There's now one MLS-listed property pending in the Tree Section in the $2m+ range, a difference of one from MBC's story yesterday, when we noted that there were zero.
The lucky one is none other than 1718 Pacific, which, at $4.299m, we thought might be overpriced. Whose opinion matters most? The buyers'.
Pacific now…
There's now one MLS-listed property pending in the Tree Section in the $2m+ range, a difference of one from
MBC's story yesterday, when we noted that there were zero.
The lucky one is none other than
1718 Pacific, which, at $4.299m, we thought might be overpriced.
Whose opinion matters most? The buyers'.
Pacific now becomes part of the
38% of all listings in this market segment to sell since April.
Using the MBC wayback machine (ok, spreadsheets), we compiled this chart.
(Click to enlarge.)We started with all the homes active on or about April 1, 2007, and tracked what happened to them through Oct. 10. Our sample size is 61, of which a bit more than half (32) are currently active listings, 23 were pending or sold, and 6 canceled.
Nerdy note: We count as "active" $2m+ listings two homes that began above $2m, but are now listed below $2m.
So how does this mix compare?In the other Tree Section market segment (<$2m), the
ratios are nearly reversed: 56% of listings are pending or sold, while just
33% remain active. (11% canceled.)
In the hot-hot-hot Sand Section,
63% of SFR listings have sold since April, while just
27% linger.
So in each case, the high-end Tree Section market compares unfavorably.
We don't know what's "normal" for any of these market segments.
(We also invite feedback on this measure – do you find it useful?) We know that inventory was about 1/3 higher at this time last year (see "
Inventory, Absorption & Balance"), while data suggest sales happened at a rate just a bit higher in 2006 than they're going this year (YTD), so it's possible these ratios held about the same across MB.
On the positive side, seeing that about 40% of listings in the $2m+ segment have sold is better news than expected. Demand is definitely pacing behind supply, but homes are selling, too.
There are several other factors to look at here, including DOM for these listings and the slowdown in sales since July. All for another day.
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 10:20pm 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.