MB Market Update for 1/31/10, Inventory

Posted by Dave Fratello on Monday, February 1st, 2010 at 4:40am.

Wondering about local real estate in January this year? Think: 24/7.

You don't have to think about it all the time. But that's the number of new listings last month, plus the number of sales (new escrows) in the same period, among SFRs west of Sepulveda.

This is all seen in the new MB Market Update for 1/31/10, viewable online through our custom spreadsheets (click that link to view).

It felt like inventory was bouncing back quicker than normal from the typical holiday-season wave of short-term cancellations. With 24 new listings – including returnees – we did outpace 2009 by a trifling 3 new offerings, versus 21 new listings in January last year.

Our 7 sales (new escrows) this January were equal to the 2009 pace. Yes, while these included a few quick sales that could be interpreted as a bullish sign, the fact is, last year – deep in the doldrums of ongoing economic collapse – MB saw the same number of sales of SFRs west of Sepulveda.

Total inventory this year remains much lower.

We wrapped January 2010 with 74 public offerings west of Hwy. 1 (click chart to enlarge), whereas last year we saw a new high point of inventory reached at 122.

As the chart here shows, we're back over the level of inventory seen as of Nov. 30, 2009, but still well below the levels seen at Labor Day or Halloween.

Intriguingly, the inventory data for 2010 are precisely the same as for 2008. As of Jan. 1, 2008, and 2010, inventory west of Sepulveda stood at 59. At month's end, 74 in each case. It was 2009 that was the big balloon year.

By (minor) contrast, there were 8 sales in Jan. 2008, instead of the 7 in 2009 and 2010. It's not a busy month.

More on the action west of Sepulveda in our next few posts.
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