Sunland, CA

Real Estate Market Report

Sunland - Tujunga - Shadow Hills November, 2009

For the third month in a row the Market Activity Index has increased, climbing quickly toward a seller's market. This is the second month in a row that prices have increased. Buyers have been taking advantage of the Federal Income Tax First Time Buyer Credit, which has been extended and expanded to include move up buyers. We expect higher interest rates in the spring due to the depletion of Stimulus funds the Treasury Dept. has spent to buy mortgages, which artificially restraining interest rate, so buy now.

Market Index - Up 9 points to 0.70

The Market Index increased 9 points to 0.70 from last month's 0.61. Last year it was 0.16.

New Listings - 29 new listings hit the market, compared to 46 last month. W e had 20 new listings last year.

Pending Listings - 33 opened escrow from last month's 46. Last year we had 14 listings change to Pending status.

Pending Ratio -1.14, up from 1.00 last month, last year the ratio was 0.70.

Listing Inventory - 115 properties on the market, down from last month's 135, compared to 160 last year.

Units Sold - 47 homes closed, compared to 37 last month, versus 11 last year.

Asorption Rate - 2.4, down from last month's 3.6. Last year the rate was 14.5 months. Note: A six-month supply is considered a balanced market.

Average Sale Price - $396,623 UP from last month's $383,812 and a 20% INCREASE from last year

Price Per Square Foot -$255.72, UP from last month's $251.19, UP 10.7% to last year.

Conclusions

After being at the bottom of the barrel for the last year we can finally say that this area is back to normal. Actually, we zipped right by a balanced market and are smack in the middle of a seller's market, so for those trying to get the "best deals", they will be fewer and farther apart.

For buyers -You need to be in escrow by April 30^th and close by June 30^th to take advantage of the tax credit.

For sellers - preparing your home for sale is the key to getting the best price. Although inventory levels are at historic lows, appraisals are causing problems. Ask about our Highest Property Value Audit so you can maximize your sale price.

Keith Sorem DRE#01374635

Realtor of the Year Glendale CA 2009

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

Real Estate Market Report

Sunland - Tujunga - Shadow Hills May, 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 jumped up to 0.46 from last months 0.39. Last year it was 0.23.

New Listings - 43 new listings hit the market, compared to 34 last month. We had 40 new listings last year.

Pending Listings - 41 opened escrow up from last months 29. Last year we had 20 listings change to Pending status.

Pending Ratio -0.95, up from 0.83 last month, last year the ratio was 0.50.

Listing Inventory - 157 properties on the market, up from last months 123, compared to 182 last year. There are fewer properties available for sale than last year.

Units Sold - 31 homes closed, down from last month's 38 homes, versus 21 last year.

Days On Market - 125 this month, 104 last month, versus 77 last year

The Absorption rate is 5.1, last month it was 4.6. Last year the rate was 8.7 months.

Average Sale Price -$369,114 up slightly from last month's $364,774, and a 9.2% drop from last year.

Price Per Square Foot -$218.50, down from last month's $237,95, down 22.7% to last year.

Conclusions

The Absorption Rate (if home sales continued at the present rate, the number of months it would take to consume the current listing inventory) continues to drop. Unit sales are strong, so demand is slowly outpacing inventory. Values have some more room to fall.

For buyers - this may be the bottom of the market, or close to it. Timing any market can be difficult and this one is no exception.

For sellers - preparing your home for sale is the key to getting the best price.

For a consultation or questions feel free to call

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

Sunland - Tujunga - Shadow Hills 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 jumped eight points to 0.26 from 0.18.

New Listings - 44 new listings hit the market, compared to 30 last month. We had 36 new listings last year.

Pending Listings -31 opened escrow versus only 13 listings last month. Last year we had 15 listings change to Pending status.

Pending Ratio -0.70, a nice jump from 0.43 last month. Last year the ratio was 0.44.

Listing Inventory - 183 properties on the market, up from 163 last month, compared to 193 last year.

Units Sold - 16 homes closed, equal to last month's 16 homes last month, versus 11 last year.

Days On Market 151, versus 62 last year.

Average Sale Price - $383,229, down from last month's $418,188, a 33.1% drop from last year.

Price Per Square Foot -$226.76, down from last month's $240.48, versus $312.430 last year.

Summary - Inventory is increasing, pending sales are UP, and sales are UP. Interest rates are falling, so I would say this market is finally beginning to show signs of a turnaround.

If you are thinking of selling call me so we can help you get the most for your home when you list it with me.

If you are going to take advantage of the Stimulus bill and try to get you share of the $8,000 federal tax credit, maybe even the $10,000 for buying a new home, let's talk.

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

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.

Market Index Jumped up after a four month decline.

New Listings - 13 new listings compared 26 last month. We had 32 new listings in December of 2007.

Pending Listings - 12 opened escrows, equal to last month. Last year we had 10 listings change to Pending status.

Pending Ratio - 0.92, over double last month's 0.46. In 2007 the ratio was 0.29.

Listing Inventory - 106 homes are on the market, 130 homes last month, compared to 170 in 2007.

Units Sold - 11 homes sold, up from only 9 last month, versus 9 in 2007.

Average Sale Price - $373,100, an uptick from last month's $330,500, an 11.6% decrease compared to 2007. Note: this is one of the SMALLEST decreases year-on-year in the last 12 months. Translation - we may be approaching or just past the bottom of the market.

Price Per Square Foot - $271.74, a jump back UP from last month's $230.96, compared to $318.20. This is a 19.9% drop from last year.

Summary - Inventory is declining, pending sales are UP, and sales are UP. Interest rates are falling, so I would say this market is finally beginning to show signs of a turnaround.

It is very difficult to accurately predict the absolute bottom of any market, but this market is giving every indication that this is it.