MB Market Update for 5/15/10, Overview

Posted by Dave Fratello on Thursday, May 20th, 2010 at 3:53am.

Are you ready to talk about declining inventory as Spring nears Summer?

The new MB Market Update spreadsheets are up online for your viewing and use by clicking here, or at any time by using the pull-down menu on the front page under "MB Market Updates."

What you're going to see, for instance, on the tracking page, is more sales than new listings.

We show 14 new escrows and 10 new listings in this 2-week period at the start of May. Though 2 of those new escrows belong to prior periods (we're just catching up), there's no denying the balance tilt toward clearing, not new inventory.

Pause to reflect. It was conceivable, given the sales pace earlier in the year, that a "sell" signal would have been received by potential sellers on the fence, and we'd gradually see a growth in inventory. If this were offered as a bet in Vegas, your blog author might have put some money down. But for now, we don't see a swell in options, just a burst of buyer activity.

The spreadsheets and writeup here cover the 2-week period from May 1-May15. 

Total inventory dropped by 5 listings from the end of April, reaching 79 SFRs at mid-month.

Inventory by sub-region west of Hwy. 1 (for more see the tracking page of the spreadsheets) broke out this way:
Of the sub-sections west of Sepulveda, it's the Tree Section that had a big drop: -6 from just 2 weeks ago. That's partly because of the rush of sales mentioned yesterday in "Buyers Raid Trees."

More soon on activity in each part of town.
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