The new MB Market Update spreadsheets for the month of February are available, and can be downloaded by clicking here, or any time by using the link in the upper-right corner of the front page.
Normally MBC publishes spreadsheets twice monthly, but in this case we're covering a whole month. One reason: Inventory.…
The new MB Market Update spreadsheets for the month of February are available, and can be
downloaded by clicking here, or any time by using the link in the upper-right corner of the front page.
Normally MBC publishes spreadsheets twice monthly, but in this case we're covering a whole month. One reason:
Inventory. It's up, up, up. So now it's roughly twice as much work to keep tabs on the local market as it was just last year.
SFR inventory west of Sepulveda stood at
145 on Feb. 28, another new record since MBC's inception about 2 years ago. (It was at 84 last year at this time.) The breakdown by sub-region:
Hill: 33
Sand: 58
Trees: 54
Inventory was
+23 over the figure at the end of January. We speculated in our
end-of-January update that if growth in inventory in 2009 matched the pace of 2008, we'd reach
190 SFRs by the end of April. We're almost precisely on that pace right now.
Rarely have we seen Sand Section SFR inventory exceed Tree Section inventory. (Include THs and it's always higher.) At the
end of October, the Sand was
+1 over the Trees, but the gap here is more substantial at
+4. The Sand stands at
more than double the inventory (26) seen one year ago, at the
end of February 2008.
Where is all that inventory coming from? MBC readers may view this is a very difficult time to sell a house – an opinion lots of RE pros would share – but there are plenty of sellers diving in nonetheless.
There were
42 new listings put on the market in February. We're not sitting on the full year stats for 2008, but we do note that, in late March 2008, MBC declared
34 new listings in that month to be the highest total we had recorded. If 42 is not the record over the past 2 years, it's in the top 2 or 3 months.
There's some good news. The number of sales (new escrows) beginning – and sticking – in February was
14, not bad for what we've seen recently. (One that went in and dropped out was
2909 Elm, whose deal had been
celebrated by MBC a few days before.)
There were
15 sales (new escrows) in November and December 2008
combined. In fact, this February's total matches the number of sales in Feb. 2008. So things looked a little more "normal." A little.
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 20th, 2024 at 2:30am 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.