Real Estate Market Report
La Crescenta/Montrose/Glendale Annex February, 2010
At A Glance
What a difference a month makes. The Market Index dropped to 0.53, back to March-April levels primarily due to more inventory and fewer sales. Considering the past few months this is a great time for buyers to get a good deal. At least now sellers have competition and cannot afford to overprice if they want top dollar. Note that you need to open escrow by April 30th to take advantage of the $8,000 Federal Tax Credit, and close by June 30th.
Market Activity Index - 0.53, a decline of 0.22 points
The Market Index a year ago was 0.25.
New Listings - 24 new listings, up from 20 last month. Last year there were 25. Of the 24, two were short sales and three were bank-owned.
Pending Listings - 17 listings entered escrow compared to 19 last month, and 16 last year.
Pending Ratio -0.71, down from 0.95 points last month. Last year the ratio was 0.64.
Listing Inventory - 72 properties, up 7 from last month's 60. Last year we had 102 listings on the market.
Sold Listings - 21 listings sold, down from the 26 listings last month, and well above 8 the year before.
Months of Inventory - 3.4 months up from 2.3 last month. Last year was 11.6
Average Sales Price - $554,448, down from last month's $646.881 and down from last year's $619,625 a 10.5% increase, due mainly to smaller homes being sold, 1,736 square feet (SF) versus 1,575 SF this year.
Price per square foot -$352.03, down from last month's $353.87, and up from last year's $356.93 for an decrease of -1.4%.
Recommendations
For buyers - A great time to make conservative offers. To take advantage of the First Time Home Buyer Federal Tax Credit you must open escrow by April 30th.
For sellers - Now you've got competition. How do you make certain that you do not leave any money on the table when you sell? Maximize your profit by taking advantage of our Highest Price Analysis. Call today for your no-obligation appointment and learn how to make the most when you sell.
Keith Sorem
Glendale CA Realtor® of the Year 2009
DRE# 01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
La Cañada Flintridge, CA February, 2010
At A Glance
La Cañada Flintridge continues to have the lowest Market Activity Index of the areas I monitor. Important points this month: A big increase in new pending listings and a drop in the Months of Inventory from 8.9 to 6.9 months. Interest rates are forecast to increase by as much as a half point so now would be a great time to lock your rate.
Market Activity Index 0.29, up 12 points. The Market Index is back to the same level as May-June levels - talk about back to the old days. Last year it was 0.12 - so even with this 12 point jump, still the lowest in the area.
New Listings - 22, up from 24 last month and up from last year's 35. You might be interested to know that three new listings are short sales, two are REOs.
Pending Listings - 11 listings opened escrow, up from 4 last month. Last year 6 properties entered escrow.
Pending Ratio - At 0.50, up slightly from 0.52 last month. A year ago it was 0.17.
Listing Inventory - 76 properties were on the market, up from 71 homes last month and down from 114 last year.
Sold Listings - 11 homes sold, up from 8 last month. Last year 8 homes sold.
Months of Inventory - 6.9 months, down from last month's rate of 8.9 months. In 2009 it was 14.3 months.
Average Sales Price - $1,388,504, way up from last month's $887,500 and down 27.9% from last year.
Price per square foot - $431.35, up from last month's $391.14 and down 18.0% to last year.
Recommendations
For buyers - Take advantage of the supply and get a good deal now. Find out if the seller really needs to sell. Financing above the magic $729K ceiling is improving.
For sellers - Now you have real competition. How do you sell your home and leave no money on the table? Take advantage of our Highest Value Property Audit. Call today for a no-obligation appointment
Keith Sorem
Glendale CA Realtor® of the Year 2009
DRE# 01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
Glendale, CA February , 2010
At A Glance
The Market Activity Index decreased for the third month in a row, creating the perfect storm for buyers: low interest rates (although projected to increase soon), more inventory, and prices dipping. Remember that you need to open escrow by April 30th and close by June 30th, so for a short sale that could be a challenge. To lock your rate you need an accepted offer.
Market Index- 0.43 - down 4 points.
The Market Index is at 0.43, down from 0.47 last month and up compared to 0.26 a year ago.
New Listings - 103 new listings this month, compared to 84 last month and 22 a year ago. Note that of the new listings only 6 are bank-owned and 16 are classified as short sales.
New Pending Listings - 56 listings entered escrow, compared to 44 last month, and 35 in 2009.
Pending Ratio - 0.54, down from 0.52, last month. A year ago it was 0.43.
Listing Inventory - 248 listings, down from 213 last month. In 2009 we had 314 listings.
Sold Listings - 50 homes sold, versus 56 last month and 46 last year.
Months of Inventory - 5.0 months, up from 3.8 months last month. A year ago it was 6.8 months.
Average Sale Price - $546,080 UP from last month's $540,167 and UP 12.5% from last year. This is mainly due to more larger homes selling.
Price Per Square Foot - $301.70, down from $313.87 last month, and down, 2.7% compared to last year, due to more large homes being sold.
Recommendations
For buyers - More homes on the market means an opportunity to make conservative offers. Find out if the seller really needs to sell. I do not see any sign of a wave of foreclosures. In this month's new listings, only six REOs.
For sellers - Now you have competition. So how do you maximize your profit? Take advantage of our Highest Price Analysis and learn how to make the most when you sell. Learn how we make sure that the buyer with the winning offer is in fact qualified to buy and can successfully close escrow.
Keith Sorem
Glendale CA Realtor® of the Year 2009
DRE# 01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
East San Fernando Valley, CA February, 2010
North Hollywood, Sun Valley, Valley Village, Valley Glen, and Van Nuys.
At A Glance
The Market Activity Index declined, due to an increase in Listing Inventory. This may make this the best time for buyers to submit some conservative offers. Prices seem to be showing a reluctance to go lower, so this is the perfect storm for buyers - low interest rates, low prices, and the $8,000 Federal Income tax credit requires you to enter escrow by April 30th and close by June 30th, making short sales risky.
Market Activity Index - 0.51 down 10 points.
Last month the Index was 0.61. Last year it was at 0.35.
New Listings - 141 new homes came on the market (32 were REOs, 53 were short sales), up from 119 listings last month, versus 192 last year.
Pending Listings - 178 opened escrow, versus 141 last month, compared to 184 last year.
Pending Ratio - 0.75, a decrease from last month's 1.16, and last year's 0.82.
Listing Inventory - 511 properties are on the market, up from 449 properties last month, compared to 761 last year.
Months of Inventory - 4.0 months, even with last month, compared to 6.8 months one year ago.
Sold Listings -113 homes sold, down from the 144 last month, compared to 120 last year.
Average sale price - $327,831 up from last month's $306,441 and up 1.85% from last year.
Price per square foot - $238.25, up from last month's $233.19, up 4.5% from last year.
Recommendations
Interest rates are expected to rise in March as the Treasury Dept. will have exhausted its Stimulus Funds. Some experts expect a full one point increase in rate.
For buyers - Interest rates forecast to rise in March, don't wait if you need to buy.
For sellers - preparing your home for sale is the
key to getting the best price. Ask for our Maximum
Property Value Audit to learn how to maximize your profit when you sell. For a no-obligation consultationcall today.
Keith Sorem
Glendale CA Realtor® of the Year 2009
DRE# 01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
Real Estate Market Report
Burbank, CA February, 2010
Burbank At A Glance
The Market Activity Index decreased due to three primary factors: More new inventory coming on the market, fewer sold listings closing escrow, resulting in an increase in listing inventory. The new Federal Tax Credit for buyers requires escrow to open by April 30th and close by June 30th. With interest rates anticipated to increase as much as one full point, now is the time to lock your rate and buy. It's the perfect storm for buyers - low interest rate, more inventory, and the Federal Tax Credit.
Market Activity Index - 0.47- down 2 points.
The market index is 0.47, almost even with last month's 0.49, which is about even with April 2009. Last year it was 0.24.
New Listings - 58 new listings, compared to 70 last month and 54 in 2009. Note: of these new listings, 13 are short sales and 7 bank-owned properties.
Pending Listings - 47 listings opened escrow, about even with the 45 last month compared to 42 last year.
Pending Ratio - 0.81, up from last month's 0.64. Last year's was 0.78.
Listing Inventory - 186 homes on the market, compared to 179 last month. Last year - 290 listings.
Sold Listings - 40 listings sold during the month, compared to 43 last month and 29 in 2009.
Months of Inventory - 4.7 months, up from 4.2 months last month. Last year it was 10.0 months.
Average Sales Price - $494,188, down from last month's $523,104 and up 12.9% from last year's $437,638.
Price per square foot -$330.12, down from last month's $332.13, and UP 1.9 % from last year.
Recommendations
For buyers -After months of declining inventory this increase in available listings is the ideal time to make conservative offers. Identify those sellers that need to sell. If you are an FHA buyer know that financing for condos is going to be much tougher to find due to recent FHA rules changes.
For sellers - Unlike previous months now you've got competition. How can you showcase your home's features that will offer buyers the most value? - Use our Highest Price Analysis and learn how to make the most when you sell.
Keith Sorem
Glendale CA Realtor® of the Year 2009
DRE# 01374635
Data from i-Tech MLS has not been verified, is not guaranteed, and is subject to change
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When you see me don't think of real estate, but when you have a real estate question, see me. Burbank, Glendale, La Crescenta, Montrose, La Canada, Pasadena, the Foothills, and Los Angeles.
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