MB Market Update for 10/31/09

By Dave Fratello | November 5th, 2009
The new MB Market Update spreadsheets are online for your viewing by clicking here, or at any time by using the pull-down menu at the top of the page under "MB Market Updates." The current update, dated 10/31/09, covers the final 2 weeks of last month.

Remember, with the new online format, properties actively for sale can be viewed instantly (via Redfin) by clicking the property address in the spreadsheet. Also, you can easily click between the different pages (by region and by active or sold) using the blue tabs at the top of the page.

October saw more new listings than sales: 18 new entries and 12 sales (new escrows). (Stats for the month are on the tracking page.)

MBC's tracking also shows 16 cancellations this month, some of which literally dropped out this month by action of the sellers, and some which had been "on hold" for several weeks and which we finally took off our active list to clean things up.

All of that activity left inventory down by just 6 compared to the end of September, with a total of 87 active SFRs west of Sepulveda on Halloween. Inventory by sub-region west of Hwy. 1:
Hills: 18
Sand: 34
Trees: 35
Here's something interesting about Fall sales activity – in 2007 and 2008, both, MBC recorded 12 sales (new escrows) within the month of October. So 2009 was precisely on par.

With inventory, though, a big difference: MBC listed 117 active SFRs at this time last year. We were down 30 from that point (-26%) in 2008.

Meanwhile, inventory was up just a bit over 2007, when we had 79.

Of the 12 deals in October, 10 took place in the 2nd half of the month, as seen in the spreadsheets here. These included:
  • New construction in the Sand (229 24th, last at $4.499m) and fairly new construction in the Trees (2901 Oak at $1.699m, see "Renting Can Cost You, Part II"); and
  • A smattering of short sales and sales below their recent acquisition prices (2812 Elm, 220 36th and 1900 Oak).
Another sale: 429 7th, a flat walkstreet home that had one deal go bad recently, but found another – last at $1.999m. Meanwhile, we had to scratch off the October sales a deal that had posted at 132 2nd, which has had deals flop a few times now.

We'll take a look at new listings and other activity for the month in another post.

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