As we wrapped up the month of May, MBC took note of the "Balance" in market activity in that month: 22 new listings came on, and 21 homes went into escrow (and stuck).
Can't say the same for June.
Closing the books on the month, we see 40 new listings in June, and 19 sales of SFRs west of Sepulveda.
There were plenty…
As we wrapped up the month of May, MBC took note of the "
Balance" in market activity in that month:
22 new listings came on, and
21 homes went into escrow (and stuck).
Can't say the same for June.
Closing the books on the month, we see
40 new listings in June, and
19 sales of SFRs west of Sepulveda.
There were plenty of cancellations in June, some of them toe-dippers who gave up on testing the market.
Total SFR inventory in our subject region west of Hwy. 1:
113, the highest MBC has yet recorded in a year-plus of public market tracking.
Comparing to 2007, there are some similarities.
In June 2007, there were
31 new listings and
17 sales (new escrows) – close to, but not quite, the 2-for-1 ratio we saw this year. Interesting that we saw
2 more sales this year – though, of course, we need to allow for the possibility that some of those may fail.
Not so similar: Inventory at the end of June last year was
83. That's 30 less than today.
Reverse that: Inventory today is
36% higher.
The biggest culprit: The vaunted Sand Section.
Inventory in the Sand last year at this time:
23. Now:
41. And this includes a raft of South End walkstreet homes that just won't move, which is somewhat baffling.
Here's our rundown of sales (new escrows) to date by month:
2008 Sales (New Escrows) by Month
Jan: 8
Feb: 19
Mar: 12
Apr: 17
May: 21
June: 19
That's
96 sales (new escrows) we've seen in the first half of the year. We don't have strictly comparable data from last year.
But maybe we don't need to see the details. Remember, 2007 was already the worst on record for 20 years (see "
Maybe It Can't Get Worse," which uses DataQuick's closed sales figures). We know that Q1 2008 was way off on sales volume – 56% lower, based on closed sales, compared to Q1 2007. It stands to reason that the first half of '08 stands at around half the sales pace of last year.
Did we mention that the median price is holding firm?
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 1:25am 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.