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Calabasas Real Estate Numbers for January 2008

January 2008 wasn't such a great month for Calabasas real estate. But don't panic when you look at these numbers, it's not as bad as it looks at first glance. As I type this article there are 176 homes on the market in Calabasas. This translates into about an eleven months supply of inventory. It's a buyers market for sure! Although the average price dropped about 20% compared to last January's prices it looks like February's numbers will be better. There are currently 19 properties in escrow and several of these are over $2,000,000.

Jan. 2006

Jan. 2007

Jan. 2008

#
Change from 2007

%
Change from 2007

Closed Escrows

27

26

16

-10

-38.462 %

Avg. Sale Price

$1,302,620

$1,366,307

$1,086,820

-279,487

-20.456 %

The rain has finally stopped and buyers are out in full force. I have been swamped by buyer calls ready to buy, and they're looking for "deals". My open houses have seen much more traffic and the skuttle butt among most agents is that they are busy too. I have also had several smart move up buyers list their homes because they understand that if they take a 10 or 15% hit on the sell side, they'll make it up plus on the buy side. I agree with this thinking and I'm encouraging buyers who are in a good financial position not to wait to move up. It's possible now to buy a home in Calabasas Park Estates, Mont Calabasas or even The Oaks for under $2,000,000. Just six months ago this would have been almost impossible.

The good news is if you are a first time home buyer and you want to live in Calabasas you can finally buy a home for under a million dollars. There are several homes in the Mulwood section of Calabasas that are listed in the $700,000 to $800,000 range. This is a wonderful neighborhood and is within walking distance to the elementary, middle and high school. There are even a few bank owned properties. If you're interested in a condo there are several on the market from just under $400,000 to slightly over $500,000. Many of these are within walking distance of the Calabasas Commons.

If you are thinking about selling your home and moving up in Calabasas and want to know how this market will affect your move, call me for an in depth analysis of your sell and buy numbers. I'll help you determine if this is the right time to move up or stay put.

January 2008 Calabasas Closed sales by Address

Address

Bd

Bth

Sty

Gar

SqFt

Yr Blt

Price

DOM

4201 Las Virgenes Rd 104

2

2

1

2

862

1992

$360,000

112

23401 Park Sorrento 27

2

2

S

2

1,011

1973

$380,000

129

4612 Park Granada 55

3

2

1

2

1,326

1972

$410,000

95

26124 Roymor Dr

4

1.75

1

2 A

1,781

1964

$590,000

22

4339 Oak Glen St

3

2.5

2

2 A

1,594

1988

$595,000

153

26033 Adamor Rd

4

2

1

2 A

2,175

1965

$690,000

28

3747 Eddingham Ave

3

2

1

2 A

1,674

1971

$750,000

13

3424 Stoneridge Ct

3

2.5

2

2 A

2,499

1990

$765,000

30

4212 Park Verdi

4

2.75

2

3 A

3,075

1989

$1,179,000

115

23262 Park Corniche

4

3.5

2

3

2,995

1989

$1,350,000

153

26939 Alsace Dr

4

3.5

1

3 A

4,043

2003

$1,615,000

77

3975 Prado Del Trigo

3

3.5

2

3 A

3,554

2005

$1,800,000

130

23306 Park Hacienda

5

5

2

3 A

3,850

1978

$1,890,000

72

3960 Prado De Las Frutaas

4

3.5

2

3 A

4,130

2005

$2,160,000

95

5497 Amber Cir

6

6.5

2

3 A

6,610

1994

$2,500,000

60

4282 Prado De Los Ciervos

5

8

2

3 A

5,778

2002

$2,915,000

82

Posted Monday Feb 11