The new MB Market Update spreadsheets can be downloaded by clicking here or, at any time, by using the link in the upper-right corner of the front page.
We begin by noting that inventory of SFRs west of Sepulveda is down substantially from a month ago. By MBC's count:
In mid-May: 154
In mid-June: 138…
The new MB Market Update spreadsheets can be downloaded by clicking here or, at any time, by using the link in the upper-right corner of the front page.
We begin by noting that inventory of SFRs west of Sepulveda is down substantially from a month ago. By MBC's count:
In mid-May: 154
In mid-June: 138 (-16/-10%)
There are two major explanations for this dropoff.
First, sales have begun keeping pace with the rate of new listings coming on the market.
As our graph here shows (click to enlarge), April was perfectly balanced, while previous months were way, way out of whack – with far too much supply added amid very weak demand.
Those 21 sales in May were no huge feat, but they did make it the best month of the year so far.
The big reason for the inventory dropoff in recent weeks was a big rush of cancellations in the second part of May.
Let's look at the balance of new listings/sales (new escrows) balance for the past 3 updates, which each cover 2-week periods:
May 1-15: 18 new listings/11 sales
May 16-31: 8 new listings/10 sales
June 1-15: 15 new listings/14 sales
Without cancellations, those numbers would have resulted in a +4 bump up in inventory.
But there were 20 cancellations over this 6-week span, 16 of them in the second part of May. (A couple were just your blog author cleaning up inactive listings still on the spreadsheets.)
So there's no question, the sales pace has picked up recently, as you may have heard. May was the best so far, and June, with a start at 14 sales for the first half, shows promise to set a new high for the year.
And there's also no question that lots of would-be sellers are giving up. They don't want to wait forever to sell, and they don't want to (or cannot) sell at current market prices.
The short-term question: Can June keep it going, or are all the buyers headed out on vacation?
--------------------------
Commenting is easy after quickly signing up with Disqus. For more, see "New Comments 101."
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 29th, 2023 at 2:00am 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.
