6 Comments

1. 

   elbarcosr on October 13, 2014 at 10:36 am

   I wonder how many of the ‘new listings’ are re-treads. It sure doesn’t feel like inventory is growing. I notice quite a few listings that expire one day and show up the next day as a new listing with “0” days on market. In the past, I thought you had to wait 30 days before it re-set. Maybe something with the new MLS system. One new listing caught my eye last week, figured I’d go see it at the open house; went pending before the weekend. If you have the right product — something sought after, or priced right (in line with recent comps), still no problem selling.

2. 

   Jim the Realtor on October 13, 2014 at 10:46 am

   The MLS rules haven’t changed, they’re just not enforced.

   There must be several re-lists because the inventory counts are close to a flatline even though we’re adding 20+ more per week than are going pending.

   This is inexact due to the existing inventory, and fallouts:

   Since October 1st:

   New listings: 136
   New Pendings: 93
   New Expireds, Cancels, and Withdrawns: 90

   My guess is a third of the last category get relisted same day. I’ll see if I can get an assistant to research!

3. 

   Rob Dawg on October 13, 2014 at 11:18 am

   The MLS rules haven’t changed, they’re just not enforced.

   Hmmm, “rules.” Nice way to hide price reductions?

4. 

   Jim the Realtor on October 13, 2014 at 11:26 am

   Of the 90 expireds, camcels, and withdrawns, 29 were relisted right away (32%). 27 of the 29 were relisted by the same agent, which should be a violation of the MLS rules. But I think the rule states that you can’t cancel or withdraw a listing and re-list for 30 days, so agents just change their expiration date to today and re-list tomorrow – which still violates the intent of the rule.

   It is a tactic used often in the upper price regions – where listings sit for months and years – and done by the top agents because they know it works. Did you see that one in Encinitas that was such a dog it barked at traffic?

   It was listed for months with no takers, the agent does the re-list, and boom – goes pending the first week. You can make a case that it is in the seller’s best interest to do it, and take advantage of unsuspecting buyers and their lousy agents.

5. 

   elbarcosr on October 13, 2014 at 11:54 am

   RD, it would be a nice way to hide a price reduction if that is what they did. Most often they re-list for same price and some times more. Often it is a way to “take back” the price reduction they already did, so they can do the price drop again in 30 days and see if it works ‘this time’.

   If 30% of new listings are re-ups, then real new listings-to-pending is pretty much even. Tells me at any given time, 30% of the listings are OPTs.

6. 

   Jim the Realtor on October 13, 2014 at 12:16 pm

   Agreed, and if you isolate it to the $2,000,000+ listings, the majority would be obvious OPTs, in spite of their public DOM average being around 4-6 months. Most have been shuffled on and off the market for years.