MB Market Update for 2/28/10Posted on Tuesday, March 2nd, 2010 at 5:16am.
February did see a flood of new inventory, as is customary, but buyers were there to meet many of the new comers.
Here at MBC we tracked 38 new listings of SFRs west of Sepulveda for the month, with 21 in the first half and 17 in the latter half of this short month.
Meanwhile, we saw 24 sales (new escrows) that stuck, and just one short-lived escrow that flopped.
Wiping a few more listings off our records that canceled, or did not belong in our database anymore, total inventory crept up by a modest 4 listings after this busy month – to 78 SFRs total before the March 1 listings began to hit.
Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets):
- Hill Section: 17
- Sand Section: 31
- Tree Section: 30
However, there were some new sales even near press time. The easiest way to scan through all the new escrows is to see the Hill Solds page, Sand Solds page and Tree Solds page.
We can't recall the last time MBC recorded 24 deals made in a single month (a short one at that!), so we'll research that and report back. You'd guess it's 2007 some time, but we'll see.
It's an impressive run that clearly says a lot about the market we have today – low rates, a sense that prices have fallen enough for lots of buyers, a rush of quality inventory.
It's a bullish kickoff here after the Super Bowl. Clearly a year to watch.
More soon on activity in each sub-region during recent weeks.
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