Now, when was it that we were talking about how inventory was consistently lower this year than last year, while the sales pace was basically steady?
Oh yeah, yesterday.
The inventory figure we used was 76, representing inventory on March 31, date of our last MB Market Update.
Mostly, since that time,…
Now, when was it that we were talking about how inventory was consistently lower this year than last year, while the sales pace was basically steady?
Oh yeah, yesterday.
The inventory figure we used was 76, representing inventory on March 31, date of our last MB Market Update.
Mostly, since that time, inventory has hung around in the low 80s.
Until today, Friday, and... wow.
Would you believe 103?
If we're still at that point by Sunday, when our 4/15 Market Update is ready, you're going to see inventory higher than 2017's inventory for the first time all year.
As our chart here shows, 100+ listings will put 2018 just a bit under 2016's figure of 111.
We're basically certain to see a figure higher than 2017's 91 listings on April 15 last year.
Nerdy note: The chart extends to April 15 for 2016-17, but we used the April 13 figure for 2018.
How did this happen?
We've seen 24 new listings come to market in Manhattan Beach in just 7 days. Of those, 18 came out in the last 3 days, and 9 on Thursday/Friday.
Plus, a few homes in escrow as of our March 31 update fell out of escrow later.
Why the rush of listings now? It's hard to say. Easter week is often slow, but the rush follows immediately. Not so this time... all of this activity came after public schools came back from Spring Break.
If the end of the break is a factor, it illustrates again something that doesn't need to be true, but often is true: The local real estate market is slower when the kids are off school.
It's not that the kids are the buyers, or that buyers already live here and are away with the kids, but still, there's some relationship, surely.
Maybe brokers are away with their kids and don't want to work during Spring Break?
Don't bet against that hypothesis.
Disclosure: Dave took a few days off last week. But we did work, and a Confidential Realty listing came out last week and sold right away.
Please see our blog disclaimer.
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 6:50pm 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.