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Funny...I've noticed the same thing here in L.A.
My ZipRealty search for most of Westside and the southern part of San Fernando Valley (SFRs, 2+ beds, no price limit) had a low of around 1750 properties at the end of december, its shot up to 1850-ish since jan 1st.
A lot of what on there seem to be very large houses (4000 sq ft) on smaller lots, or what I like to refer as 'resets' - places that were listed during 2006, taken off, and relisted (with new prices and DOMs, natch).
Interestingly, it seems to be swelling by area - Pacific Palisades (an insanely expensive area wedged between Santa Monica and Malibu) had over 20 new listings on 2nd Jan, with Beverly Hills and Studio City on the 3rd, followed by Santa Monica on the 4th.
As expected, prices have not fallen much - most of the resets are coming back at the same prices they came off on - and you won't find anything near the coast for less than 700K, no matter how small they are. In the 'my homes' section, there's only been 2 price reductions (both less than 5%) since mid-december.
Guess 'Spring' came early to LaLaLand....;-)
Does one need 30 days for reset on MLS? I remember something about MLS implementing a new rule of forcing relisted properties to stay off for at least 30 days to be considered a "new" listing without showing previous dom.
That sounds like an artificial way to keep the listings off.
SP,
*snark*
It's a good thing that the NAR doesn't seasonally adjust inventory the way they do sales, given that January (and February) are such slow sales months. It sounds like the actual inventory/sales multiples are going to be WAAAAYYYY up there for the next month or two.
/*snark*
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My six saved searches in ZipRealty (covering Cupertino, Los Altos and Saratoga) are up an average of 15% since Dec 31. A realtor friend of mine had said that her agency was asking people to wait for at least a week after the new year, to avoid the dead season. In spite of this, some sellers seem to be jumping the gun already.
The majority of the listings show a reduction in "zestimate" from the peak which appears to have occured around mid-2006. I haven't spotted too many FB's yet - most of these are folks who bought and owned for a few years, although there are a few "extensively remodeled" flipjobs in the mix.
Asking prices seem a shade (sometimes even as much as a smidgen) lower than comparable asking prices last year - still obscenely overpriced, though.
SP
#housing