Tuesday, December 2nd, 2008 at 4:26 PM
November Sales
Here are the November sales so far:
| Month | # of closings | Avg. $/sf |
| Nov 05 | $364/sf | |
| Nov 06 | $350/sf | |
| Nov 07 | $327/sf | |
| Oct 08 | $237/sf | |
| Nov 08 | $227/sf |
They’re not close to last month’s number, but by the time the late-reporters get done we should be near the total for November, 2006.
Given the current climate is remarkably tougher compared to the easy-money days of 2006, I’m surprised that the sales numbers are this strong – but the pricing must have everything to do with it. The $/sf average dropped 38% between 2005 and 2008.
There were only 286 closings last month that had marked the REO box, but it’s not a required entry – and not many agents know it is there. My guess is there had to have been around 40% REO sales.
Here’s the summary of the contestants, and their guesses, of the total combined sales for November and December, 2008:
| 3,011 | Coconuts |
| 3,707 | Downturn |
| 3,776 | Neil Stone |
| 3,840 | Skeptical Buyer |
| 3,871 | JamesDean |
| 3,900 | AC |
| 3,911 | Wes |
| 4,000 | Doughboy |
| 4,050 | Smithers |
| 4,100 | FreedomCM |
| 4,129 | Chris |
| 4,200 | CA renter |
| 4,242 | Neil Diamond |
| 4,321 | Kwaping |
| 4,350 | mybleachhouse |
| 4,409 | Kingside |
| 4,538 | JbirdFunk |
| 4,550 | OCVulture |
| 4,609 | Just a Broker |
| 4,737 | Lisa in OC |
| 4,872 | Stephen Waits |
| 4,874 | FirstTimeRenter |
| 4,949 | Erica Douglass |
| 5,000 | CVman |
| 5,021 | Rob Dawg |
| 5,150 | Angela |
| 5,259 | Turnack |
| 5,271 | Westparker |
| 5,555 | Mojo |
| 5,683 | Keith rettig |
| 5,684 | sdduuuude |
| 5,777 | FSD |
| 5,800 | Jakob |
| 5,950 | Dwalla |
| 6,138 | Mozart |
| 6,500 | Simone |
| 6,666 | Damian |
Here is a link to the original contest post:
http://www.bubbleinfo.com/2008/11/nov-dec-sales-contest
Here are the last few Nov & Dec combos:
2007 = 3,254
2006 = 4,726
2005 = 5,603
2004 = 6,464
2003 = 6,988
Prior to last year, the last time the combined sales were under 4,700 was 1996. If 2008’s closings split those of 2006 and 2007, it’ll end up at 3,990.
Will the banks being rushing to clean up the books before year-end? Or have buyers hung them up, waiting for next year’s season?
Good luck to everyone!
Posted on Tuesday, December 2nd, 2008 at 4:26 PM in Contests | 6 Comments » | 
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Will the banks being rushing to clean up the books before year-end?
That’s my thinking but what do I know? I once thought fried veal cutlets were health food.
Rob Dawg | December 2nd, 2008 at 4:39 pmLOL
Heck, a while back I was thinking by now we’d be down to 1,000 sales per month, and 2,000 foreclosures. It’ll be closer to the opposite.
Jim the Realtor | December 2nd, 2008 at 5:31 pmI’m seeing the frequency of escrows falling out increase here. How is it in NSD?
FreedomCM | December 2nd, 2008 at 6:27 pmFreedom,
I’ve seen the same as well in NCSD, but Jim would know the stats…I might be biased.
From my perspective, the BOMs have really increased in the past two months or so.
CA renter | December 2nd, 2008 at 10:59 pmMy personal stats are at least 50% fall-out on selling the REOs in Oceanside currently, mostly due to buyers just changing their mind.
The environment has been rah-rah like during the heyday of 2003, with a lot of frenzy in the air. Buyers and their agents have been rushing to tie up deals and beat the competition, but then when they see what they’re buying and for how much, they get nervous and bail.
Back in the day they would be more likely to stick because there was less at stake.
The lenders/sellers of REOs and their listing agents have been pretty bad at customer service too, making buyers wait forever to get deals done. I know peope complain about me complaining about other agents, but trying to get cooperation from the big REO agents is a major hurdle in selling property – especially the robot realtors.
Jim the Realtor | December 3rd, 2008 at 5:31 amGood info Jim. Do you think the state’s budget troubles will affect the market? The state needs a ton of money (I have gone on record as stating Prop 13 will eventually have to go–not soon enough though). This budget crisis seems to be an annual event. And it seems to be getting worse.
Dr. Detroit | December 3rd, 2008 at 6:07 am