Try and put aside Thursday's foggy weather. The story of February for local RE was quite a bit sunnier, particularly when measured against Q4 2007 and January '08.
The two most recent months saw sales of SFRs west of Sepulveda in the single digits – 9 in December and 7 in January. Currently, we've recorded 17 sales…
Try and put aside Thursday's foggy weather. The story of February for local RE was quite a bit sunnier, particularly when measured against Q4 2007 and January '08.
The two most recent months saw sales of SFRs west of Sepulveda in the single digits –
9 in December and
7 in January. Currently, we've recorded
17 sales (new escrows) in our subject region in February. Several have posted in the last 2-3 days, and there's still a leap day left for more to be posted.
The deals made so far include 1 in the Hill Section (forgettable
1019 11th) and 8 each in the Sand Section and the Trees. We'd call 3 of the Sand Section sales possible lot sales, while 2 were new construction – including delicious
200 19th at $5.849m. In the Trees, 3 new homes, 1 great remodel (
2317 Pine), and 3 under $1.5m.
The region is still off the 2007 pace for the same month, though we can't say with certainty by how much. (MBC's public tracking began a bit less than 1 year ago, so we can't compare apples to apples.)
For some perspective, however imperfect, consider that in
March 2007, 50 SFR sales closed in all of MB – not just west of Hwy. 1 – which means
February was like a rocket launch last year. (Closed sales in March are a rough reflection of February activity, with average escrows of 30 days.) The previous years saw 40 closed sales in March 2005 and 36 in March 2006.
Given that SFR sales west of Sepulveda are generally 2/3rds or more of the MB total, we can estimate that sales in our subject region were around
25-35 in February of each of the last 3 years. Still, even if this year is falling short, the improvement is noteworthy.
New inventory coming on in February has substantially exceeded new sales, though this should be no big surprise given seasonal factors. We added
30 new listings in February against those
17 sales.
Total inventory recorded by MBC is at
85 with one day left in February, the highest total we have yet recorded – even with the sales activity.
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 19th, 2024 at 4:15am 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.