The Trendline - Manhattan Beach - June 2021
The MLS just dropped its May listings data and I'm seeing a continuation of interesting real estate trends in Manhattan Beach CA residential real estate. How's the market in Manhattan Beach? Trendline says → increasingly leaning in sellers' favor.
That Spring sprout that started in February was on tear but sellers have pulled back a bit in listing last month. Compare this with the broader Silicon Beach trend toward a slight uptick in listings.
Six months of inventory is considered a "neutral" market where neither sellers nor buyers hold an advantage. Some even consider four months to be the neutral space where the advantages shift. With Manhattan Beach's inventory dropping for a sixth consecutive month to 3.3 months, the trend in favor of sellers continues in Manhattan Beach.
Prices in Manhattan Beach have been on a consistent race upward since last Summer. May added a modest $15K to the price tag for a median-priced single family home in Manhattan Beach. This mirrors a similar modest increase in the broader Silicon Beach.
Median Days On Market for Manhattan Beach homes dropped another 5% with properties now moving into escrow within 18 days. Except for a little blip in November, days on market have been steadily declining since last Summer. Declining days on market is a sure sign of more buyers than sellers in the market.
So what is going on with real estate in Manhattan Beach? Spring has sprung and the selling season is solidly underway. Home sellers paused listing activities last month, further constraining supply and making it even more attractive 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. Price increases slowed, but are still trending against buyers.
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 on a rolling 12-month average to smooth the bumps. 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, East Manhattan Beach and more. Want a particular school? We can get you data on that, too.