The Trendline – Manhattan Beach – November 2021
The MLS just dropped its October listings data 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. How's the market in Manhattan Beach? Trendline says → definitely a sellers' market.
New listings have been hard to come by in Manhattan Beach all year and that didn't change in October.
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 an ninth consecutive month to a smidge over 2 months, the trend in favor of sellers continues in Manhattan Beach.
August brought a blip down in prices, but September and October continue this year's overall relentless march up. This is no surprise with constrained inventory and lots of buyers trying to get in before interest rates start climbing.
Days on market is crazy low in Manhattan Beach right now at 10 days. This means properties are under contract in 10 days after hitting the market. 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. For every house that take 14 days, one house takes 6 days. Highly appealing properties take less time.
So what is going on with real estate in Manhattan Beach? Unlike what you'll read in the national news, Manhattan Beach owners are not listing. Supply is increasingly constrained while buyers scramble to take advantage of low mortgage rates. 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 pending 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 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, Manhattan Village, East Manhattan Beach and more. Want a particular school? We can get you data on that, too.