Climb, Climb

Posted by Dave Fratello on Friday, May 2nd, 2008 at 5:41am.

You might call it a moment of increasing consumer choice.

Or you might call it a time of increasing price pressure as supply climbs and climbs.

Whatever you call it, SFR inventory at the end of April – 107 SFRs west of Sepulveda – was the highest MBC has recorded in a year-plus of public market tracking.

Yes, yes, we said the same thing when we hit 97 at the end of March. So sue us for starting to sound the same.

Partly to blame: 31 new listings in the month of April, down very slightly from 34 in March, and steady with the February rate. (For a yearlong view, see the graph in this story.)

Also, this caveat – the 107 figure includes one listing technically "on hold" – 757 30th, new construction that seems still to be very much for sale, and one new listing at 918 10th in the Hill Section that has a sign, a website with cheesy music and an ad in the Beach Reporter, but wasn't yet on the MLS as of April 30. We considered both to be for sale.

We saw 14 sales (new escrows) in April, and several cancellations.

Let's not miss this striking year-over-year comparison – in April 2007, we counted 66 SFRs west of Sepulveda on public offer. This year, 107.

That's +43, fully 65% higher than at this time last year.
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