MB Market Update for 9/30/09

By Dave Fratello | October 6th, 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 9/30/09, covers the final 2 weeks of last month.

Reminders: 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 tabs at the top of the page.

September was a pretty balanced month, with 17 new listings and 19 sales (new escrows). (Stats for the month are on the tracking page.)

Overall, with 8 cancellations, inventory dropped by 10 during the month to a total of 93 SFRs west of Sepulveda. Inventory by sub-region west of Hwy. 1:
Hills: 26
Sand: 31
Trees: 36
(Please note that a few listings "on hold" are maintained in this total for a bit before we drop them to "canceled" – often these do come back.)

In the second half of September, both the Tree Section and the Sand had 5 sales (new escrows) each, most of which have been discussed in prior posts here at MBC. For instance, there was a rush on moderns in the Sand (see "Sand Moderns Move," "Beautiful Loser," and "Downtown Beauty Goes") and lower-priced listings in the Trees (see "No Sub-$1m Listings in Trees"). There were 2 sales, both great houses, in the Hills – 218 Anderson (see "Lucky 7's") and 400 N. Poinsettia.

The Sand Section was the busiest for closings in the this period. As you'll see on this page, 8 sales were made final, including a lot sale at 316 8th ($2.150m) and 2 new homes around 32nd in midtown/El Norte (217 32nd Place, an REO at $1.8m and 224 32nd, a total rebuild that once sought $4.999m that finally sold for $2.825m, and that is really making a long story short).

The Trees and Sand each got new low-end listings: dated 452 36th Place in the Sand at $889k and little 626 Rosecrans (1br/1ba, 600 sq. ft., but very polished) at $699k, below its March 2008 acquisition price of $772k. (Note that, in our spreadsheets, all new listings are highlighted in green text in addition to the bullet to the left of the address.)

We'll try to hone in on a few more September developments in another post soon.

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