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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 struggled back up two points to 0.32 compared to 0.30 for September.
New Listings - Eighty-eight new listings, down from 172 new listings in September, compared to 141 last October. We had many more new listings in September than last year so perhaps this evened things out.
New Pending Listings - Forty-two listings entered escrow, down from 47 in September, compared to 28 in October, 2007.
Pending Ratio – >Almost doubled to 0.48 this month compared to 0.27 in September. A year ago it was 0.20.
Listing Inventory - Three hundred twenty- four homes on the market, down slightly from September but sharply down from last year when we had 496.
Sold Listings - Sixty three homes sold, compared to 56 in September and 45 last year.
Average Sale Price - Increased to $673,365, UP 11.5% from October 2007.
Price Per Square Foot - Up from September to $356.09, down 4.8% from October 2007. September’s $343.60 was the lowest amount in the last two years.
Conclusions
For buyers waiting for the best time to buy, it looks like September might have been “it”. However, interest rates are declining so now November might be the best time.
Sales are UP over last year, inventory is DOWN, and prices appear to be headed UP. Either way, for those timing the market, I would not hesitate to move forward.
For a consultation or questions feel free to call.
Glendale, CA September , 2008
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.
Our up and down market continues, 0.30 for September after 0.33 in August.
New Listings - One hundred seventy two new listings, compared to 134 last September. It is unusual for the new listings to increase, probably due to more forced sales.
Pending Ratio -That big jump in new listings affected the Pending Ratio, only 47 homes opened escrow giving us a ratio of 0.27, about half of the 0.55 we experienced in August. Interestingly 0.27 is the same ratio we had a year ago.
Listing Inventory - Three hundred forty five homes this month, up eleven from August. Last year we had 490, so we can see that although new listings has increased, total inventory is lower.
Sold Listings - Fifty-six homes sold, compared to 39 last year, down slightly from the 61 homes sold in August.
Average Sale Price - Dropped to $548,107, down 26.7% from last year. This was due in part to the size of homes sold this month (smaller).
Price Per Square Foot - Declined to $343, down 20% from last year.
Conclusions
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Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change. |
For a consultation or questions feel free to call.
East San Fernando Valley, CA October, 2008
North Hollywood, Sun Valley, Shadow Hills, Valley Village, Valley Glen, and Van Nuys.
Market Index
A market index of above 1.20 is a seller's market, between 0.80 to 120 is a balanced market, and below 0.80 is a buyer's market.
The market index dropped one point to 0.30.
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New Listings 208 new listings, down one from 207 in September.
Pending Listings - Down six to 146 listings entering escrow
Pending Ratio - Declined slightly from 0.73 to 0.70. More pending listings mean more closed escrows in the coming months
Listing Inventory - Steady at 858. compared to 857 in September. This area has maintained this approximate level for quite a while.
Sold Listings One hundred and twenty two homes closed in October, compared to 113 in September and 82 last October.
Sales prices - Up to $414,486, compared to $519,191 which is 20% less than October.
Price per square foot - $271.71, up slightly from September, but down 25% from a year ago.
Sales are steady, up almost 48% above the same month last year. Inventory remains even, fueled by the continuing stream of REOs. In 2007 there were two REOs sold, compared to 44 this year. So with prices low, and interests rates low, now is a great time for buyers to buy.
Call me if you need help in purchasing or selling at 1-888-284-2056.
Data is from SRAR and has not been verified, is not guaranteed, and 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.
The Market Index closed at 0.23, up nine points from last October’s 0.14 and up four points from September
New Listings – Thirty-nine new listings compared to 94 October in 2007.
Pending Ratio – 23 listings entered escrow, compared to 22 in September and 18 in 2007.
Pending Ratio – Jumped to 0.59 from 0.23 in September, compared to 0.23 last October.
Listing Inventory - Two-hundred-twenty-two, down seven from 227 listings, the fifth month in a row that inventory as dropped (327 listings in October of 2007).
Units Sold - Twenty-nine listings sold, in September twenty-two homes sold. In 2007 twenty sold.
Average Sale Price - $421,129 compared to last year $563,188 a 32.4% drop. 
Price Per Square Foot - $394.32, compared to $383.11. The average square foot living area shifted from 1,625 last October to this October’s 1,068 square feet. Typically smaller properties sell for a higher price per square foot.
Summary - Buyers should take advantage of the low interest rates and buy now before they go up. Questions? Contact me for help analyzing your needs.
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When you see me don't think of real estate, but when you have a real estate question, see me. Areas: Burbank, Glendale, La Crescenta, Montrose, La Canada Focus: residential, residential investment
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