I had to recheck the numbers twice – especially for March – because I couldn’t believe how bad they look.
Not only that, but February 2008 had 1 additional day (leap year). If not for the extra day, it would have come in at 1260 sales, or almost 32% below Feb 2007.
I don’t suppose I need to remind anyone here that yr2007 was the worst year for sales in terms of volume since 1996. Unless the trend from the 1st quarter completely reverses it looks like 2008 might be the worst year since the mid-1980s, back when we had 20% fewer housing units.
We currently have 18660 actives and 5148 pendings reported in the MLS for SD County. Add those together and you come out to 23808; divide by 2000 (avg Monthly closed sales) and that comes out to almost 12 months of inventory vs. closed sales.
I know some people like to count the pendings as sales, but really, they don’t count toward the monthly rate of sales until they close.
