The real estate calendar tells us that the 6 months of Spring and Summer are behind us, and we're into Fall/Winter.
From March 1 to August 31, SFR inventory west of Sepulveda grew from 84 to a high of 116, and stood at 105 at the end of this period.
(Note: our chart covers all of 2008 and gives month-end figures, so…
The real estate calendar tells us that the 6 months of Spring and Summer are behind us, and we're into Fall/Winter.
From March 1 to August 31, SFR inventory west of Sepulveda grew from
84 to a high of
116, and stood at
105 at the end of this period.
(Note: our chart covers all of 2008 and gives month-end figures, so "Dec." is Dec. 31, 2007, or essentially Jan. 1, 2008.)At the same point
last year – end of August 2007 – SFR inventory in our subject region stood at
83, according to MBC's public tracking at the time. So we were higher by
22 this year (
+26% if you don't mind the small sample).
The very striking reality of recent months has been the
high number of cancellations. (A category into which we group "expired," "withdrawn" and outright "canceled" listings – each has a different MLS code.)
In the Summer months alone (June-August), we saw
41 listings cancel. In the 3 months previous, only 21 canceled. In the June-August period in 2007, only
15 listings canceled, meaning this year's total was nearly triple the Summer 2007 pace. The month of August actually saw more listings cancel than it saw sellers making deals.
Those cancellations kept inventory relatively flat as Summer wound down.
Please
download the MB Market Update Spreadsheets for 8/31/08 for more info.
June was the busiest month for new listings in 2008, with
40, just as June was the busiest for new listings in 2007, at
31.
Overall, in the Spring/Summer period, MBC tracked
172 new listings coming onto the market. (We began with inventory of 84 on the first day of March.)
Over the same period, we saw
159 listings
leave the market –
97 sales (new escrows) and
62 cancellations.
By this reckoning,
38% of the listings that dropped off the MLS did so because they quit the market, while
62% of the listings that left the active market actually sold. Plenty, of course, have lingered.
We need to 'fess up to a bit of imprecision. When escrows fail or canceled listings return a couple weeks after they are first recorded, MBC's tracking numbers can, sometimes, be thrown off a bit. That's the risk of volunteer, real-time tracking, but we hope you like the price.
We think 4 listings or so have confounded our tracking slightly, so not all numbers add up perfectly to yield the Aug. 31 inventory number. Please consider our figures to have about a 2% margin of error –
terrible for launching rockets,
pretty good for real estate.
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 April 1st, 2023 at 4:30am 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.
