Keith Sorem

Market Index

Up slightly to 0.32, last September during the mortgage meltdown 0.14.

New Listings – Fifty Five new listings this month, compared to forty-four in August. Last year there were 27.

Pending Ratio 0.22, a drop of five points from August, the third month it declined. Last year the ratio was 0.22.

Listing Inventory – Dropped to 98 from118 in August. Last year we had 158 listings on the market.

Sold Listings – Sold 19, down from 24 last month and 16 last year.

Average Sales Price

$552,747, which is 24.6% down from last September, compared to 19.3% below last August.

Price per square foot –$342.68, down 24% from last year. The true value shift appears to be around 20% if you average the two figures.

The area has not lost as much value as some. If you can find the right home there are some great values. If you need to sell proper preparation and marketing can still get you top market value.

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 index increased to 0.29, mirroring neighboring La Crescenta. A year ago the index was at 0.27, so we are definitely in the recovery phase.

New Listings – Thirty-eight new listings, up from seventeen in August, compared to last year there were twenty six.

Pending Ratio 0.24, the third month it dropped. The good news was last year, at the beginning of the mortgage meltdown it was 0.15.

Listing Inventory – Total new listings stand at 86, equaling last September’s 86.

Sold Listings – Sixteen homes sold last month, the third month in a row. Last year 19 homes sold.

Average Sales Price

$1,216,071 which is 32.7% below last September. The sales mix included more smaller properties being sold.

Price per square foot – The average living area was 2,374 in September 2008 compared to 3,145 in 2007 so the average price per square foot was $512.25 or a 10.8% drop. This indicates that housing values have probably declined somewhere between 10.8% and 32.7%, say around 20% compared to last year.

There are some great deals for buyers from sellers who have to sell. The quality of life offered in La Canada Flintridge has tempered the decline in values. A great time to buy a home in La Canada.

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

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 1`20 is a balanced market, and below 0.80 is a buyer’s market.

The market index jumped six points to 0.31 as buyers take advantage of the lower prices.

New Listings 207 in September, slightly down from August but still a strong indicator of people to have to sell their homes.

Pending Ratio

Remained steady at 0.73 with 152 listing going into escrow. More pending listings mean more closed escrows in the coming months

Listing Inventory

Decreased to 857, down from 1,102 in Augugst. This may reflect the after school begins market, or listings that failed to sell as short sales and will be back as foreclosures.

Sold Listings

One hundred and thirteen homes closed in September, down slightly from 115 homesin September. Expect more sales next month.

Sales prices

Down to $368,293, a 30% drop from September, 2007.

Price per square foot

Following the Average Sale Price trend, $268.53 is slightly less than last month.

We are seeing the highest proportion of foreclosures in this area, so we can expect further erosion of home values. It is a great time to buy and hold, not a bad time if you need to sell.

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.

After taking a dip in July, the market index rebounded up to 0.47, the highest in the last 12 months. A year ago it was 0.14, in fact we are doing more business than last year.

New Listings

We had 66 new listings, compared to 74 in August and 125 last September.

Pending

The pending ratio jumped up to 1.00, another strong rebound, with 66 listings going into esrow. Last year 0.17, the low point of the year.

Listing Inventory

Two hundred and thirty two homes were on the market in September, less than last month, a big drop from the 383 last September.

Sold Listings

The impact of lending problems can be seen with only 42 homes closing escrow, compared to 46 last year, however that is going to change when the 66 pending listings close.

Average Sales Price

Moving back down this month to $539,303 representing a $135,619 or $20.1% decrease compared to last September.

Burbank’s price per square foot remained unchanged at $352.

The truth is that we are in a buyer’s market and buyers are buying. Will prices drop further? Perhaps, but I think the biggest reason for the drop in averages lies in the sales mix, more homes with smaller living square area being sold.

Call me today for a consultation to assess your situation.

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). <!--[if gte vml

Price Per Square Foot

Declined to $343, down 20% from last year.

Conclusions

Buyers are definitely taking advantage of the shift in prices. Homes that are properly prepared, marketed, and priced are selling with a few weeks, some with multiple offers.