MB Market Update for 8/31/08Posted on Friday, September 5th, 2008 at 6:11am.
The current update covers activity in the second half of August.
A self-indulgent moment first – computer/file problems all but destroyed MBC's data shortly before publication. We blame Microsoft. Data were reconstructed, in part, thanks to free online software. We are grateful to the collective efforts behind OpenOffice.org and NeoOffice.org. Give them a spin.
Back to the meat.
We had 106 active SFRs in our subject region west of Sepulveda as of Aug. 31, down 11 from the end of July. A significant reason – sellers are pulling out rather than adjust their prices (see "Recent Dropouts").
We saw more cancellations in August (16) than sales (new escrows), which totaled 14 for the month. Indeed, cancellations came in at almost 3 times the 2007 rate this Summer. (More on that in a brief story to come.)
There is still plenty to choose from. There were actually slightly more new listings in the second part of August than in the first half (10 vs. 9), with 19 new listings overall for the month. That defies some of the conventional wisdom that late-Summer sellers hold back till after Labor Day.
Among the inventory current as of Aug. 31, there were 18 active SFRs in the Hill Section, 37 in the Sand, and 51 in the Trees.
More detail on all of this in the next few days...
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