The March sales numbers from the Center for Regional Studies finally got released today, and some very interesting (and disturbing, if you are a seller) trends are emerging. 55% of all resale SFR’s and condos recorded by the Assessor’s office were REO’s county wide. In both January and February, 35% of recorded sales were REO’s.
Using Guy’s "Special Conditions of Sales" figures, REO’s representing roughly only 10% of the MLS listings are accounting for 55% of actual resales. Private party resales actually fell from 107 in February to 79 in March. I’ve had 2 Chase agents and several agents from other brokerages tell me that they are no longer accepting owner listings. Looking at these numbers, it looks like an extremely wise business decision – the tail is wagging the dog.
Sales numbers gleaned from MLS data can’t distinguish new builder homes listed on the MLS from actual resales. Factoring Diane’s monthly sales numbers down 8% to get rid of manufactured housing, her resale figures are 7% over CRS’s numbers in January, 22% over in February, and 31% over in March. I am not criticizing or debating the validity of anyone’s figures here – each of us has our own methodologies, so the trend lines are all that is really important. And I realize there might be a huge surge in manufactured housing resales (not), but it seems to me that builder sales through MLS listings are becoming a significant and unreported percentage of resales.