Manhattan Beach Real Estate Leads in 'Shadow Inventory'Mar 30, 2020 10:10AM ● By Mb News Staff
Source: Manhattan Beach Confidential
As the COVID-19 coronavirus shutdown continues to affect industries across the country, the real estate market in Manhattan Beach has taken an unusual turn, according to local real estate blog Manhattan Beach Confidential.
An increasing number of local home sellers have taken their homes out of the set of active listings, placing them instead in a status known as "hold." In fact, Manhattan Beach has the highest percentage of homes on "hold" status of any of its neighboring cities.
Real estate listings on "hold" don't display online and are not supposed to be shown to buyers, but they can be viewed by real estate brokers through their MLS [multiple listing service] systems.
What this means for potential buyers, MB Confidential reports, is that buyers who are searching online for listings using an online site such as Zillow won't see any of those home on "hold" status. They instead need an agent to help them see what's going on behind the scenes on the MLS.
"Most of the homes have willing sellers," said MB Confidential author and Edge Real Estate broker Dave Fratello. "They're just feeling a little wiggly about keeping the property on the market and watching the DOM [days on market] toll onward if buyers don't race to the front door."
For comparison, with 25% of its inventory on hold, Manhattan Beach is 9% above the county average, 8% above the share in the large Palos Verdes area, and even 4% over Redondo Beach.
"This means there is more of an active market for local homes that's off the radar of consumers, after years in which people have become accustomed to seeing everything on the market without need for a broker until later in the game," said Fratello.
Curious about what's "on hold"? Email Dave a note and he will be glad to help.