Friday, November 16, 2007

Weekly inventory update

11/16 - SM <$3M is down 6%, but PP <$2M is up 7% and MV is up 8%.

No longer active in SM includes 1108 Maple (Looking for Backup), 2317 California (gone), 1621 Ashland (gone), 716 Marine (Looking for Backup), 2516 Cloverfield (gone), 202 14th (Looking for Backup), and 506 Palisades (gone). Wonder what level of price reductions were in the old listings that finally sold?

Some are still selling fast: A new 11/8-listed 3 bed / 3.5 bath at 502 18th for $2,599K is already Looking for Backup, as is the 10/30-listed 6 bed / 4.5 bath at 425 23rd for $4.5M.

11/9 - Continuing last month's rising trend, SM inventory <$3M and PP <$2M are both up 3% for the week, and MV is flat for the week, all from a surge of new listings this week. Our lot-value 704 15th is back on the market, still asking $1.99M. And there were more price reductions.

       LA County  Santa Monica  Pacific Palisades  Mar Vista
<$3M New Tot DOM<$2M New Tot DOM Tot New DOM

_________ _______________ _______________ ___________

1/30/06 27,732
2/28/06 29,420
3/31/06 31,819
4/21/06 33,054 35
5/ 1/06 34,032 38 33
6/ 2/06 37,847 56 36 38
6/30/06 42,317 66 40 49
8/ 4/06 45,315 70 34 50
9/ 1/06 46,781 71 27 59
10/ 6/06 47,369 83 25 98 71
11/ 3/06 45,780 80 20 91 77
12/ 1/06 43,103 65 18 72 96 39 20
1/ 5/07 35,646 54 4 60 117 33 6 71 66
2/ 2/07 36,715 38 15 45 124 29 16 61 71
3/ 2/07 41,251 42 14 51 114 26 10 68 79 53 25 76
4/ 6/07 42,857 41 23 49 107 18 8 73 103 52 52 50
5/ 4/07 45,918 46 28 54 92 19 6 82 79 68 37 52
6/ 1/07 52,198 50 25 61 78 17 15 87 78 77 39 53
6/30/07 52,769 42 18 56 81 17 11 92 77 74 33 61
8/ 3/07 54,166 53 28 68 86 23 12 78 76 84 39 68
8/31/07 57,432 57 21 72 98 18 7 69 75 90 40 79
9/28/07 58,973 59 17 74 103 26 9 90 81 87 20 87
11/ 2/07 58,731 62 19 81 120 29 7 106 77 98 35 88
11/ 9/07 64 5 86 120 30 5 105 79 98 6 95
11/16/07 58,084 60 7 78 127 32 9 104 74 106 16 91
11/25/07

6 comments:

Anonymous said...

FYI, that dinky house on 21st (2432 21st?) is back, having an open house today as a rental.

Anonymous said...

Do any of the data services tell you how many SM properties have been unlisted?

Anecdotally, it seems like a lot of properties are not getting what the owners expected, so they're just pulling the listing.

But I have no data to back that up.

Anonymous said...

Question. What does the "looking for a backup" mean? I've been to a couple of open houses where they told me that the house was "sold" but they were "looking for a backup"? WTF?

Westside Bubble said...

What does the "looking for a backup" mean?

The typical sale process is that an offer to purchase includes specified contingencies with a deadline to resolve them.

So even after there is a signed contract specifying price and other terms, it could terminate without penalty to the buyer over building inspection results, failure to obtain financing, etc.

A backup offer would be next in line if the initial deal fall through and the house is available again. So leaving the listing up in "Looking for Backup" status may yield a useful fallback offer.

Any Realtors reading this may have more to suggest.

Westside Bubble said...

Do any of the data services tell you how many SM properties have been unlisted?

Nothing I have access to, unfortunately. Another one for a Realtor....

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