Real Estate Market Index Report for Burbank CA March 2009

Burbank, CA March 2009

Market Index

A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.

The market index re-bounded from 0.24 points. to 0.30, the highest it has been since December.

New Listings - 85 new listings, compared to 54 last month and 69 in 2008.

Pending Listings - 20 listings opened escrow, compared to 24 last month and 47 last year.

Pending Ratio -0.24, a big drop from last month's 0.78, and compared to last year's 0.68.

Listing Inventory - 263 homes on the market at the end of the month, compared to 290 last month, versus 324 in 2008.

Sold Listings - 58 listings sold during the month, compared to 29 last month and 44 in 2008.

Days On Market 65, versus 69 in 2008.

Average Sales Price - $496,044, which is down 5.2% from last year, up from the drop last month of 18.2% lower than last year.

Price per square foot $322.74, almost even with last month's $323.94, down 13.7% from last year.

Conclusion

Everyone wants their own piece of pork from the Stimulus Bill. You are in luck. Buy a home (not having owned one in the last three years) and you can get an $8,000 tax credit. Buy a NEW HOME and get another $10,000 from the state of California. My advice - interest rates are low, buy now.

For sellers, if you need to sell for top dollar, then call me for a Highest Value Property Audit to see how we can help you get the most out your home when you sell.

Data is from SRAR and has not been verified, is not guaranteed, and subject to change