A Li'l UptickPosted on Tuesday, December 16th, 2008 at 7:45am.
Inventory of homes for sale has most likely peaked for the year...Whoops.
That was 2 weeks ago (see "Inventory Higher This Year"). Inventory has actually grown since then.
Not by much, mind you. We were at 119 SFRs west of Sepulveda at the end of November. (Click to download the MB Market Update Spreadsheets for 11/30/08.)
Our tracking now shows us at 121 as of Dec. 15. That's higher than any end-of-month total so far, and just 3 shy of the mid-October total.
As our forthcoming spreadsheets – still in progress – will show, this modest growth is the result of some activity that wasn't entirely predictable. Among that activity: 7 new listings, but just 2 cancellations in this 2-week period.
It seems the frenzy of holiday-season dropouts is all but over. Yet some bold and daring sellers are choosing this time to enter the market. (Some are clearly new construction that just finished.)
Remember when we boldly predicted that the end-of-month inventory record of 124 (for 2007-08) would not be exceeded this year?
What's the over/under now?
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