MB Market Update for 8/15/08Posted on Thursday, August 21st, 2008 at 6:06am.
The current update covers activity in the first half of August.
We had 112 active SFRs in our subject region west of Sepulveda as of Aug. 15, down 4 from the end of July. This ends a recent Summertime run of record highs in inventory reported by MBC (records, that is, in the year-plus that we've published our public market tracking). A significant reason – sellers are pulling out rather than adjust their prices (see "Recent Dropouts").
We saw the same number of cancellations (7) as we saw sales (new escrows) in this period. The full tally – 14 listings came out of inventory, 9 new listings hit the market, and one pending listing returned to the active market.
There were 24 active SFRs in the Hill Section, 38 in the Sand, and 50 in the Trees. Nowadays, Tree Section inventory below $2m is pretty high for what we've seen the past year or so, at 32.
Among the new listings, some highlights include:
- 423 19th (4br/4ba, 3900 sq. ft.), starting at $2.790m;
- 332 10th (4br/5ba, 4100 sq. ft.), a beauty on a walkstreet near downtown, at $3.999m;
- 232 16th (5br/5ba, 5000 sq. ft.), formerly known as 234 16th St. (see "Enduring Mystery"), offered last year at $4.5m, now up at $4.295m;
- 841 12th Ct., which hit the market just 2 days after closing for $950k, new price: $1.1m (see "A New Lot Flip");
- 1308 Elm, once called "Cutie," a little cottage starting at $1.2m (see "How Fast Will Cutie Go?" and "Sorry, Cutie"; and
- 2829 Valley (5br/4ba, 3425 sq. ft.), another new home (not quite finished) starting below $2m ($1.989m).
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