It's Monday, and MBC will be looking for new escrows to post. Was anyone busy this weekend?
Here's a reason to worry: We're going to need some new sales, a few at least, for September to be "better" than August.
In August, we saw 10 SFRs go into escrow west of Sepulveda, and stay. (See MBC's 5-month inventory report…
It's Monday, and MBC will be looking for new escrows to post.
Was anyone busy this weekend?Here's a reason to worry: We're going to need some new sales, a few at least, for September to be "better" than August.
In August, we saw
10 SFRs go into escrow west of Sepulveda, and stay. (See MBC's
5-month inventory report for that number, and previous months' pendings.) Right now, we're stuck at
7 new SFR escrows in September, none new since the 13th, by our records.
August was already poor compared to recent months – about
half the recent rate of sales. You'll hear that August is always slow, but this year's slowdown had a clear, driving factor – the metastasizing mortgage mess.
MBC has
noted before that
there was already something strange about the September sales we
have seen – they're all at the very high end. (Five of 7 homes sold were priced above $3m.) That fact suggests that a
buyer boycott has already taken hold among mainstream listings below $2m. (That's where 30 of the current 73 listings are priced.)
MBC has some data we'll get to shortly to show that 2007 is already the
worst year for sales in the last eight (2000-2007, inclusive) in our city, though it's only a step down from 2006 – so far.
Till then, we're eager for data to fill out September. Can someone help finish out the month with a bang?
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 July 23rd, 2024 at 10:25pm 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.