Real Estate Market Index Report Burbank CA July 2009

Real Estate Market Report

Burbank, CA July, 2009

Market Index -0.94, highest in TWO YEARS!

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 is 0.94, jumping 10 points from last month's 0.84.

New Listings - 66 new listings, compared to 42 last month and 64 in 2008.

Pending Listings - 69 listings opened escrow, compared to 62 last month and 47 last year.

Pending Ratio - 1.05, compared to last months high of 1.48. Last year's was .64.

Listing Inventory - 153 homes on the market, compared to 159 last month, is the lowest in two years. Last year - 263 listings.

Sold Listings - 75 listings sold during the month, compared to 71 last month and 70 in 2008.

Absorption Rate - 2.0 months, down from 2.2 months last month. Last year it was 3.8

Average Sales Price - $511,484 UP from last month's $484,573 and UP 2.05 % from last year's $501.191. Very consistent for the last five months.

Price per square foot - $325.99, down from last month's $343.91, and down 5.8 % from last year.

Conclusions

The Market Index continues to climb, sales are strong, so demand is outpacing inventory. Prices are showing signs of stabilizing.

For buyers - Listing inventory is only a two month supply, which means that despite the economy prices will start rising.

For sellers - The lack of quality inventory is in your favor. To maximize value properly prepare your property for sale. We can help. Ask for our Highest Price Analysis.

Keith Sorem Realtor DRE #01374635

Data from i-Tech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.