Staying Away from Labor Day

By Dave Fratello | August 30th, 2013

Summer should be for relaxing, and the last days of Summer, more so.

Good principle, and also one that's very much seen in the behavior of the local real estate market.

In the past week, we've seen just 2 new listings emerge in MB, both around $1.2M.

1400 N. Ardmore (3br/2ba, 1200 sq. ft.) is a corner-lot "starter home" that's close to town and boasts a prestigious Martyrs neighborhood location.

But it's also "mostly original" and, obviously, on busy Ardmore.

Starts at $1.199M.

Then you've got 3521 Oak (3br/2ba, 1915 sq. ft.), nowhere near downtown, but adjacent to the Belamar Hotel. So that's convenient if you have a guest-overflow situation, right? They're asking $1.200M.

Oak shows 10 DOM but seems to have just popped up on the MLS, likely due to the new rule on our MLS that tolls DOM from the date a listing contract is signed, not when the listing is actually entered into the database.

That's right, even if a property is withheld for a few to several days to do painting, fixups, etc., the "days on market" counts from when there was first an agreement to sell. (The merits of this policy can be debated.)

It's anyone's guess why they would want to start these listings now.

Clearly, the bulk of new or upcoming listings is being held back for after the Labor Day holiday.

Did you notice? Inventory absolutely never creeped up this Summer as some had been expected.

We heard a buzz in Spring to the effect that there would be a gradual accretion of inventory over the Summer, and we'd be near 100 listings by now.

It seemed plausible, but no. Try 54 as of Friday morning.

But next week? Wouldn't it be nice to see the dam break?

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