agent will not be super motivated to support your best interests. You will likely be one of multiple buyers they represent on the property. You want an advocate who will fight for you and somebody who knows what questions to ask to help you craft the best possible offer for that particular seller.
Pro-tip #2 for Manhattan Beach home buyers: you definitely will want to have your lender pre-approval in hand and preferably have that loan pre-underwritten so you can waive the loan contingency. You’ll also need to pack your patience and maybe even consider adjacent areas. Definitely don’t expect much in the way of concessions for repairs.
Pro-tip #3 for Manhattan Beach home buyers: With the median price sprinting up by leaps and bounds, you will want to make a list of your non-negotiable needs in a property and be ready to pounce on the first property that matches enough or your criteria. Waiting is getting more expensive by the month.
Want To Talk?
Want to talk about a Manhattan Beach home buying or Manhattan home selling strategy? Grab a convenient time for you on our calendar and let's strategize!
All graphs presented herein show data for the last five years. The data shown is also for single-family homes. If you want condo or combined data for Manhattan Beach, or custom graphs for other areas, just ask!
Manhattan Beach also has very distinct neighborhoods with their own trends. Let me know if you want trend graphs for a specific community in Manhattan Beach - Sand Section, Hill Section, Tree Section, The Strand, Manhattan Village, East Manhattan Beach and more. Want a particular school? We can get you data on that, too.