A week ago, MBC said we're all "waiting for new escrows
And we got some
. But not a lot.
Since Aug. 20, we saw these go:
- 1008 11th (new construx., pre-completion, Hill, $2.9m)
- 637 6th (newer, big, Hill, $3.9m)
- 225 Moonstone (remod, Sand, $1.3m)
- 217 9th [again] (new, Sand, $3.35m)
As we've noted before, there were some Sand Section TH sales, too, but MBC doesn't track those officially.
With the Hill and Sand Sections renewing their clocks, there are still these problems:
- Tree Section <$2m: 20 days now since last new escrow (3108 Poinsettia)
- Tree Section $2m+: 28 days now (2104 Palm)
The higher-end Tree Section drought, at 28 days, now exceeds the previous 25-day drought
MBC reported on – way, way back in late July (see "Drought Ends, Glut Continues
"). And the 20-day stoppage
at the lower end is surprising, given the ravenous appetite of buyers earlier
Question: Is anyone even looking in the $2m+ range?
A quick glance shows a total of 10 new escrows/pending sales in August (SFRs, west of Sep.), most of those in the first week of the month. That's about half the monthly volume
for Spring and Summer this year, but the dropoff after Week 1 is the part that startles.
Meantime, we see hints of one late-stage escrow in trouble, but let's wait till that's news.