Blame low inventory.
The one and only measure by which MB is not off to a gangbusters start this year is: The number of closed sales.
Not enough product, not enough sales. Evidence suggests MB is not lacking for demand at all.
To see some context, we looked back 10 years at the number of SFR sales in the…
Blame low inventory.
The one and only measure by which MB is not off to a gangbusters start this year is: The number of closed sales.
Not enough product, not enough sales. Evidence suggests MB is not lacking for demand at all.
To see some context, we looked back 10 years at the number of SFR sales in the first third of each year.
With 96 sales closing between Jan. 1-April 30 this year, we're slightly trailing the pace of 2012, and only barely above 2011. Really, the last 3 years look the same.
This year blows away the two popped-bubble years, 2008 and 2009, and is somewhat better than 2010.
But as bubbly as this year feels, it can't hold a candle to the 4 bubble years captured in our chart here. From 2004-2007, there were well over 100 sales each year in this same period – more than 140 in both 2004 and 2007.
Spring 2007 was a wobbly market, and not everyone was sure the bubble was popping at the time. You can see how the market was sending mixed signals then, with plenty of sales volume despite the weird buzz in the air at the time.
Prices are rising these days, no doubt. But sales are not, yet, while we wait for more supply to meet the eager demand we know is out there.
An interesting, additional point of reference for the imbalance between supply and demand: At this writing, Monday afternoon, we have 47 active listings (SFRs and THs) and 77 properties in escrow.
Last year, in late May, we mentioned the active/pending balance. Then, active inventory was 87 and pending sales totaled 79. (See "Pre-Summer Inventory Check-In.")
It's funny: To have 87 actives now would nearly double current inventory, but pending sales year over year would be flat, just like we see with closed sales now.
As we said, blame low inventory this year.
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Listings presented above are supplied via the MLS and are brokered by a variety of agents and firms, not Dave Fratello or Edge Real Estate Agency, unless so stated with the listing. Images and links to properties above lead to a full MLS display of information, including home details, lot size, all photos, and listing broker and agent information and contact information.
Based on information from California Regional Multiple Listing Service, Inc. as of March 18th, 2024 at 10:56pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.