Real Estate Market Index Report for La Canada Flintridge, CA February 2009

La Canada Flintridge, CA February, 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 returned to a level equal to March of 2008, 0.12.

New Listings - 35, up 10 from last month's 25. Last year we had 27.

Pending Listings - 6 listings opened escrow, compared to 7 last month. Last year 7 properties entered escrow.

Pending Ratio - Dropped to 0.17, down from 0.28. A year ago it was 0.15.

Listing Inventory - 114 properties, up from 84 homes and 80 last year.

Sold Listings - 8 homes sold, down from 10 last month. Last year 10 homes sold.

Days On Market- 53, down from 94 days last month and almost half of the 102 days last year.

Average Sales Price - $1,551,063, up from $1,457,500 last month. One challenge with a small number of sales is that it only takes a few homes to make a difference.

Price per square foot - $506.39, down from last month's $545.96, which is down 2.1% from last year.

If you are thinking of buying in La Canada Flintridge, wow, what an awesome time. For sellers to be able to attract buyers homes will have to be priced right.

If you are a seller, you need to project as much value as you can, otherwise the alternative is going to be for you to sell and leave money on the table. Buyers know that they have the upper hand. Sellers had the advantage for a couple of years, and like any market, now roles are reversed.

Data is from the Itech MLS and has not been verified, is not guaranteed, and is subject to change.