Sitting Stale

Listings just broke a 14-year record

April 10, 2026

#133

WELCOME

The estate known for horses and heartbreak is back on the market for $78M.

Hummingbird Nest Ranch in Simi Valley, which served as a filming location for Jenn Tran’s 2024 season of The Bachelorette, just hit the market with 124 acres, a 17,000-square-foot Spanish Colonial villa, and enough courtyards, fountains, and tucked-away benches for a whole second season of drama. 

The extensive equestrian estate includes 57 bedrooms, an event venue, olive groves, vineyards, picturesque mountain views, and a double-digit price tag that easily makes it the most expensive listing to hit the market last week.

SHARPEN YOUR SKILLS: Today’s Top Podcast Rec 🔊

If you love ultra high-end interior design, you’ll love this interview with designer to the stars, Krista Watterworth Alterman. In high-priced markets like Palm Beach, it’s not uncommon for buyers to make the decision based on photos alone—that’s what makes Krista’s sharp eye and curative genius so valuable. Listen now for her take on the value of agent-designer partnerships, how she manages highly private clients, and why she treats every project like a visual calling card in the latest Glennda’s Guru episode below.

TRACK THE MARKET: Stale listings surge

There is now $347 billion worth of stale housing inventory sitting on the market, according to new numbers from Redfin, the highest amount their analysts have recorded for this time of year since they started tracking the metric in 2012. The report found that more than half of February listings had been sitting on the market for at least 60 days without going under contract, as ‘buyer’s markets’ take over—and sellers outnumber buyers by 630,000. 

See the stats:

  • More than half of February listings (52.2%) had been on the market for at least 60 days without going under contract, up from 50.1% a year earlier and the highest February share since 2019.

  • The total value of stale inventory reached $347 billion, up 4.3% year over year, while the total value of all homes for sale stood at $636 billion.

  • Miami had the highest share of stale listings among major metros at 62.6%, followed by San Antonio (58.3%), Pittsburgh (58.1%), and West Palm Beach (55.9%). On the other end, stale inventory was least common in the Bay Area, led by San Jose (19.8%) and San Francisco (24%).

DIVE IN

The Friday Five

📖 Thrifting in LA. What you can get secondhand on LA’s stylish Facebook Marketplace. 

👀 ‘Breaking Bad’ tribute. Why streamer Adin Ross paid $900K over the asking price for this TV house. 

👀 Floored & Decored. Glennda’s renovating Grandma’s house—and here’s what she has picked out. 

💡 Scaling culture. These two corporate directives have kept Compass’ culture strong, healthy, and connected.

💡Do you hunt or attract?Many agents look for their next lead. Shelton Wilder lets them come to her.

WHAT’S NEW FROM ESTATE MEDIA

The ‘do’s’ and ‘don’ts’ of AI staging

It seems every week another AI tool is giving agents new ways to automate, optimize, or simplify their workflows. But not every AI tool is thoughtfully built with compliance and your client’s best experience in mind. Take AI staging tools, for example.

On one hand, AI staging tools can help you communicate the lifestyle a buyer could enjoy in your listing. And adding tasteful furniture, simple decor, or a modern paint color can help them understand the great potential of an empty property. But some agents using AI staging are crossing the line—and winding up with a serious and surprising compliance headache. 

What’s the downside of AI staging? Catch this episode of Let’s Get to the Point with host Jeffrey St. Arromand to find out.

FEATURED LUXURY LISTING

Old Cherry Hills

Set on nearly two acres at the end of a private lane in Cherry Hills Village, this European-style estate pairs timeless architecture with a deeply personal level of craftsmanship. Reclaimed hardwood floors, hand-finished plaster walls, carved European stone fireplaces, and a chef’s kitchen with hand-painted tile by artist Scott Yablonski give the interiors warmth and character, while the grounds unfold with multiple patios, a bocce court, a pond, and Little Dry Creek along the back edge. A gated porte-cochère, expansive entertaining spaces, and a tucked-away upper-level suite complete a property that’s both private and designed for gathering.

https://estate-elegance.beehiiv.com/p/old-cherry-hills

TIPS & TAKEAWAYS

Optimize your next open

Want your next open house to work like a lead generation machine? Follow James Harris’ three tips for a highly efficient afternoon:

  1. Capture every contact. Make every guest sign in and share their contact info. 

  2. Elevate the experience. Don’t let a guest walk out without a snack, gift, or branded handout. 

  3. Qualify the leads. Ask and engage to find out who’s ready to work with you. 

With these three steps in mind, every open house can be another opportunity to fill your pipeline with warm, interested, and engaged potential clients.

HANGS & HAPPENINGS

The Gathering by HousingWire | Austin, TX | April 27 - 30, 2026
This event for mortgage professionals, brokerage leaders, and investors connects you with some of the most powerful and prominent executives in the housing industry. Hear from experts on housing policy, real estate solutions, affordability opportunities, investments, and more. 

Inman Luxury Connect | San Diego, CA | July 27 - 28, 2026
The industry’s premier event for elite agents and brokers in the luxury space hosts immersive discussions, interactive workshops, top-tier networking events, and a roster of speakers including James Harris, Jason Oppenheim, and Jade Mills.

Before we go…

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