The Trendline – Manhattan Beach - March 2021
The MLS just dropped its February listings data and I'm seeing a continuation of interesting real estate trends in Manhattan Beach CA. How's the market in Manhattan Beach? Trendline says → increasingly leaning in sellers' favor.
Starting in mid-2019, home owners in Manhattan Beach were settling in and not leaving. Oddly, the pandemic hit and owners started getting out of Dodge. The election came and went and Manhattan Beach home owners are settling down again.
Manhattan Beach has experienced between 4 and 4.5 months of inventory for the last year and a half. Six months of inventory is typically considered a move into a "Buyers' Market," where the power shifts from Sellers to Buyers. Before that, Manhattan Beach was a solid sellers' market.
Prices in Manhattan Beach have been on sharp upward trend since the pandemic started, but that makes sense as fewer owners listed their properties for sale and buyer pool was strong.
And properties are moving quickly at 20 days on the market last month before going into escrow. The days on market statistic is moving down sharply and properties are moving faster.
So what is going on in Manhattan Beach? Owners are not listing and prices are responding sharply. It makes sense - less supply but plenty of demand with historic low mortgage rates in the mix. It's good 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? 💰
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.
Pro-tip #1 for Manhattan Beach home buyers: don’t use the listing agent to submit your offer. That agent will not be that motivated to support your best interests. You will likely be one of the multiple buyers they represent on the property. You want an advocate 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 you’ll need to pack your patience and maybe even consider adjacent areas. Definitely don’t expect much in the way of concessions for repairs.
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 three 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.
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