It's A Blazing Hot Summer For The Manhattan Beach Real Estate MarketAug 06, 2020 12:10PM ● By Mb News Staff
The weather may be slightly cool, but the real estate market is sizzling hot in Manhattan Beach, with a historically high numbers of escrows opened in June and July.
There were a total of 106 new purchase contracts for homes in June and July, the highest number recorded in the past 8 years, according to the local real estate blog Manhattan Beach Confidential.
That "pandemic-fueled" number is notable on two counts, said Dave Fratello, broker at Edge Real Estate Agency and author of Manhattan Beach Confidential.
First, the June/July total is 15 deals higher than the previous June/July high (set in 2018). It's also about 40% higher than a typical year, and 56% higher than 2019's total.
Second, the 106 new deals in June/July 2020 also happens to be more than in any March/April combination going back to 2013. March and April are typically the first two full months of the spring market, among the busiest months of the year.
"To have deals going at a faster pace than past summer and spring periods truly underscores how phenomenal the pace really is now," said Fratello.
Fratello added that the Manhattan Beach real estate market is also at its highest inventory level in the past eight years.
"It seems like it would be unusual to pair a blistering sales pace with record-high inventory, but this is a volatile season with unusual dynamics."
For more detail on transactions, statistics, and market dynamics, visit Manhattan Beach Confidential.
For an up-to-the-minute scorecard on new listings, new escrows, new closed deals, and new price cuts, visit the Manhattan Beach Confidential Dashboard.