Update on DOM Market Conditions, April 2006
Realtor Don Tambini reports that the market has been slowing down in Redondo Beach. In April SFRs were on the market an average of 75 days compared to 28 days in April 2005.
Manhattan Beach SFRs in April were on the market an average of 72 days, compared to 24 days in April 2005.
Hermosa Beach SFRs in April were on the market an average of 58 days, compared to 36 days in April 2005.
Use the links on the sidebar to find out more details about current market conditions according to local realtors.
I wish the Easy Reader would publish graphs more like that shown below, which gives an alternate view of market conditions. (Fat chance of that happening - they probably get a lot of advertiser $$$ from local realties.)
I scraped the data out of the realtor market reports for the year:
posted by bearmaster at 6:30 AM
2 Comments:
First, I have been enjoying reading your blog and the information it contains for the last few weeks. I admit, I just discovered this blog and have told a few friends about it.
I have a question: Is there a way to find out how many of the current sales are actually pre-existing contracts coming due?
Why do I ask? I have a theory that a good portion (say 1/3rd) of 2006 sales are actually pre-existing contracts coming to closure. These contracts would have been signed in the crazy "buy at any cost" frenzy of 2005 (mostly tying in homes under construction/remodeling but other longer term contracts too). I speculate that this "carryover" is inflating the current sales price statistics.
Obviously, I could be off base. I am not a lawyer nor real estate agent, so perhaps I miss-understand how the market statistics work. Any information is appreciated.
Wannabuy
...but I know its not the right time
Hi Neil,
I really don't know how the data keeping works. It looks to me like realtors and the home industry can do whatever they want to do. (I expect all that to change if the market were to really cave in - there will be obvious need of reforms.)
It sounds like you are asking - is a sale defined and tabulated when the agreement is made (contract signed) or when the contract comes due?
If the data reporting entities have been consistently reporting sales by sticking to either one definition or the other, but not mixing them, well and good. Perhaps you are thinking the data reporting entities could have "pushed forward" sales into 2006 by shifting the definition to "when contract comes due".
Or perhaps you are thinking that the reporting has been of contracts coming due, and a big bunch of contracts were signed in late 2005 and they are coming due this year.
I am not inclined to think that very recent "sales" are contracts coming due from 2005, because sales, when they do occur, seem to wrap up quickly, a very slam bam operation. This market has been so hot that I'm sure the entire sale process (as well as the foreclosure process!) have been streamlined to be very quick.
But maybe some other blog visitor who knows about this stuff will come and enlighten us.
Anyway, that's my long winded "I don't know".
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